Case:12-24882-ABC Doc#:535 Filed:10/19/12 Entered:10/19/12 06:00:58 Page1 of 6

UNITED STATES BANKRUPTCY COURT

DISTRICT OF COLORADO
In re:
CORDILLERA GOLF CLUB, LLC
TaxiD/EIN: 27-0331317
Debtor
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Case No. 12-24882-ABC
Chapter 11
RESERVATION OF RIGHTS AND OBJECTION TO JOINT MOTION OF THE
DEBTOR AND OFFICIAL COMMITTEE OF UNSECURED CREDITORS FOR
ORDER: (A) AUTHORIZING AND SCHEDULING THE SALE OF SUBSTANTIALLY
ALL OPERATING ASSETS OF THE ESTATE, FREE AND CLEAR OF ALL LIENS,
CLAIMS, AND ENCUMBRANCES, (B) APPROVING PROCEDURES FOR THE
SUBMISSION OF QUALIFYING BIDS AND CONDUCTING THE SALE, AND (C)
APPROVING THE FORM AND MANNER OF NOTICE PURSUANT TO FEDERAL
RULE OF BANKRUPTCY PROCEDURE 2002 BY CREDITOR AND PARTY IN
INTEREST FORD MOTOR CREDIT COMPANY LLC
FORD MOTOR CREDIT COMPANY LLC ("FMCC"), a creditor and party in interest,
by and through its undersigned counsel, for its Reservation of Rights and Objection to the Sale of
Substantially All Operating Assets of the Estate Free and Clear of All Liens, Claims and
Encumbrances, respectfully states and alleges as follows:
1. Cordillera Golf Club, LLC (the "Debtor") filed for relief under Chapter 11 of the
Bankruptcy Code on or about June 26, 2012.
2. On or about November 30, 2009, the Debtor entered into a Colorado Simple Interest
Vehicle Retail Installment Contract (the "Contract") to purchase a vehicle in which
FMCC claims a valid security interest described as follows: 2010 FORD EXPEDITION
(1FMJK2A55AEA53944) (the "Vehicle"). A copy of the Contract was attached to
FMCC's Proof of Claim No. 26 as Exhibit "A." FMCC perfected its security interest by
recording its lien on the title of the Vehicle. A copy of the Colorado Certificate of Title
was attached to FMCC's Proof of Claim No. 26 as Exhibit "B."
3. The Debtor is currently indebted to FMCC under the Contract in the total amount of
$13,107.70. Additionally, as of the date of this filing, the account is past due $920.50.
As of June 26, 2012, the account was past due $920.50.
4. On or about October 5, 2012, the Debtor filed a Joint Motion to Sell Substantially All
Operating Assets of the Estate Free and Clear of All Liens, Claims and Encumbrances
("Motion to Sell"), Docket No. 521.
5. The N.A.D.A. clean trade-in value of the Vehicle is at least $32,525.00, and the N.A.D.A.
clean retail value is at least $36,775.00. As there is equity in the Vehicle, pursuant to 11
U.S.C. Section 506, the Vehicle is a secured claim that continues to accrue interest and
Case:12-24882-ABC Doc#:535 Filed:10/19/12 Entered:10/19/12 06:00:58 Page2 of 6
reasonable fees, costs or charges.
6. FMCC objects to the Motion to Sell as it is unable to evaluate the treatment of its Vehicle.
The Motion to Sell does not identify the proposed treatment with respect to the Vehicle.
Accordingly, FMCC is unable to determine if 11 U.S.C. Sections 363(b) and/or (f) apply,
and/or if it is appropriate to object. FMCC hereby respectfully reserves the right to
object.
7. Under Colorado Revised Statute Section 4-9-324, FMCC's purchase money security
interest has priority over other security interests in the Vehicle itself, as well as, any
identifiable proceeds. If FMCC is to be paid in full from the proceeds of the sale, then
FMCC will not object so long as the "the price at which such property is to be sold is
greater than the aggregate value of all liens." See 11 U.S.C. 363()(3). The Motion to
Sell does not provide any protection for FMCC's interest in the Vehicle should a creditor
merely credit bid and not bid any additional cash. The Motion to Sell does not clearly
provide that a bid must satisfy 11 U.S.C. Section 363()(3) as there is not a minimum cash
bid requirement to protect the secured liens. The Bankruptcy Code requires "the price to
be 'greater than' the 'value of all liens."' Clear Channel Outdoor, Inc. v. Knupfer, 391
B.R. 25, 41 (B.A.P. 9th Cir. 2008). FMCC seeks to preserve its lien in the event the sale
does not yield sufficient proceeds.
WHEREFORE, Ford Motor Credit Company LLC respectfully requests that this Court
deny the Joint Motion to Sell Substantially All Operating Assets of the Estate Free and Clear of
All Liens, Claims and Encumbrances, and for such other and further relief as this Court deems
appropriate.
Respectfully submitted this 19th day of October, 2012.
. \fh ~
a beth M' Keenen
Elizabeth M. Keenen, #32995
Keenen Law, L.L.C.
3773 Cherry Creek North Dr., Suite 575
Denver, Colorado 80209
t: 720-350-4876; f: 720-353-4685
elizabethkeenen@comcast.net
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CERTIFICATE OF SERVICE
I hereby certify that the foregoing RESERVATION OF RIGHTS AND OBJECTION TO
JOINT MOTION OF THE DEBTOR AND OFFICIAL COMMITTEE OF UNSECURED CREDITORS
FOR ORDER: (A) AUTHORIZING AND SCHEDULING THE SALE OF SUBSTANTIALLY ALL
OPERATING ASSETS OF THE ESTATE, FREE AND CLEAR OF ALL LIENS, CLAIMS, AND
ENCUMBRANCES, (B) APPROVING PROCEDURES FOR THE SUBMISSION OF QUALIFYING
BIDS AND CONDUCTING THE SALE, AND (C) APPROVING THE FORM AND MANNER OF
NOTICE PURSUANT TO FEDERAL RULE OF BANKRUPTCY PROCEDURE 2002 BY CREDITOR
AND PARTY IN INTEREST FORD MOTOR CREDIT COMPANY LLC was placed in the United States
mail this 19th day of October, 2012, postage prepaid, duly addressed to the following:
Counsel for Debtor(s) Debtor
CORDILLERA GOLF CLUB, LLC dba The Club at Cordillera Cordillera Golf Club, LLC
Harvey Sender, Esq. 97 Main Street, Suite E202
David V. Wadsworth, Esq. Edwards, CO 81632
Sender & Wasserman, P.C.
1660 Lincoln Street, Suite 2200
Denver, CO 80264
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Counsel for Debtor(s) I RICHARD A. WIELAND, UNITED STATES TRUSTEE
Cordillera Golf Club, LLC d/b/a The Club at Cordillera Office of the United States Trustee
Christopher Celentino
Attn: Paul V. Moss, Esq.
Mikel R. Bistrow
999 18th Street, Suite 1551
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Dawn A. Messick
Denver, Colorado 80202
Kathryn M.S. Catherwood
Benjamin J. Morris
Matthew J. Riopelle
Foley & Lardner LLP
402 West Broadway, Suite 2100
San Diego, CA 92101-3542
Counsel for Debtor(s) US Trustee
Donald J. Bowman, Jr. 999 18th St., Ste. 1551
Rodney Square Denver, CO 80202
1000 N. King St.
Willmington, DE 19801
Counsel for Debtor(s) Official Unsecured Creditors Committee
Joseph M Barry Risa Lynn Wolf-Smith
Travis Buchanan Clarissa Raney
1000 N. King Street HOLLAND & HART LLP
Wilmington, DE 19801 555 Seventeenth Street, Suite 3200
Denver, Colorado 80202
Counsel for Debtor(s)
Official Committee of Unsecured Creditors
Ann Marie Uetz
Russell L. Munsch
One Detroit Center
Joseph J. Wielebinsk:i
500 Woodward Ave. , Ste. 2700
JAYH.ONG
ZACHERY Z. ANNABLE
Detroit, MI 48226-3489
MUNSCH HARDT KOPF & HARR, P.C.
3800 Lincoln Plaza
500 N. Akard Street
Dallas, Texas 75201-6659
Counsel for Debtor(s) Official Committee of Unsecured Creditors
Erika L. Morabito JAYH.ONG
Brittany J. Nelson Munsch Hardt Kopf & Harr, P.C.
3000 K St., N.W., Ste. 600 Frost Bank Tower
Washington, DC 20007-5109 401 Congress Avenue, Suite 3050
Austin, Texas 78701-4071
Counsel for Debtor(s) Official Committee of Unsecured Creditors
Harvey W. Curtis Saul Ewing
Harvey W. Curtis & Associates 222 Delaware Ave.
8310 S. Valley Highway, Ste. 230 Wilmington, DE 19801
Englewood, CO 801121
Official Committee of Unsecured Creditors TAYLOR MADE, INC.
MarkMinuti TAYLOR MADE, ADIDAS GOLF CO.,
SAUL EWING LLP
5545 FERMI COURT
222 Delaware Avenue, Suite 1200
CARLSBAD, CA 92008-7324
Wilmington, DE 19899
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Northlight Financial, LLC Northlight Financial, LLC
Harlan W. Robins, Esq. Kristi A. Katsma, Esq.
Dickinson Wright PLLC Dickinson Wright PLLC
15 N. 4th Street 500 Woodward Avenue, Suite 4000
Columbus, OH 43215 Detroit, MI 48226
Northlight Financial, LLC Alpine Bank
Matthew P. Ward, Esq. Tobey M. Daluz, Esquire
Ericka F. Johnson, Esq. Leslie C. Heilman, Esquire
Womble Carlyle Sandridge & Rice, LLP Joshua E. Zugerman, Eqsuire
222 Delaware Avenue, Suite 1501 Ballard Spahr LLP
Wilmington, DE 19801 919 N. Market Street, 11th Floor
Wilmington, Delaware 19801
Alpine Bank Alpine Bank
Vincent J. Marriott, III, Esquire Carl A. Eklund, Esquire
Sarah Schindler-Williams, Esquire Ballard Spahr LLP
Ballard Spahr LLP 1225 17th Street, Suite 2300
1735 Market Street, 51st Floor Denver, Colorado 80202
Philadelphia, Pennsylvania 19103
Alpine Bank Alpine Bank
Jon Pearson David L. Lenyo, Esquire
Ballard Spahr LLP Garfield & Hecht, P.C.
100 North City Parkway, Suite 1750 601 East Hyman Avenue
Las Vegas, NV 89106-4617 Aspen, CO 81611
Cordillera Transition Corporation, Inc. Cordillera Transition Corporation, Inc.
COZEN O' CONNOR, PC COZEN O' CONNOR
Arthur J. Abramowitz, Esq. Darnien Tancredi, Esq.
Liberty View, Suite 300 1201 North Market Street, Suite 1400
457 Haddonfield Road Wilmington, DE 19801
Cherry Hill, NJ 08002
Cordillera Transition Corporation, Inc. Cordillera Transition Corporation, Inc.
COZEN O'CONNOR COZEN O'CONNOR
Melissa H. Maxman, Esq. Brad W. Breslau, Esq.
Ronald Wick, Esq. 707 17th Street, Suite 3100
1627 I Street, NW, Suite 1100 Denver, CO 80202
Washington, DC 20006
Cheryl M. Foley, Thomas and Jane Wilner, Charles and Mary Jackson and Cheryl M. Foley, Thomas and Jane Wilner, Charles and Mary Jackson and
Kevin B. Allen, as representatives of a certified class in Case Number llcv552, Kevin B. Allen, as representatives of a certified class in Case Number
pending in the District Court of Eagle County, Colorado 11CV552, pending in the District Court of Eagle County, Colorado
Garry R. Appel Mark D. Collins, Esq.
Sbaun A. Christensen Zachary I. Shapiro, Esq.
Appel & Lucas, P.C. RICHARDS, LAYTON & FINGER, P.A.
1660 17th Street, Ste 200 One Rodney Square
Denver, CO 80202 920 North King Street
Wilmington, Delaware 19801
Cordill era Property Owners Association, Inc. Cordillera Property Owners Association, Inc.
SHERMAN & HOWARD L.L.C.
ASHBY & GEDDES, P.A.
Peter A. Cal
William P. Bowden
Mark L. Fulford
Ricardo Palacio
Benjamin W. Keenan
633 17th Street, Suite 3000
500 Delaware Avenue, 8th Floor
Denver, CO 80202
P.O. Box 1150
Wihnington, DE 19899-1150
Cordillera Metropolitan District Cordillera Metropolitan District
SHERMAN & HOWARD L.L.C. ASHBY & GEDDES, P.A.
Peter A. Cal William P. Bowden
Mark L. Fulford Ricardo Palacio
633 17th Street, Suite 3000 Benjamin W. Keenan
Denver, CO 80202 500 Delaware Avenue, 8th Floor
P.O. Box 1150
Wilmington, DE 19899-1150
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John D. O'Brien Cheryl M. Foley
PO Box 2764 PO Box 3000
Edwards CO 81632 Edwards CO 81632
Ken Ulickey Kevin B. Allen
1016 Summit Trail 4502 S. Vine Way
Cordillera CO 81632 Englewood CO 80113
Dennis S. Meir John S. Lemak
219 Aspen Meadows Road 54 Penny Lane
Edwards CO 81632 Cordillera CO 81632
Case:12-24882-ABC Doc#:535 Filed:10/19/12 Entered:10/19/12 06:00:58 Page5 of 6
Ceres Design & Arborscape, LLC
Attn: William W. Reed
PO Box2134
1040 Chambers Avenue
Eagle CO 81631
David A. Wilhelm
James J. Holman
Duane Morris LLP
30 South 17th Street
Philadelphia, PA 19103-4196
David Wihelm
Megan Adeyemo
Tamara Hofibuhr Seelman
GORDON & REES LLP
555 Seventeenth Street, Suite 3400
Denver, CO 80202
Cordillera Valley Club Metropolitan District
James T. Markus
John F. Young
Markus Williams Young & Zimmermann LLC
1 700 Lincoln St., Suite 4000
Denver, Colorado 80203
Kevin B. Allen (Creditor Committee)
Zachery Z. Annable
Russell L. Munsch
Jay J. Ong
Joseph J. Wielebinski
500 N. Adard St., Ste. 3800
Dallas, TX 75201-6659
Kevin B. Allen (Creditor Committee)
MarkMinuti
222 Delaware Avenue, Suite 1200
Wilmington, DE 19899
Daniel Bennett
160 I Arapahoe St., ll th Fl.
Denver, CO 80202
Ceres Design & Arborscape, LLC (Creditor Committee)
Zachery Z. Annable
Russell L. Munsch
Jay J. Ong
Joseph J. Wielebinski
500 N. Adard St., Ste. 3800
Dallas, TX 75201-6659
Ceres Design & Arborscape, LLC (Creditor Committee)
Clarissa M. Raney
Risa Lynn Wolf-Smith
555 17th St., Ste. 3200
Denver, CO 80202
Crowe Horwath LLP
15233 Ventura Blvd., 9th Floor
Sherman Oaks, CA 91403-2250
Cheryl M. Foley (Creditor Committee)
Saul Ewing
222 Delaware Ave.
Wilmington, DE 19801
Cheryl M. Foley (Creditor Committee)
MarkMinuti
222 Delaware Avenue, Suite 1200
Wilmington, DE 19899
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Certain Homeowners
Michael S. Kogan, Esq.
KOGAN LAW FIRM, APC
190 I Avenue of the Stars, Suite l 050
Los Angeles, California 90067
David A. Wilhelm
Richard W. Riley
Duane Morris LLP
222 Delaware Avenue, Suite 1600
Wilmington, DE 19801-1659
Jeffrey L. Rush, M.D. as trustee of the Rush Family Trust u/t/d
May 8,1985
Evan Stone, Esq.
Pacific Medical Buildings
12348 High Bluff Dr., Suite 100
San Diego, CA 92130
Cordillera Valley Club Property Owners Association
James T. Markus
John F. Young
Markus Williams Young & Zimmermann LLC
1700 Lincoln St., Suite 4000
Denver, Colorado 80203
Kevin B. Allen (Creditor Committee)
Saul Ewing
222 Delaware Ave.
Wilmington, DE 19801
Kevin B. Allen (Creditor Committee)
Clarissa M. Raney
RisaLynn Wolf-Smith
555 17th St., Ste. 3200
Denver, CO 80202
Walter Carey
1512 Beard Creek Trail
Edwards, CO 81632
Ceres Design & Arborscape, LLC (Creditor Committee)
Saul Ewing
222 Delaware Ave.
Wilmington, DE 19801
Ceres Design & Arborscape, LLC (Creditor Committee)
MarkMinuti
222 Delaware Avenue, Suite 1200
Wilmington, DE 19899
Cheryl M. Foley (Creditor Committee)
Zachery Z. Annable
Russell L. Munsch
Jay J. Ong
Joseph J. Wielebinski
500 N. Adard St., Ste. 3800
Dallas, TX 75201-6659
Cheryl M. Foley (Creditor Committee)
Clarissa M. Raney
Risa Lynn Wolf-Smith
555 17th St., Ste. 3200
Denver, CO 80202
GA Keen Realty Advisors, LLC
130 W. 42nd St., Ste. 1001
New York, NY 10036
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JohnS. Lemak (Creditor Committee) JohnS. Lemak (Creditor Committee)
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Zachery Z. Annable Saul Ewing I
Russell L. Munsch 222 Delaware Ave.
Jay J. Ong Wilmington, DE 19801
Joseph J. Wielebinski
500 N. Adard St., Ste. 3800
Dallas, TX 75201-6659
JohnS. Lemak (Creditor Committee) John S. Lemak (Creditor Committee)
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Clarissa M. Raney MarkMinuti
Risa Lynn Wolf-Smith 222 Delaware Avenue, Suite 1200
555 17th St., Ste. 3200 Wilmington, DE 19899
Denver, CO 80202
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Dennis S. Meir (Cred. Corum. Chair) Dennis S. Meir (Cred. Corum. Chair)
Zachery Z. Annable Saul Ewing
Russell L. Munsch 222 Delaware Ave.
Jay J. Ong Wilmington, DE 19801
Joseph J. Wielebinski
500 N. Adard St. , Ste. 3800
Dallas, TX 75201 -6659
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Dennis S. Meir (Cred. Corum. Chair) Dennis S. Meir (Cred. Comm. Chair)
Clarissa M. Raney MarkMinuti
Risa Lynn Wolf-Smith 222 Delaware Avenue, Suite 1200
555 17th St., Ste. 3200 Wilmington, DE 19899
Denver, CO 80202
Edward O'Brien John D. O'Brien (Creditor Committee)
POBox 840 Zachery Z. Annable
Edwards, CO 81632 Russell L. Munsch
Jay J. Ong
Joseph J. Wielebinski
500 N. Adard St., Ste. 3800
Dallas, TX 75201-6659
John D. O'Brien (Creditor Committee) John D. O'Brien (Creditor Committee)
Saul Ewing Clarissa M. Raney
222 Delaware Ave. Risa Lynn Wolf-Smith
Wilmington, DE 19801 555 17th St., Ste. 3200
Denver, CO 80202
John D. O'Brien (Creditor Committee) Joseph Perry
MarkMinuti 345 W. Fullerton, #1801
222 Delaware Avenue, Suite 1200 Chicago, IL 60214
Wilmington, DE 19899
Pricewaterhouse Coopers LLP Jeffrey Rush
One N. Wacker Gregory W. Werkheiser
Chicago, IL 60606 1201 N. Market St., 18th Fl.
PO Boxl347
Wilmington, DE 19899
Rust Consulting/Omni Bankruptcy Rust Consulting/Omni Bankruptcy (eel)
5955 DeSoto Ave., Ste. 100 5955 DeSoto Ave., Ste. 100
Woodland Hills, CA 91367 Woodland Hills, CA 91367
Alfred H. Siegel Southligbt Trust I
15233 Ventura Blvd., 9th Floor Ericka F. Johnson
Sherman Oaks, CA 91403-2250 222 Delaware A venue, Suite 1501
Wilmington, DE 19801
Ken Ulickey (Creditor Committee) Ken Ulickey (Creditor Committee)
Zachery Z. Annable Saul Ewing
Russell L. Munsch 222 Delaware Ave.
Jay J. Ong Wilmington, DE 19801
Joseph J. Wielebinski
500 N. Adard St., Ste. 3800
Dallas, TX 75201-6659
Ken Ulickey (Creditor Committee) Ken Ulickey (Creditor Committee)
Clarissa M. Raney MarkMinuti
Risa Lynn Wolf-Smith 222 Delaware Avenue, Suite 1200
555 17th St., Ste. 3200 Wilmington, DE 19899
Denver, CO 80202
I Ford Motor Credit Company LLC
Elizabeth M. Keenen
I 3773 Cherry Creek North Dr., Ste. 575
Denver, CO 80209
Please note, pursuant to the Fair Debt Collection Practices Act, you are advised this law firm
is deemed to be a debt collector attempting to collect a debt and any information obtained will
be used for that purpose. "01 ,

Is/ Eli'tabeth M. Keenen