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)

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 1 of 74

Dep. Ex. 346

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 2 of 74

Lender Update
As of March 20, 2009

CONFIDENTIAL

¡NG 014045

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 3 of 74

Las Vegas Team
17 key management positions filled to date with veteran
Gaming & Hospitality executives

Current workforce
125 emplóyees

- 471T
- 26 SaIes & Marketing
- 52 Other

Forecasted opening workforce
° 5,500 full-time employees
o
675 part-time employees

FONTAl N E BLEAU
CONFIDENDAL

ING 014046

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 4 of 74

Recruitment Eff.rts
On-line recruitment efforts launched January 2009
- 2,900 online applications
- 1,960 employment expressions of interest

College recruitment efforts began February 2009
-

UNLV, Couege of Southern Nevada, Le Cordon Bleu, San Diego State,
University of Houston, Cornell University & Culinary Institute of America

FB Career Center scheduled to open April 20, 2009
(located at current FS Preview Center on LV Strip)

CONFIDENTIAL

NG 014047

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 5 of 74

FBLV Senior Mangement Team
Audrey Oswell, President & COO
29 years in Gaming & Hospitality
COO of The Cosmopolitan Resort & Casino
President & CEO of Resorts At}antic City
President & COO of Caesars Atlantic City
President of the Casino Association of New Jersey, 2005 & 2006
Chief Administrative Officer of Caesars World Marketing

Mark Lefever, CFO
13 years in Gaming & Hospitality (7 years in Las Vegas)
Corporate EVP Finance &Treasurer of Riviera Holding' Corpi
President Riviera Black Hawk
GM of Trump 29 Casino
cOO & CFO of The Desert Inn
10 years with Arthur Andersen LLC

John Cottriil, Senior Vice President Hotel Operations
30 years in Hospitality
21 years with The Ritz Canton Hotel Company
General Manager of four hotel properties

CON ADENTIAL

NG 014048

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 6 of 74

FBLV Senior Management Team, csnt'd
Michael Sacco, CMO & Senior Vice President of Marketing
27 Years in Gaming & Hospitality

S\JP of Casino Customer beveiopment, Caesars Palace
SVP Table Games & Marketing, Tropicana Atlantic City
SVP of International & NationalMarketing, Caesars World

Tim Rod, Cb

& Senior Vice President of Information Technoboqy

15 years experience in Gaming & Hospitality
VP of IT for Hyatt Gaming
Corporate Director of IT, Harvey's Casino Resorts

Bryan O'Shielcls, Senior Vice President Food & Beverage
26 years experience in Gaming & Hospitality (20 years in Las Vegas)
Corporate Senior Vice President Food & Beverage, Mandarin Oriental
Vice President Food & Beverage, The Bellagio
Vice President Food & Beverage, The Rio

CONFIDENTIAL

NG 014049

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 7 of 74

F

LV Sen isr Management Team, cont'd
Sean O'Connell, Executive Chef
21 years culinary experience
Worked around the world with Mandarin Oriental, Raffles Hotel and Ritz
Carlton
Executive Sous Chef, The Beflaglo

Fran Kneisc, Vice President of Human Resources
2Q years experience in Gaming & Hospitality
Vice President Human Resources, The Cosmopolitan Resort & Casino Las
Vegas
Vice President Human Resources, Harrah's Entertainment

'-t

CONFiDENTIAL

ING 014050

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 8 of 74

LV Hotel SaEes Tham
Andy Finn -Vice President Sales & Marketing
Bob Welling Director of Conference & Convention Sales
Paul Whitney-Director of Conference Services/Catering
James klipp- Director of Sales
Gregg Weiler - Director of Leisure Sales & Marketing
Directors of National Accounts

Paula Sweeney
Dank Malone
Robert Samuels
Ann Gorman
Gary Brown
Mitchell Ostrow
Leigh Libero
Debby Kase

Sales Manaqers, Executive Meetings
Veronica Medina
Tristan Wood

CONFIDENTIAL

ING 014051

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 9 of 74

__<

Group

eservationst&sure Market

Group Room Nights
20102011 -

2012Total-

203,800
$ 152900
101,500
458,200

The 2010 Wholesale contracting process is underway
o

G contracts signed
15 pending contracts in process

The 2010 ConsorUa contracting process begins May 2009
o

Expected accounts

- Amex
- Thor
- CORA
- Canson Wagonhit

cONFIDENTIAL

NG 014052

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 10 of
74

Marketing Efforts
FB Brand launched with the öpening of P3MB Nov 2008.

Database Acquisition programs began January 2009

Web Reservations scheduled to launch June 2009
Player Development team strategy & acquisitiQn program initiated
in JanUary 2009

-

Identified key personnel from al! major competitors
- Identified key Independent Agents and/or Branch Office personne!
in the main Las Vegas feeder markets
-Southern California
-Metro New York/New Jersey
-South Florida
-Chicago
-Texas

CONFIDENTIAL

ING 014053

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 11 of
74

Marketing Partnership
with Crown Limited
Through an exclusive relationship with Crown Limited,
Fontainebleau Las Vegas will...

° Have exclusive rights to market to Crown's world-wide
customer database
°

Partner with Crown's branch office network

° Use Crown's brand recognition to penetrate international VIP
markets

NG 014054

CONFIDENTRL

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 12 of
74

Freopeníng ActivitAes
Casino Mock up complete
Hotel Tower Load In began March 1, 2009
Detailed Critica! Path developed
Detailed Training Matrix developed
Ca!! center scheduled to open JuLy 2009
AU key IT systems have been selected
- FMS-Opera
- CRM - Epiphany & Infor
- CMS - Bally's ACS
- Financial & F-fR - Infinium

-

Phone Switch Avaya
Purchasing - Red Rock

Slot floor mix has been finalized and will include

JOT

- Bally's

WMS

- Aristocrat

-

CONFIDENTIAL

Kanomi

ING 014055

99OVO ONI

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 13 of
74

1VLLNBGUNOO

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 14 of
74

CONFIDENTIAL

ING 014057

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 15 of
74

CONFIDENTIAL

ING 014058

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 16 of
74

E

w;

toAc1frcJNIQAOXC

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CONFIDENTIAL

liii rd Level Floor Plan

uS2if

/4;.,'. û.

ING 014059

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 17 of
74

Fo nta i n eb eau
CONFIDENTIAL

Fifth Level Floor PIaú

A1r

30. zooa

lu.

:1

H'

I

ING 014060

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 18 of
74

LAS VEGAS

.
t
.

$

'n'il

PtA1

MP-! D-1 04

CONADENTIAL
ING 014061

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 19 of
74

evada Gaming Ucensing Update

AH ownership and senior management applications have been
submitted

On-site and in-depth investigations with the principals and senior
mañagement are in process
Anticipated to be on the September 2009 Commission
and Gaming Meeting Agendas

CONFIDENTIAL

ING 014062

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 20 of
74

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Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 22 of
74
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Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 23 of
74

Construction Budget
As of February 28, 2009
TuÊnberry West Construction
Unallocated Contingency
Ins u rance

Total Construction Costs
Roo?ns FF&E

Hotel and F&B Operating Equipment
Kitchen Equipment
Exterior Signage
Common Area FF&E
Costed FF&E

Current Budge

Original Budget

Descrip ion
$

1,753,634,074
111,039,860
40, 000,000
1,904,673,934

25,195,457

587,168,572
11,994,445
14.804,543

1,486,031,678

613,967,560
27,927,815

22,299,240

45,856,452
8,767,747
541,714
11,067,355
20,961,295
87,194,563

16,465,365

$

26,532,720
28,665,812
200,363,996

$

40,871,099
12,283,731
71,920,596
125,075,426

$

$

2,048,004,793 5
11,994,445
40,000,000
2,099,999,238 $
73,784,257

73,784,267
49,081,957
22,299,240

49,OB1 957

26,532,720

26.665.812
200,363,996

Remaining Spend

Spent-to-Date

$

1,460,836,221

5

40,314,10
21,757,526

7,704,517
$

113,1 69,433

39,793,684

1,077,415

Entertainment
A&G and Facilities and T
Other FF&E

40,871,099
12,283,731
71,920,596
125,075,426

Pre-Opening f Working Capital
Fees f Permits I Taxes / Other

131,814,077

75,846,579
160,836,077

45,496,303
150,787,479

30,360,276
10,050,598

Debt Service
Condominium-Hotel Selling Expenses

362,756,033
49,776,523

338,126,033
20,000,000

103,682,072
2,141,437

Fees and Expenses

60,740,794
698,935,005

60,740,794
555,551,482

234,443,960
17,858,563
59,545,871
508,132,176

$

1,194,923
147,419,305

2,100,227,333

$

980,762,809

Gaming FF&E

Costs Accrued Through Opening
TOTAL

CONFIDENTIAL

93,847,579

2,929,048,361

$

3,080,990,142

12,283,731

17,791,501
$

$

18,868,916

$

54,129,095
106,206,510

ING 014066

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 24 of
74

LEEDS Credit Status Update
LEED tax credit recovers 5.75% from 7.75% Nevada sales tax based on
materials utilization
$59M in total estimated credits built into initial budget

To date, '127M credits achieved, with -$26M pending credits
e

$53M in total credits currently forecasted (requires audit)

Receipts of credits ongoing; linked to contractor work completion and
pay application submittals
$6M shortfall based on a conservative approach (45% hard cots)
Total material costs to date, as submitted by subcontractors, 26.6%

Fontamnebleau reviewing submitted rates (26.6%) against industry standards
and comparable LV Strip projects (40-50%)
TWC is conducting internal review of submittals
Fontainebleau retained KPMG to audit entire program
State of NV Tax Division will conduct recap audit after project completion

CONFIDENTIAL

ING 014067

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 25 of
74

Balance Sheet Update
As of March 20, 2009

Restricted Cash
°

Bank Proceeds Account:
Liquidity Account:

$260 million
$50 milflon

ebt Outstanding
Mortgage Notes:
Term Loan:
Delay Draw Term Loan:
2
°

$675 million
$700 million
$327 million

Remain hig AvaUabe Sources
°

Delay Draw Term Loan:
Bank Revolving Facility:

$22 million

$800 million

Current Draw
°
°

CONFIDENTIAL

Total Draw is:
Funding from Retail Facility:
Funding from Bank Proceeds:

$138 million
$4.8 million
$133 million

ING 014086

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 26 of
74

etall Facility Update
As of March 20, 2009

Amount *utstanding
°
o

Consfìuction Loan:
Mezzanine:

$160 million of the $315 millIon
$112 million

Remaining Uses
°

CONFIDE NTIAL

Retail Shared Costs:
TI and Lease Commissions:

$53.7 million
$62.0 million

ING 014069

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 27 of
74

In :3aiance CaJcuJtìòn
Summary In Balance Reporí
IN BALANCE TEST
(March 25, 2009)

DESCRIPTION
AVAiLABLE FUNDS

Projected interest income

$

730,292

(estimated interest earned through completion - primarily on the $5Omm liquidity account)

Cash Management Account

6,000,000

(cash account requirement - available to pay any project costs)

Second Mortgage Proceeds Account

-

(kity exhausted in August 2008)

Bank Proceeds Account

126,M3,295

(amount of cash available from the draw down of Delay Draw Term Loan Facility)

Delay Draw Term Loan Availability
(amount available for draw down from Delay Draw Term Loan Facility)

Bank Revolving Availability

760,000,000

(amount available for draw devin from Bank RaveNing Facility)

Cash Support Amount

100,000,000

(50mm completion guarantee and $SOmm liquidity account)

Retail Lenders Shared Cost Commitment (Less Mvances Made for Shared Costs)

48,844,465

(Remaining retail shared costs - to be funded by Retail Facility)

Cash Balance in the Resort Parnant Account, Interest Account and Resort Loss Proceeds Mcount

TOTALAVAILEASLEFUMDS

-

$

1,053,754,712

LESS: TOTAL

Remaining Costs (In Balance Test Adjustnints Total from the Remaining Cost Report)

(1,011,749,043)

(Remaining project spend after required contingency and cash suppart adjustments)

IMBALANCE POSITIVE J(NEGATIVE)

CONFIDENTIAL

$

42,006,669

ING 014070

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 28 of
74

Remaining Project C.sts
Total Remaining Project Costs
Plus: Required Minimum Contingency
Plus: Required Minimum Liquidity Account
Plus: Required Minimum Excess Revolver Support Amount
TOTAL

Total Completed Percentage

$

980,762,809
I 5,055653
12, 1 80 355

3750,226
$ 1,011,749,043

75.6%

(1) In addition to $11 9M of unallocated contingency.

CONFIDENTIAL

ING 014071

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 29 of
74

Dep. Ex. 348

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 30 of
74

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 31 of
74

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 32 of
74

Dep. Ex. 377

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 33 of
74
From:

To:
BCC:
Sent:

Subject:

Mule, Philip
Corleto, David
500 global velay archNing
10129/2008 5:53:12 PM
RE: Fontainebleau update call

Exhibí

37

7

Eileen Mulvenna

f'

Not sure b/c I don't have credit agreement. I'll get it from bofa. But they mentioned it on
the call.

Philip J. Mulé
Caspian Capital Advisors LLC
500 Mamaroneck Avenue, Suite 101
Harrison, NY 10528
Tel: [phone]
Fax: [phone]
philipi3caspianlp. com

Original Message
From: Corleto, David
Sent: Wednesday, October 29, 2008 5:51 PM
To: Mule, Philip
Subject: RE: Fontainebleau update call
What does it step to?

Original Message
From: Mule, Philip
Sent: Wednesday, October 29, 2008 5:50 PM
To: Corleto, David
Subject: RE: Fontainebleau update call

L+325, and will step up beginning in early 2009 if they dont sell
L-Fenough condos; which they wont
Philip J. Mulé
Caspian Capital Advisors LLC
500 Mamaroneck Avenue, Suite 101
Harrison, NY 10528
Tel: [phone]
Fax: [phone]
philip@caspianlp. corn

Original Message
Fron: Corleto, David
Sent: Wednesday, October 29, 2008 5:48 PM
To: Mule, Philip
Subject: RE: Fontainebleau update call
What is coupon on this thing?

original Message
Fron: Mule, Philip
Sent: Wednesday, October 29, 2008 5:33 PM
To: Corleto, David; Weissnan, Mark; Cohen, Adam
Cc: Best, Terese M.; Saiontz, Greg; Gribling, Geoffrey; Russell, Matt; Lee, Eric
Subject: Fontainebleau update call
The company just provided an update.

1. They still haven't found long term solution to the Lehman funding issue on its retail
component facility. Recall, Lehman owned about half of the $3lSrnn retail loan of which half
was unfunded. The remaining lenders under that facility have agreed to fund Lehman's share on

CONFIDENTIAL

CASP 053298

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 34 of
74
an intdriin basis. The company is working to have Barclays assume the responsibility or to find
and alternative lender to step into Lehman's shoes.
No change to construction budget or timing. Still looking for $2.6 billion total cost and a
4Q09 opening. $1.3 billion has been spent to date. Beyond the construction budget, the company
has $44xnm remaining from the Miami investment from Dubai as well as $77rnm construction
contingency, $lOOmm sponsor completion guarantee and $50m excess liquidity reserve.
similar to what MGM said on its call this morning, as a result of cancelled projects and
declining commodity costs, there is a distinct possibility that the budget will come down
going forward. The company estimated that up to $loomm in savings could he achieved.
Questions regarding whether the sponsors are or would be buying bank debt and/or bonds in
open market were not answered.
After closing out our bond short, we are long $l6mrn term loan strip.

Philip J. Mulé
Caspian Capital Advisors LLC
500 Mamaroneck Avenue, Suite 101
Harrison, NY 10528
Tel: [phone]
Fax: [phone]
philip@caspianlp. corn

CONFIDENTIAL

CASP 053299

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 35 of
74

Dep. Ex. 379

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 36 of
74
From:
To:
Sent:
Subject:

Ma)eweII, John T. (RSCI-Q

[e-mail]
11/12/2008 11:03:35 AM
RE: Fontainebleau Meeting- Las Vegas 11/18

we have you down. No other meetings set up at this time- its tough during the G2E convention

From: philip©caspianlp.com [mailto:philip©caspianlp.com]
Sent: Wednesday, November 12, 2008 9:15 AM
To: Maxwell, John i. (PECH)
Subject: FW: Fontainebleau Meeting- Las Vegas 11/18
John,

I'm not sure if we've met, but Chris end I speak quite a bit on the gaming names. As I think he told you, we are involved in
Fontainebleau and I'd like to attend this meeting with you. Are you planning any other events or meetings while you are in
Vegas?
Thanks and look forward to meeting you next week.
Phil

Philip J. Mulé
Qispian Capital Advisors LLC
500 Marnaroneck Avenue. Suite 101

Harrison, NY 10528
Tel: [phone]

Fat 914.777.3363
philipcaspian1p.com

From: Maxwell, John T. (PECH) (maiIto:john_maxwellcThml.com
Sent: Tuesday, November 11, 2008 2:21 PM
To: Maxwell, John T. (RSCH)
Cc: Schroeder, Chris (RSCH)
Subject: Fontainebleau Meeting- Las Vegas 11/18

We will be hosting an Investor meeting on Tuesday, November 18th at 3:00pm with Fontainebleau management in Las Vegas.
Present from management will be Glenn Schaeffer, CE08 President; Jim Freeman, CFO and Audrey Oswell, President and
COO.

The meeting will take place at the Fontainebleau Preview Center, which is located across the street from the Fontainebleau
property between Sky and Circus Circus.
Please let us know if you plan on attending.
Regards,
John

John Maxwell
Managing Director
Merrill Lynch
Fixed Income Research

CONFIDENTIAL

GASP 053803

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 37 of
74

212-449-5936

This message w/attachments (message) may be privileged, confidential or proprietary, and if you are not an intended
recipienL please notif' the sender, do not tise 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 BC, and BC 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 linlc: http://www.ml.com
/e-comnwnications- terms!. By messang with Merrill Lynch you consent to the foregoing.

CONFIDENTIAL

CASP 053804

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 38 of
74

Dep. Ex. 381

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 39 of
74

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CASP 061712

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 40 of
74

Dep. Ex. 382

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 41 of
74

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CASP 061714

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 42 of
74

Dep. Ex. 399

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 43 of
74
From:
To:
BCC:
Sent:
Subject:

Mauritio Reyes
Mule, Philip
500 global relay archiving.
9/19/2008 8:23:54 AM
RE: Fontainebleau Construction Update

Yes.. this is wild.

Mauricia Reyes
Normandy Hill Capital, L;P.

150 East 52nd street, 10th f1
New York, NY 10022
[phone] (Direct)
rnreyesßnormandyhill corn

This cormaunication may contain privileged or confidential information. If you are not the
intended recipient, you are hereby notified that you have received this message in error and
that any review, dissemination, distribution or copying of this message is strictly
prohibited. Any views or opinions presented are solely those of the author and do not
necessarily represent those of Normàndy Hill Capital L.P. or its affiliates. If you have
received this communication in error, please notify us immediately by email, and delete the
original message. We do not waive confidentiality if you have received this communication in
error. This is not an offer to sell, or solicitation of an offer to buy, any security,
investment or other product.

Ftorn: [e-mail] [rnailto:philip@caspianlp. comi

Sent: Friday, September 1, 2008 8:28 AN
To: Mauricio Reyes
Subject: RE: Fontaïnebleau Construction Update

thanks, didnt get it

you guys getting whipsawed all over the place or what?

Philip J. Mulé
Caspian Capital Advisors LLC
500 Mamaroneck Avenue, Suite 101
Harrison, NY 10528
Tel: [phone]
Fax: [phone]
[e-mail]

CONFIDENTIAL

GASP 050764

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 44 of
74

Fron: Mauricio Reyes [nailto:nreyes@normandyhill,corn}
Sent: Friday, September 19, 2008 8:21 AM
To: Mule, Philip
Subject: FW: Fontainebleau Construction Update
FYI below.. .not sure if you got it.

Mauricio Reyes
Normandy Hill Capital, L.P.
150 East 52nd street, 10th f1
Mew York, NY 10022
[phone] (Direct)

[e-mail]

This communication may contain privileged or confidential inforrnätion. If you are not the
intended recipient, you are hereby notified that you have received this message in error and
that any review, dissenination, distribution or copying of this message is strictly
prohibited. Any views or opinions presented are solely those of the author and do not
necessarily represent those of Normandy Hill Capital L.?. or its affiliates. If you have
received this coMmunication in error, pléase notify us immediately by email, and delete the
original message. We do not waive confidentiality if you have received this communication in
error. This is not an offer to sell, or solicitation of an offer to buy, any security,
investment or other product.

-

Fron: Maxwell, John T. (RSCH) [mailto:john [e-mail])
Sent: Friday, September 19, 2008 7:47 AN
Subject: Fontainebleau Construction Update

John Maxwell [phone]
Research Analyst
ML PF& S

johnmaxwell@ml. corn

18 September 2008
Fontainebleau Las Vegas! FBLEAU
Construction Update
Speculation has been rampant this week 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 construotion is currently on-going. In addition, we were told that the
budget to the project has not changed fron the updated amount the company released with its
3!31/08 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.

CONFIDENTIAL

CASP 050765

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 45 of
74
Part of the current construction work 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 deiayed draw term loan.
If the company is unable to find a replacement lender for the Lehman Brothers exposure, then
the company would likely be forced to hait 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 take place in the near term.
Lastly, management continues to work with its. accountants regarding the presentation of its
finanoials. 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.

We are 0W-30% on the FBLEAU lO 4% 2nd Mortgage Motes.
Analyst Certification
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 no
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 solicitatioh 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
BC, and BC 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: http://www.ml.com
/e-communicationsterms/. By messaging with Merrill Lynch you consent to the foregoing.

CONFIDENTIAL

CASP 050766

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 46 of
74

Dep. Ex. 410

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74

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Dep. Ex. 455

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Dep. Ex. 456
FILED UNDER SEAL

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Dep. Ex. 458
FILED UNDER SEAL

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Dep. Ex. 459

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Dep. Ex. 463
FILED UNDER SEAL

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Dep. Ex. 465

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Dep. Ex. 470
FILED UNDER SEAL

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Dep. Ex. 471

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 66 of
74
From:

Kevin Rourke.

To:

henry.yu©bankofamerica.com; Corum, Brian; Bolio, Brandon; henry.yubankofamerica.com; Corum, Brian;

Cc:

Andrei Dorenbaum; Carl Moore; Chet Paipanandiker; Andrei Dorenbaurn; Carl Moore; Chet Paipanandiker,

Sent:3/2512009 9:53 AM.

Bolio, Brandon.
Boo:

Subject:

Fontainebleau Las Vegas - response to letter posted to Intralinks on March 23rd.

Henry,

In response to the letter posted to Intralinks on March 23rd by Bank of America, Highland's response is as follows:

§ Highland has no obligation to the Agent, Borrower, other Lenders or any other party to state a position about Bank
of America's interpretation of the credit documents.

§ In addition, Highland will vigorously enforce its rights and claims in the event of any inconsistency between the
positions stated by Bank of America (as Disbursement Agent) with respect to the March 25th Advance and its
subsequent conduct (as Administrative Agent and Revolver Lender) in response to any funding request by the
Borrower prior to the April draw process

§ Highland reserves all rights and claims resulting from the conduct of the Disbursement Agent, Administrative
Agent, and Revolver Lenders.

Regards,

Kevin Rourke
Highland Capital Management, LP
13455 NoeI Road, Suite 800
[phone]

krourkehcmlp.co m

DISCLAIMER- This email is intended for the recipient(s) only and should not be copied or reproduced without explicit
permission. The material provided herein is for informational purposes only and does not constitute an offer or
commitment, a solicitation of an offer, or any advice or recommendation, to enter into or conclude any transaction. It
may contain confidential, proprietary or legally privileged ïnformation. If you receive this message in error, please
immediately delete it.

HIGHLY CONFIDENTIAL

BANA_FBOO2I 6983

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 67 of
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Dep. Ex. 472

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 68 of
74

From:

Kevin Rourke.

To:

Howard, David.

Sent:1O/9/2008 4:23 PM.

Cc:
Bec:

Subject:

FW: Fontainebleau Resorts.

David,

I am forwarding a note from our internal counsel that identifies the items he has discussed with Bill Scott
of Sheppard Mullin,

Kevin Rourke
Highland Capital Management, LP
13455 NoeI Road, Suite 800
[phone]
[e-mail]
From: Andrei Dorenbaum
Sent: Thursday, October 09, 2008 3:06 PM
To: Kevin Rourke
Subject: FW: Fontainebleau Resorts

Kevin-

We discussed with Bill the following:

3.3.23 of the financing agreement requires confirmation the retail lenders funded (the remaining

lenders need proofwire confirmations, etc.)
If equity funds for the retail lenders then this does not satisfy 3.3.23
Under circumstances (lehman bk, etc.), agent must play a more active role when it has reason to
know that reps/covenants are not satisfied by borrower and retail lenders
EXHIBIT

HIGHLY CONFIDENTIAL

BANA_FB0086971 4

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 69 of
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Andrei Dorenbaum
Assistant General Counsel

Highland Capital Management, LP.
13455 Noel Road, Suite 800

Dallas, Texas 75240
office: 972-419-2573

fax: [phone]

adorenbaumhcmlp.com
From: Bill Scott [mailto:[e-mail]]
Sent: Friday, September 26, 2008 3:04 PM
To: Andrei Dorenbaum
Subject: Fontainebleau Resorts

Dear Andrei:

I just attempted to reach you on the telephone and left you a voice message. I was not able to zero
through to reach an attendant.
I have a copy of your e-mail to Jeff Susman. We do not understand your assertion that the Financing
Agreements are not in full force and effect by reason of the Lehman bankruptcy. Bankruptcy Code
Section 365(e)(1) specifically provides that no executory contract may be terminated or modified solely
based on the commencement of a Chapter 11 case. Do you have authority or documents supporting a
contrary conclusion?
Please call me at the number below.
WM S

Sheppard Mullin

333 South Hope Street
48th Floor

HIGHLY CONFIDENTIAL

BANA_F800869715

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 70 of
74

Los Angeles, CA 90071 -1 448
213.620.1780 office
fax
www.sheppardmullin.com

Wfliam M. Scott IV
213.617.4276 direct 1213.443.2717 directfax
818.515.3679 cell
[e-mail] j Bio

Circular 230 Notice: In accordance with Treasury Regulations we notify you that any tax advice given
herein (or in any attachments) is not intended or written to be used, and cannot be used by any
taxpayer, for the purpose of (i) avoiding tax penalties or (ii) promoting, marketing or recommending to
another party any transaction or matter addressed herein (or in any attachments).

Attention: This message is sent by a law firm and may contain information that is privileged or
confidential. If you received this transmission in error, please notify the sender by reply e-mail and
delete the message and any attachments.

Highland Capital Management is growing. Check out Careers at www.hcmlp.com.
DISCLAIMER- This email is intended for the recipient(s) only and should not be copied or reproduced
without explicit permission. The material provided herein is for informational purposes only and does not
constitute an offer or commitment, a solicitation of an offer, or any advice or recommendation, to enter
into or conclude any transaction. It may contain confidential, proprietary or legally privileged information.
If you receive this message in error, please immediately delete it.

HIGHLY CONFIDENTIAL

BANA FB00869716

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 71 of
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Dep. Ex. 473

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 72 of
74

From:

Andrei Dorenbaum.

To:

Bill Scott; Susman, Jeff.

Cc:

Brad Means; Cari Moore; Kevin Rourke.

Sent:912612008 5:25 PM.

Bcc:

Subject:

RE: Fontairiebleau Resorts.

Bill,

As a follow-up to our conversation, a few items to note:

According to the Borrower's CEO (Jim Freeman), Lehman Brothers Holdings Inc directly holds
approximately $200MM of the future retail financing commitment.
According to the current BK court order in place, LBHI cannot make any of these payments.
The definition of full force and effect includes the right of Borrower to receive LBHI's payments in the
manner set- forth in the financing documents, see 2nd Restatement on Contracts and applicable
interpretation under NY law.

Thus, Borrower cannot satisfy the necessary reps (i.e., no MAE/MAC, full force and effect of financing
support, others) for disbursing funds in this matter.

Andrei Dorenbaum
Assistant General Counsel

Highland Capital Management, LP.
13455 Noel Road, Suite 800
Dallas, Texas 75240
office: 972-41 9-2573

fax: [phone]
[e-mail]

Erom: Bill Scott [mailto:bscott©sheppardmullin.com]
Sent: Friday, September 26, 2008 3:04 PM
To: Andrei Dorenbaum

HIGHLY CONFIDENTIAL

BANA_FB00884065

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 73 of
74

Subject: Fontainebleau Resorts

Dear Andrei:

I just attempted to reach you on the telephone and left you a voice message. I was not able to zero
through to reach an attendant.
I have a copy of your e-mail to Jeff Susman. We do not understand your assertion that the Financing
Agreements are not in full force and effect by reason of the Lehman bankruptcy. Bankruptcy Code
Section 365(e)(1) specifically provides that no executory contract may be terminated or modified solely
based on the commencement of a Chapter 11 case. Do you have authority or documents supporting a
contrary conclusion?
Please call me at the number below.
WMS

Sheppard Mullin

333 South Hope Street
48th Floor
Los Angeles, CA 90071 -1448
213.620.1780 office
fax
www.sheppardmuflin.com

William M. Scott IV
213.617.4276 direct 1213.443.2717 direct fax
818.515.3679 cell
[e-mail] 3 Bio

Circular 230 Notice: In accordance with Treasury Regulations we notify you that any tax advice given
herein (or in any attachments) is not intended or written to be used, and cannot be used by any
taxpayer, for the purpose of (i) avoiding tax penalties or (U) promoting, marketing or recommending to
another party any transaction or matter addressed herein (or in any attachments).

Attention: This message is sent by a law firm and may contain information that is privileged or

HIGHLY CONFIDENTIAL

BANAFBOOB8406E

Case 1:09-md-02106-ASG Document 382-4 Entered on FLSD Docket 12/05/2013 Page 74 of
74

confidential. If you received this transmission in error, please notify the sender by reply e-mail and
delete the message and any attachments.

Highland Capital Management is growing. Check out Careers at www.hcmlp.com
DISCLAIMER- This email is intended for the recipient(s) only and should not be copied or reproduced
without explicit permission. The material provided herein is for informational purposes only and does not
constitute an offer or commitment, a solicitation of an offer, or any advice or recommendation, to enter
into or conclude any transaction. It may contain confidential, proprietary or legally privileged information.
If you receive this message in error, please immediately delete it.

HIGHLY CONFIDENTIAL

BANA FB00884067

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Dep. Ex. 479

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Dep. Ex. 481

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Dep. Ex. 486

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Dep. Ex. 487

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Dep. Ex. 488

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Dep. Ex. 489

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