Receiverships---Workouts

- 9th Judicial Circuit Court for Orange County, Florida

- 9th Judicial Circuit Court for Osceola County, Florida

- 17th Judicial Circuit Court for Broward County, Florida

- 20th Judicial Circuit Court for Lee County, Florida

- 20th Judicial Circuit Court for Collier County, Florida

- US Bankruptcy Court, Middle District of Florida

- Superior Court of Camden County, Georgia

- United States District Court for the Middle District of Pennsylvania

- Prior Court Representations -

(Representative listing only, not exhaustive)

- LNR Partners, Inc. (Special Servicing Agent) -

- Wells Fargo Bank and Credit Suisse First Boston (REMIC Trust) -

- Bankers Trust Company - NationsBank of Florida

- Great Western Bank - First Union Bank - Niagara Asset Corp

- Resolution Trust Corporation ("RTC") -

- Federal Deposit Insurance Corporation ("FDIC") -

- Mellon Bank - NCNB Texas - AMRESCO -

- Center Bank of Connecticut -

- Prior Clients Served -

(Representative listing only, not exhaustive)

RECEIVERSHIPS and WORKOUTS

Resorts, Hotels and Motels

Holiday Inn SunSpree – Lake Buena Vista, Florida

DF was appointed as Receiver, on behalf of LNR Partners, Inc., special servicing agent for Wells Fargo Bank as Trustee for holders of Credit Suisse First Boston mortgage security certificates (in a REMIC-trust, CMBS securitization), by the 9th Judicial Circuit Court for Orange County, Florida, on April 2, 2001, for this 507-room, full service, kids’ suite resort within a few miles of Disney World. Concurrent with commencement of the receivership assignment, Receiver engaged Buena Vista Hospitality Group ("BVHG"), as the management company (see NOTE below). Upon foreclosure of the resort in May 2002, BVHG entered into a new property management agreement with LNR Partners, Inc. and its clients. Over the course of the next several years, BVHG directed a full renovation of the property per the franchisor's required property improvement plan ("PIP") to retain the brand affiliation, and delivered top and bottom line financial results consistent with owner's valuation recoupment and improvement strategy, until sale of the resort in mid-2008.

Sheraton Four Points Hotel – Orlando, Florida

During Chapter 11 bankruptcy proceedings in late 2000 and early 2001 for this full service 337-room business travelers and meetings hotel at the airport, DF performed an operations audit, provided expert testimony, and assisted lender's counsel in successfully petitioning unsecured creditors to vote for lender’s opposing reorganization plan in its stay lift and foreclosure efforts. Concurrrent with title conveyance via foreclosure in May 2001, BVHG entered into a management agreement with LNR Partners, Inc., on behalf of Bankers Trust Company, Credit Suisse First Boston and other clients, and operated the property until its sale a year later.

Choice Suites – Kissimmee, Florida

DF was appointed on December 1, 1995 as Receiver, on behalf of NationsBank of Florida, by the 9th Judicial Circuit Court for Osceola County, Florida, for this 134-room motel property during its foreclosure action. BVHG was engaged by Receiver as management company, concurrent with commencement of the receivership assignment, and operated the property until its sale eight months later.

Ramada Inn – Orlando, Florida

DF was appointed on December 6, 1990 as Receiver, on behalf of Great Western Bank, by the 9th Judicial Circuit Court for Orange County, Florida, for this 192-room motel property during lender's foreclosure action. BVHG was engaged by Receiver as management company, concurrent with commencement of the receivership assignment. Receiver and BVHG were able to successfully fend off franchisor-threatened brand affiliation defeasance (attributable to longstanding physical standards and franchise payment violations), and thereby preserve value for the receivership estate, in operating the property until its foreclosure into REO and sale eighteen (18) months later.

Holiday Inn – Titusville, Florida

DF was appointed on December 6, 1990 as Receiver, on behalf of Great Western Bank, by the 9th Judicial Circuit Court for Orange County, Florida, for this 117-room motel property at Kennedy Space Center during lender's foreclosure action. BVHG was engaged by Receiver as management company, concurrent with commencement of the receivership assignment. Receiver and BVHG were able to successfully fend off franchisor-threatened brand affiliation defeasance (attributable to longstanding physical standards and franchise payment violations), and thereby preserve value for the receivership estate, in operating the property until its foreclosure into REO and sale eighteen (18) months later.

Anacapri Inn – Fort Lauderdale, Florida

DF was appointed on November 1, 1991 as Receiver, on behalf of First Union National Bank, by the 17th Judicial Circuit Court for Broward County, Florida, for this 120-room motel property. BVHG was engaged as management company, concurrent with the receivership assignment, and operated the property for just over a year until its foreclosure into, and sale out of, First Union's REO department.

Ramada Inn – Kingsland, Georgia

BVHG was appointed on March 7, 1991 as Receiver, on behalf of Niagara Asset Corporation in its role as servicing agent of the FDIC for insolvent Goldome Savings (Buffalo, NY), by the Superior Court of Camden County, Georgia, for this 156-room motel property. BVHG also provided management services during the receivership period, with DF serving as partner-in-charge, and was then engaged by the FDIC to continue operating the property after it was successfully foreclosed. The assignment continued for two years until the hotel’s sale by the FDIC.

Lackawanna Station Hotel – Scranton, Pennsylvania

BVHG was appointed on May 30, 1991 as Receiver and management company, on behalf of a consortium of sixteen banks, by the United States District Court for the Middle District of Pennsylvania, for this 156-room hotel property. DF served as BVHG’s partner-in-charge during the two years that this assignment was in place until the sale of the property to a prospective buyer that was identified by BVHG and introduced to the lender consortium.

Waterfront Hotel – Boca Grande, Florida

DF’s partner and BVHG CEO Mike Frost was appointed independent manager, on behalf of NationsBank, by the Circuit Court of the 20th Judicial Circuit for Lee County, Florida, for this 32-room property. BVHG was engaged as management company at the same time. The assignment was in place for six months until the property’s sale.

Bradenton Inn – Bradenton, Florida

BVHG was appointed in the early 1990s as Manager by the Resolution Trust Corporation ("RTC") for this 230-room roadside motel property. DF served as partner-in-charge. The assignment was in place for four months until the property’s sale.

Radisson Suite Beach Resort – Marco Island, Florida

In 1993 and 1994 BVHG marketed and managed this 269-room all suites resort property (a failed residential condominium that had been converted to a condo resort) on the Gulf of Mexico under a management agreement with the property’s Receiver, who was advanced as a candidate by DF and ultimately appointed by the 20th Judicial Circuit for Collier County, Florida, on behalf of the FDIC. DF served as BVHG’s partner-in-charge for two years until the receivership and management assignment concluded with the property’s sale.

Palm Beach Airport Hilton – Palm Beach, Florida

BVHG operated this foreclosed 247-room full service hotel property at the Palm Beach International Airport during 1991 and 1992 under a management agreement with the FDIC. DF served as BVHG’s partner-in-charge, successfully overseeing a full renovation of the property, a requirement imposed by both franchisor for flag retention, and purchaser for property title conveyance, until the assignment ended after two years with the property’s sale.

Clubs and Residential Golf Communities

Isleworth Community – Orlando, Florida

BVHG’s CEO was appointed Receiver on April 30, 1991 on behalf of Mellon Bank, by the 9th Judicial Circuit Court for Orange County, Florida. The Receivership lasted until the property’s foreclosure sale in June 1993. During the period of the Receivership BVHG managed this 820 acre, 400 lot super luxury private golf development where lots ranged in price from the mid $100Ks to $500K. Finished homes sold for $500K to $3.9M. In an environment of multiple lawsuits, BVHG negotiated agreements with all parties to release and convey lots to purchasers. Lot sales during the Receivership exceeded $20M. BVHG totally restructured the club membership program, from an initiation fee to refundable deposit basis, and successfully transferred all existing members to the new program. BVHG then reestablished the membership marketing office and increased membership by 35% during the Receivership period which ended with Mellon's sale of its note to a private party.

Lakeway Resort Community – Austin, Texas

BVHG managed this 5,000 acre and 6,000 lot residential planned community from 1990 to 1995 for a subsidiary of NCNB Texas under an asset management arrangement with the FDIC. The project included three golf courses, one of which was the renowned Hills of Lakeway private signature course by Jack Nicklaus, a 300-slip marina, tennis center with twenty outdoor and two indoor air-conditioned courts, four restaurants and an airport. Operations budgets exceeded $10M annually, while returning $1.5M or more in cash flow annually to the FDIC. BVHG ran a membership sales program for two golf clubs and one tennis club, successfully managing over 1,600 members. Real estate sales were restricted to a re-sales program due to the sales contract status of the property. The assignment was in place for 5½ years until the property was sold to Hillwood, a Ross Perot company. DF was partner-in-charge and on-site managing director for this project during the 1994/1995 due diligence process and transition of ownership to Hillwood.

River Wilderness – Manatee County, Florida

BVHG's CEO and DF managed this 1,300 acre and 750-unit planned private golf community in 1994 and 1995 for AMRESCO and their client NationsBank. The project included an 18-hole golf course, 30,000 square foot clubhouse, tennis courts and marina. BVHG resolved a longstanding conflict with owners regarding an in-place equity membership. The entire membership was transferred to a new program that protected their rights, while allowing ownership to proceed with a sale of the property. BVHG managed this property for two years until its sale.

Grassy Hills Country Club – Orange, Connecticut

BVHG managed this 18-hole championship golf course and club facility for Connecticut-based Center Bank in 1992 and 1993 until its sale out of foreclosure.

Imperial Lakes – Manatee County, Florida

BVHG provided consulting services in 1994 to AMRESCO and their client, NationsBank, for this 600 acre residential community and its semi-private championship golf course operation. This assignment was for a period of six months until the property’s loan restructuring was completed.

* NOTE: With the encouragement of the respective parties-in-interest, in many of the judicial appointments and workout assignments above described, Darryl Fluhart ("DF") was appointed as Receiver and, contemporaneous with that appointment, Receiver entered into a Management Agreement with Buena Vista Hospitality Group ("BVHG"), a company of which DF was a Founding Partner during the 1986-2003 period. In each such instance, that arrangement, and the financial terms of same, were approved in advance of, and prescribed in, the executed Order Appointing Receiver (or other governing document), and generally called for a full waiving of usual Receiver fees, while authorizing a pre-set, competitive, industry-normative fee for the marketing and management services provided by BVHG on behalf of the project throughout the Receivership period. That collapsing of one layer of administrative fees to the Receivership Estate, in concert in each instance with the belief by the parties-in-interest that BVHG's involvement would provide an excellent value-add in enacting their chosen strategy for the distressed project, loan or portfolio (e.g., secure control of collateral on an emergency basis; operate the asset(s) for revenue recovery, flag retention, controlled costs, optimized margins, and valuation recoup / sales price enhancement over a targeted hold period; leverage DF/BVHG longstanding industry relationships to surface a buyer and gain expedited exit from the asset(s); etc.), proved to be highly popular with the various constituencies served by DF and BVHG. Going forward, if and when deemed by prospective clients to be beneficial to their interests with respect to their distressed project, loan or portfolio, and appropriate to the circumstances based on all relevant considerations, DF and BVHG will partner in the above-described manner on Receiverships, other judicial appointments, and workout assignments.

Darryl C. Fluhart

---------- Summary of Experience ----------

Receiverships,

Other Court Assignments,

Non-Judicial Workouts and

Foreclosed Property Management