Avenue CLO Fund, Ltd. et al v. Bank of America, N.A., et al

Filing 79

CERTIFIED REMAND ORDER. MDL No. 2106. Signed by MDL (FLSD) on 1/14/14. (Attachments: # 1 Transmittal from FLSD, # 2 1 09-md-02106 Designation of Record, # 3 1 09-md-02106 Dkt. Sheet - flsd, # 4 09-MD-2106 DE 1, 2, 4-30, # 5 0 9-MD-2106 DE 32-36, # 6 09-MD-2106 DE 37 part 1 of 3, # 7 09-MD-2106 DE 37 part 2 of 3, # 8 09-MD-2106 DE 37 part 3 of 3, # 9 09-MD-2106 DE 38, 39, 41-47, 49, 50, # 10 09-MD-2106 DE 51, # 11 09-MD-2106 DE 52-59, 61-65, 68, 70, 72-76, # (1 2) 09-MD-2106 DE 78-84, 86-91, # 13 09-MD-2106 DE 93, 95-103, 106-108, # 14 09-MD-2106 DE 110-115, # 15 09-MD-2106 DE 116-125, 127-129, 132-134, # 16 09-MD-2106 DE 136-140, 142-158, # 17 09-MD-2106 DE 160-162, 164-167, 170-175, 177-190, # ( 18) 09-MD-2106 DE 191-199, 201-215, # 19 09-MD-2106 DE 217-229, 232-247, # 20 09-MD-2106 DE 248, # 21 09-MD-2106 DE 249 part 1 of 2, # 22 09-MD-2106 DE 249 part 2 of 2, # 23 09-MD-2106 DE 251-253, 262-266, 284-287, 300, 301, 310, 319, 326-3 31, # 24 09-MD-2106 DE 335, 336, 338-344, 346-349, # 25 09-MD-2106 DE 350, # 26 09-MD-2106 DE 351-358, # 27 09-MD-2106 DE 360-366, 368-374, # 28 09-MD-2106 DE 375 part 1 of 3, # 29 09-MD-2106 DE 375 part 2 of 3, # 30 09-MD-2106 DE 375 p art 3 of 3, # 31 09-MD-2106 DE 376 part 1, # 32 09-MD-2106 DE 376 part 2, # 33 09-MD-2106 DE 376 part 3, # 34 09-MD-2106 DE 376 part 4, # 35 09-MD-2106 DE 376 part 5, # 36 09-MD-2106 DE 376 part 6, # 37 09-MD-2106 DE 376 part 7, # 38 09-MD-2106 DE 376 part 8, # 39 09-MD-2106 DE 376 part 9, # 40 09-MD-2106 DE 377 part 1, # 41 09-MD-2106 DE 377 part 2, # 42 09-MD-2106 DE 378, # 43 09-MD-2106 DE 379, # 44 09-MD-2106 DE 380, # 45 09-MD-2106 DE 381 part 1, # 46 09-MD-2 106 DE 381 part 2, # 47 09-MD-2106 DE 382 part 1, # 48 09-MD-2106 DE 382 part 2, # 49 09-MD-2106 DE 382 part 3, # 50 09-MD-2106 DE 382 part 4, # 51 09-MD-2106 DE 383 part 1, # 52 09-MD-2106 DE 383 part 2, # 53 09-MD-2106 DE 383 part 3, # 54 09-MD-2106 DE 383 part 4, # 55 09-MD-2106 DE 383 part 5, # 56 09-MD-2106 DE 383 part 6, # 57 09-MD-2106 DE 383 part 7, # 58 09-MD-2106 DE 383 part 8, # 59 09-MD-2106 DE 383 part 9, # 60 09-MD-2106 DE 383 part 10, # 61 09-MD-2106 DE 383 part 11, # 62 09-MD-2106 DE 384 part 1, # 63 09-MD-2106 DE 384 part 2, # 64 09-MD-2106 DE 384 part 3, # 65 09-MD-2106 DE 384 part 4, # 66 09-MD-2106 DE 384 part 5, # 67 09-MD-2106 DE 384 part 6, # 68 09-MD-2106 DE 384 part 7, # ( 69) 09-MD-2106 DE 384 part 8, # 70 09-MD-2106 DE 384 part 9, # 71 09-MD-2106 DE 384 part 10, # 72 09-MD-2106 DE 384 part 11, # 73 09-MD-2106 DE 385 part 1, # 74 09-MD-2106 DE 385 part 2, # 75 09-MD-2106 DE 386 part 1, # 76 09-MD-2106 DE 386 part 2, # 77 09-MD-2106 DE 386 part 3, # 78 09-MD-2106 DE 386 part 4, # 79 09-MD-2106 DE 386 part 5, # 80 09-MD-2106 DE 386 part 6, # 81 09-MD-2106 DE 386 part 7, # 82 09-MD-2106 DE 387 part 1, # 83 09-MD-2106 DE 387 part 2, # 84 09-MD-2106 DE 388, # 85 09-MD-2106 DE 389 part 1, # 86 09-MD-2106 DE 389 part 2, # 87 09-MD-2106 DE 389 part 3, # 88 09-MD-2106 DE 389 part 4, # 89 09-MD-2106 DE 390, 392-394, # 90 1 10-cv-20236 Dkt. Sheet - flsd, # 91 10cv20236 DE #1-27, 29-31, 45, 53, 60-65, 67-70, 73, # 92 1 09-cv-23835 Dkt. Sheet - flsd, # 93 09cv23835 DE 112, 115-126, # 94 09cv23835 DE 130, 134, 135 and 145)(Copies have been distributed pursuant to the NEF - MMM)

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CC:

Howard C. Karawan
Albert Kotite; Jeff Soffer
Jim Freeman; Glenn Schaeffer

Sent:
Subject:

9/1912008 10:21:07AM
Fwd: FontaThebleau Construction Update

From:
To:

in case you havent seen

From: Maxwell, John T. (RSCH) [mailto:john [e-mail]]

Sent: Friday, September 19, 2008 7:47 AM
Subject: Fontainebleau Construction Update

John Maxwell [phone]
Research Analyst
MLPF&S

john maxwe1lrnl.corn
18 September 2008
Fontainebleau Las Vegas! FBLEAU
Construction Update
Speculation has been rampant this weelc on the status of the Fontainebleau project in Las Vegas, with some
speculating that construction would cease. We spoke with company management and were told that construction is
currently on-going. In addition, we were told that the budget to the project has not changed from the updated amount
the company released with its 3/3 1/08 quarterly report.

'The issue that the company is facing is the exposure to Lehman Brothers regarding its retail credit facilities. The
$400 million facility consists of a $315 million construction loan and an $85 million mezzanine facility. The $85
million facility is fully funded and 50% of the construction facility is funded. We understand that Lehman Brothers
owns roughly two-thirds of the construction facility.
Part of the current construction worlc that is being done is the retail podium, The retail credit facilities are expected
to finance $83 million of the costs of this project, with $78 million remaining. Currently, the company has a funding
request into Lehman Brothers for about $4 million which would be the cost of the retail construction for the current
month. The company is having discussions with several sources to remedy the situation. The podium financing is
required to be funded prior to the company accessing its $800 million revolver and $350 million delayed draw term
loan.
'If the company is unable to find a replacement lender for the Lehman Brothers exposure, then the company would
lilcely be forced to halt construction as access to its available capital would be prohibited.
Regarding the condo sales, management remains hopeful that it will open its sales office within the next month.
However, given the current real estate environment, we don't expect any significant sales to talce place in the near
term,
'Lastly, management continues to worlc with its accountants regarding the presentation of its financials. The
company's auditors are requiring that the costs of the condo development be separated from the cost of the resort.
Once this is complete, the company expects to file its registration statement with the SEC and its 2Q'08 financials.
This is expected by the end of September.
211--

We are 0W-30% on the FBLEAU 10 ¼% 2nd Mortgage Notes.
Analyst Certification

,

,

aL
G,Lo"ls -(97

FBR01250389 [OJ

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I, John Maxwell, hereby certify that the views expressed in this research report accurately reflect my personal views
about the subject securities and issuers. I also certify that 110 part of my compensation was, is, or will be, directly or
indirectly, related to the specific recommendations or view expressed in this research report.

John Maxwell
Managing Director
Merrill Lynch

Fixed Income Research
212-449-5936

This message w/attachments (message) may be privileged, confidential or proprietary, and if you are not an intended
recipient, please notify the sender, do not use or share it and delete it. Unless specifically indicated, this message is
not an offer to sell or a solicitation of any investment products or other financial product or service, an official
confirmation of any transaction, or an official statement of Merrill Lynch. Subject to applicable law, Merrill Lynch
may monitor, review and retain e-communications (BC) traveling through its networks/systems. The laws of the
country of each sender/recipient may impact the handling of EC, and EC may be archived, supervised and produced
in countries other than the country in which you are located. This message cannot be guaranteed to be secure or
error-free. This message is subject to ternis available at the following link: http://www.ml.com
/e-communications terms/. By messaging with Merrill Lynch you consent to the foregoing.

FBRO1 250390

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Dep. Ex. 275

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From:
To:
Sent:
Subject:

Jim Freeman
'Mittney Thier; Bill Bewley
10/10/2008 12:35:13 PM
FW: FBLEAtJ Update

Let's discuss.

From: Maxwell, John T. (RSCH) [mailto:[e-mail]]
Sent: Friday, October 10, 2008 9:29 AM
To: Jim Freeman
Cc: Carole Parker; Howard Karawan (MAC.COM)
Subject: FBLEAU Update

Guys:

I know these are certainly trying times and there is a lot you have going on, but just to make sure you are aware, the FBLEAU
bank debt is trading in the 40's and the 10 1/4% 2nd Mortgage Notes are at 14. If there is anyway that you could provide an
update, even it you don't have all of the issues resolved, I think that would provide some form of comfort to lenders. lt they
haven't already done so, I would think lenders are going to issue a notice of default for failure to tHe tinancials based on the
conversation I have had with some ot them.
li you have any questions tor me, please give me a call.
Hope everything works out
Regards
John
John Maxwell
Managing Director
Merrill Lynch
Fixed Income Research
212-449-5936

This message w/attachments (message) may be privileged, confidential or proprietary, and if you are not an intended
recipient, please notify the sender, do not use or share it and delete it. Unless specifically indicated, this message is
not an offer to sell or a solicitation of any investment products or other financial product or service, an official
confirmation of any transaction, or an official statement of Merrill Lynch. Subject to applicable law, Merrill Lynch
may monitor, review and retain e-communications (EC) traveling through its networks/systems. The laws of the
country of each sender/recipient may impact the handling of EC, and EC may be archived, supervised and produced
in countries other than the country in which you are located. This message cannot be guaranteed to be secure or
error-free. This message is subject to terms available at the following link: httpí/www.ml.com
le-communications terms!. By messaging with Merrill Lynch you consent to the foregoing

ìaa
thvt
'Z3

ù7_rct

-. t-', 1'-'to

FBRO1 273000

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Dep. Ex. 278

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Dep. Ex. 279

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From:
To:
CC:
Sent:

Subject:

Jim Freeman
Howard, David
Yunker, Bref D
9/22/2008 9:46:34 AM
RE: Fontainebleau

Thanks - they are on my to call list. lt has been 2 weeks since l've spoken to them...

From: Howard, David [mailto:david.howard@bankofameñca.con,]
Sent: Mon 9/22/2008 6:08 AM

To: Jim Freeman
Cc: Yunker, Bret D
Subject: FW: Fontainebleau
FYI - thought you should know...

David Howard
[phone] phone
[phone] fax
Mail Code: NCI-027-20-01 [New Mail Code]
214 North Tryon St.
Charlotte, NC 28255

From: Hull, Martin W
Sent: Friday, September 19, 2008 10:08 AM

To: Susman, Jeff; Howard, David
Cc: Roof, Robyn E; Siman, Joe R
Subject: RE: Fontainebleau
Symphony is very upset that the company will not return their repeated phone calls.
They told me they wanted us to tell the company that if their calls were not returned,
they would speak to their lawyers and try to figure out a way to not fund any future
DDTL draw requests. They seem to be VERY upset.

From: Hull, Martin W
Sent: Friday, September 19, 2008 9:13 AM

To: Bacchi, Alfred J; Susman, Jeff
Cc: Howard, David; DG pvt bank
Subject: RE: Fontainebleau
Gunther Stein from Symphony would like to speak to someone at company as well.

From: Bacchi, Alfred J

r

Sent: Friday, September 19, 2008 9:10 AM

,racK

To: Susman, Jeff
Cc: Howard, David; DG pvt bank
Subject: Fontainebleau

r

i Z7

Date

Witnps ...___1EJc44t&frL_
47
C. l,e's
Pt

Jeff - Thanks for your return message. Todd Nocella who is the Gaming analyst at Halcyon wanted to chat with the company in

FBRO1 278532

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view of the downgrade - as you suggested I am passing on his contact info (212-303-9402, tnocellacThhalcvonilc.com) and ask
my colleagues to pass along to you any other accounts/contacts that requested a conversation w/ the company so that you can
coordinate with them.
Thanks, AI

Al Bacchi
Principal
Syndicated Finance - Sales
Banc of knerica Securities LLC
214 N, Tryon Street (Mci-027-1401)
charlotte. N 28255
Tel: [phone]
Fax: [phone]
cell: 704-231-6487
Email: alfred.i.bacchiíbankofamerica.com
Bloomberg :a lbacc hi abloombe rg.net

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FBRO1 278533

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Dep. Ex. 291-B

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Frohi:
To:

Whitney miei

-

Sent:
Subject:
Attachments:

Albert KoHle; [e-mail]; Jed I. Bergman; Michael N. Kreitzer; Jim Freeman;
Augusto Sasso; Todd.Kaplan©citadelgroup.com
3/30/2009 1:10:03 PM
Z CAP AND GUGGENHEIM LETTERS
4407_001 .pdf

The default notice letters were sent 'Aa FedEx on Friday4 Please circulate within your firms as appropriaté. Thanks.

Whitney Thier / General Counsel
Fontainebleau Resorts, LLC
[e-mail] / fontainebleaucom

0702495 8108 / 07022495590
2827 Paradise Road / Las Vegas NV 89109
THE STAGE IS YOURS. LIVE YOUR PART.
please take note of my new email address
The information containedin this email is intended for the recipient only and is cohfidential and may be protected by
attorney/client prMlege. If you are not the intended recipient, please contact the sender immediately. Unauthorized use, copying
or distribution is prohibited and may be unlawful.

From: [e-mail] [mailto:constir332ü@fbresorts.com]
Sent: Friday, March 2?, 2009 2:26 PM
To: Whitney mier; Carlene Arnold
Subject: Z CAP AND GUGGENHEIM LETTERS

Track

Dale
Witness
C. Lewis

FBR01227199

Case 1:09-md-02106-ASG Document 382-2 Entered on FLSD Docket 12/05/2013 Page 205 of
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FONTAINE&EAU RESORTS, lic
702 495 8100
2827 PARADISE ROAD
LAS VEGAS NV 89109

h

FONIAINEBLEAIJ.COM

March 27, 2009

Ryan Falconer, Director
Z Capital Partners, L.L.C.
Two Conway Park
160 FIeld Dr. Suite 300
Lake Forest, II 60045

RE:

CREDIT AGREEMENT DATED As OF JUNE 6, 2007 AMONG FONTAINEBLEAU
LAS VEGAS, LLC, FONTAINEBLEAU LAS VEGAS II, LLC (CUMULATIVELY, THE
"COMPANY"), THE LENDERS PARTY THERETO AND BANK OF AMERICA, N.A.,
AS ADMINISTRATIVE AGENT (THE "CREDIT AGREEMENT")

Dear Mr. Falconer:

On March 9, 2009, the Company submitted a Base Rate Notice of Borrowing to

the

Administrative Agent pursuant to Sections 2.1(b) and 2.4 of the Credit Agreement seeking a
Delay Draw Term Loan in the aggregate amount of $350000,000. Terms used but not defined
herein are as defined in the Credit Agreement.
All conditions to the funding of this Delay Draw Term Loan were satisfied, and the overwhelming

majority of lenders funded their proportionate share. On March 10, 2009, however, the
Administrative Agent informed the Company that Z Capital Finance LLC ("Z Capital') had
refused to fund $11,666,666.66, representing its portion of the requested Delay Draw Temi
Loan (the "Defaulted FundinQ Amount"). Furthermore, to date, Z Capital has failed and refused
to remit the requested funding to the bank proceeds account.
Z Capital is in default of its obligations under the Credit Agreement, including, without limitation,

Section 2.1(b) and 2.4(b).

The Company demands that Z Capital immediately remit the

Defaulted Funding Amount to the Bank Proceeds Account and take any and all other steps that
are necessary to cure its default Your continuing failure to fund is a material default under the
Loan Documents and haè resulted in substantial and continuing damage to the Company.

FI3RO1 227200

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AlPrihts and: i-èrnèdkavaiIabIaW theQompany under the CreditAgceement a14 Ñhenia. at
iw andih eqvity, rsflereby fUli tøservd.

a:

Very tru1 yours

Fb ñïfleblöau SVégas, LLG

r

NanoeçVvhiui;y
Title: GèneraïCdúñse Fcnitainebieau:.RSfl.LLC

òc

Martiñ Auerbaçht Esq,

Pag2 of 2.

FBRO1 22720

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FONTAINE8LEAU RESORTS, lIC

702 495 8100
Z827 PARAOtSE ROAD
LAS VEGAS NV 89109

h

FONTAINEBLEAU.COM

March 27, 2009

Copper River CLO
Orpheus Funding, LLC
Orpheus Holdings LLC
Sands Point Funding Ud.
LFC2 Loan Funding LLC
c/a Guggenheim Investment Partners
135 East 571h Street
New York, NV 10022

RE:

CRO%T AGREEMENT DATED AS 0F JUNE 6, 2007 AMONG FONTAINBLEAU
LAS VEGAS, LLC, FONTAINEBLEAU LAS VEGAS II, LLC (CUMULATIVELY, THE
"COMPANY"), THE LENDERS PARTY THERETO AND BANK OF AMERICA, N.A.,
AS ADMINISTRATIVE AGENT (ThE "CREDIT AGREEMENT")

On March 9, 2009, the Company !ubmitted a Base Rate Notice of Borrowing to the
Administrative Agent pursuant to Sections 2.1(b) and 2.4 of the Credit Agreement seeking a
Delay Draw Term Loan in the aggregate amount of $350,000,000. Terms used but not defined
herein are as defined in tS Credit Agreement.
All conditions to the funding of this Delay Draw Term Loan were satisfied, and the overwhelming

majority of lenders funded their proportionate share.

On March 10, 2009, however, the

Administrativo Agent informed the Company that Copper River CLO Ltd., LFC2 Loan Funding
LLC, Orpheus Funding LLC, Orpheus Holdings LLC, and Sands Point Funding Ltd. (collectively
the "Guqqenheini Lenders") had failed and refused to fund $10,000,000, representing their
aggregate portion of the requested Delay Draw Term Loan (the "Defaulted Fundinq Amount").
To date, the Guggenheim Lenders have failed and refused to remit the requested funding to the

bank probeeds account. In fact, Bank of America has reported to the Company that the
Guggenheim Lenders have been completely nonresponsive to inquiries.

FBRO1 227202

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The Guggmiheim Lenders aie iñ. defathit of thiìt obIiatiàhs uflder the Credit. Agrment
ncluding1 without limitation, Section 2 1(b) and 24(b) The Company demands that the
Guggenheim Lenders immediately remit the Defaulted Funduig Amount to the Bank Proceeds

Account and takG any and. all otheç steps that are necessary b cure their default Your
contihúlhgfällurey to: fund ¡3: a material défault under the Loán. DOirnsntst nd has resulted itt
substantiaLänd continúlngiìdama9Gtc.the Corn.any.

AIL rights andEremediesavaflabl&tÓ. the Company Under the C?edlt Agréement and.oth'etwise.. at

Iá* and ¡hequity1.are:hereby fuIlreserved

Very truItyour&,.

Font.

ebleau L.

ègas1 LL.0

Nàthet Whitney Thier
TitIe General Counsel1 Fòntäineb[eu Reset...LW

Pg 29f 2:

FBROI 227203