MPTV’s Lake Trop LLC Files Chapter 11

IRVINE, CA— Timeshare resort developers MPTV, Inc.’s Lake Trop LLC has filed for voluntary Chapter 11 protection from its creditor for its principal asset, the Lake Tropicana Timeshare Resort Property in Las Vegas. Officials said the filing was necessary due to the timing of the Phase I funding and recent actions taken by the lender and its service provider. “We did not want to file for Chapter 11. We were operating on the understanding that we had reached an agreement with our lender on a favorable timeframe and mechanism to satisfy the outstanding mortgage debt. The delay in funding Phase I and recent actions by our lender left us no alternative but to take this step to protect our principal asset. We believe the funding of the refinance of the Lake Tropicana Property and Phase I construction are progressing well. The filing was made at the suggestion of our prospective investor,”said Hurley Reed, CEO of MPTV, the managing director of Lake Trop LLC. MPTV already has been granted building permits for Phase I, which includes the conversion and remodeling of the Lake Trop grounds and apartments into a timeshare resort. Lake Tropicana Timeshare Resort and Towers is located between the MGM Grand Hotel/Casino and the Aladdin Hotel/Casino on The Strip and the Hard Rock Cafe on Paradise and Harmon Ave. The “Harmon Corridor” is undergoing transformation with two new casino hotels and three large timeshare projects planned for the area.