Bulletin: SA2009015

Date:
March 25, 2009
To:
All Issuing Offices
RE:
Special Alert - Kimball Hill Bankruptcy (Kimball Hill, Inc., et al) Confirmation of Plan

Dear Associates:

The Finding of Facts, Conclusions of Law, and Order Confirming Joint Plan of Kimball Hill, Inc. and its Debtor Subsidiaries Pursuant to Chapter 11 of the United States Bankruptcy Code ("Order") has been approved and entered on March 12, 2009, with an Effective Date of March 24, 2009.

The Order authorizes sales of land and residential homes free and clear of "pre-petition (mechanic's) lien claims."  Pre-petition lien claims are claims for work and material furnished prior to April 23, 2008 ("Date of Petition").  The Order provides that, as set forth in the Plan, land and residential homes will be transferred to one of two trusts: (1) the Liquidation Trust (which contains an Annex A listing specific Liquidation Trust Assets), or (2) the Post-Consummation Trust, which consists of the remainder of real estate assets of the Debtors (other than the 2900 Building at 2900 Golf Road, Rolling, Illinois, which is conveyed to Inland Bank and Trust Company).  

You may rely upon this Order to issue without exception to pre-petition lien claims on a sale by U.S. Bank National Association or its delegee as Trustee (Liquidation Trust Administrator) of the Liquidation Trust, or as Trustee (Plan Administrator) of the Consummation Trust without exception to pre-petition lien mechanic's lien claims, if (1) other liens, such as taxes, are paid at closing, and (2) the Order, the executed Post-Consummation Trust, and the executed Liquidation Trust (shown on the links below) are recorded in the public records,and (3) the Deed to the third party purchaser is executed by U.S. Bank National Association, as Trustee of the applicable Trust, by deed recorded in the public records, and (4) you are furnished customary proof of payment of bills for any work or material furnished on or after the Date of Petition, and (5) you are furnished a letter of delegation from U.S. Bank National Association if it names a third party to act on its behalf as Trustee (applicable Administrator).

The Order applies to the following Debtors:

Kimball Hill, Inc. 08-10095
18th and Peoria, LLC 08-10102
KH Financial Holding Company 08-10107
KH Ingham Park South, LLC 08-10111
KHH Texas Trading Company L.P. 08-10116
Kimball Hill Far East Detroit, LLC 08-10119
Kimball Hill Homes Austin, LP 08-10121
Kimball Homes California, Inc. 08-10122
Kimball Hill Homes Dallas, LP 08-10123
Kimball Hill Homes Florida, Inc. 08-10125
Kimball Hill Homes Houston, LP 08-10126
Kimball Hill Homes Illinois, LLC 08-10128
Kimball Hill Homes Nevada, Inc. 08-10130
Kimball Hill Homes Ohio, Inc. 08-10131
Kimball Hill Homes Oregon, Inc. 08-10132
Kimball Hill Homes Realty Florida, Inc. 08-10134
Kimball Homes San Antonio, LP 08-10135
Kimball Hill Homes Texas Investments LLC 08-10136
Kimball Homes Texas Operations LLC 08-10138
Kimball Hill Homes Texas, Inc. 08-10140
Kimball Hill Homes Washington, Inc. 08-10141
Kimball Hill Homes Wisconsin, Inc. 08-10144
Kimball Hill Stateway, Inc. 08-10146
Kimball Hill Texas Investment Company, LLC 08-10147
Kimball Hill Urban Centers Chicago One, LLC 08-10149
Kimball Hill Urban Centers Chicago Two, LLC 08-10151
Kimball Hill Urban Centers Special Purposes, LLC 08-10153
Kimball Hill Urban Centers, LLC 08-10156
National Credit and Guaranty Corporation 08-10158
The Hamilton Place Partnership 08-10159



Finding of Facts, Conclusions of Law, and Order Confirming Joint Plan of Kimball Hill, Inc. and its Debtor Subsidiaries Pursuant to Chapter 11 of the United States Bankruptcy Code ("Order")

Kimball Hill, Inc., et al - Order (Part I of IV) (Click to View)

Kimball Hill, Inc., et al - Order (Part II of IV)
(Click to View)

Kimball Hill, Inc., et al - Order (Part III of IV)
(Click to View)

Kimball Hill, Inc., et al - Order (Part IV of IV) (Click to View)



Joint Plan of Kimball Hill, Inc. and its Debtor Subsidiaries Pursuant to Chapter 11 of the United States Bankruptcy Code with Technical Modifactions ("Plan")


Kimball Hill, Inc., et al - Plan (Part I of V) (Click to View)

Kimball Hill, Inc., et al - Plan (Part II of V) (Click to View)

Kimball Hill, Inc., et al - Plan (Part III of V) (Click to View)

Kimball Hill, Inc., et al - Plan (Part IV of V) (Click to View)

Kimball Hill, Inc., et al - Plan (Part V of V) (Click to View)



Kimball Hill, Inc. - Post-Consummation Trust Agreement (Part I of III) (Click to View)

Kimball Hill, Inc. - Post-Consummation Trust Agreement (Part II of III) (Click to View)

Kimball Hill, Inc. - Post-Consummation Trust Agreement (Part III of III) (Click to View)



Kimball Hill, Inc. - Liquidation Trust Agreement (Part I of V) (Click to View)

Kimball Hill, Inc. - Liquidation Trust Agreement (Part II of V) (Click to View)

Kimball Hill, Inc. - Liquidation Trust Agreement (Part III of V) (Click to View)

Kimball Hill, Inc. - Liquidation Trust Agreement (Part IV of V) (Click to View)

Kimball Hill, Inc. - Liquidation Trust Agreement (Part V of V) (Click to View)



Kimball Hill, Inc. - Kirkland and Ellis Letter to Title Companies (Click to View)



Kimball Hill, Inc. - Notice of Confirmation and Effective Date (Click to View)


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References

Bulletins Replaced:
SA2008010 This Bulletin has been replaced by SA2009015.
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None