`our Best Days Ever' 
Local Merchants Say A Post-thanksgiving Blitz Should Yield A Green Christmas 
This Year

Albert Lipovsky 
Dec. 1, 1994 
Albert W. Lipovsky, 76, Of East Newport Street, Newtown Section Of Hanover 
Township Died Thursday At His Home.

By LISA SCHEID; Times Leader Staff Writer
 Saturday, December 03, 1994 &nbsp;&nbsp;&nbsp;&nbsp;Page: 3A 





WILKES-BARRE -- U.S. Bankruptcy Court Judge John Thomas gave the developer
of the bankrupt Valley of Lakes resort until Dec. 19 to halt a plan to sell
the resort. &nbsp;&nbsp;&nbsp; 
 Valley of Lakes developer CBG Ltd. had faced a Nov. 29 deadline to come
through with $25 million in financing that would bring the resort out of
bankruptcy. The reprieve this week marks the fifth time this year a hearing on
the resort has been postponed. &nbsp;&nbsp;&nbsp; Valley of Lakes covers a mountainous region of Luzerne and Schuylkill
counties. &nbsp;&nbsp;&nbsp; 
 The resort has been in bankruptcy since March 1992. A reorganization plan
was filed this September, but the developer has yet to gain financing for the
plan. &nbsp;&nbsp;&nbsp; 
 The resort's major creditor, PNC Bank, has filed its own reorganization
plan that calls for the sale of the land, ski resort and other amenities.
Before Tuesday's hearing, attorneys from CBG Ltd., PNC Bank and the state
attorney general's office agreed to postpone the hearing. &nbsp;&nbsp;&nbsp; 
 The attorneys also agreed to negotiate the amount of a performance bond
that will guarantee the completion of improvements in the development, said
Jack Lewis, a spokesman for the attorney general's office. &nbsp;&nbsp;&nbsp; 
 Lewis said the amount of the bond is unknown. The attorney general's office
stepped in to protect the interests of the residents in the development, he
said. &nbsp;&nbsp;&nbsp; 
 "Ultimately, the performance bond becomes part of a reorganization plan.
The judge has to approve the plan and then it is sent to the creditors," Lewis
said. A majority of the creditors have to approve the reorganization plan. &nbsp;&nbsp;&nbsp; 
 Lewis said the state attorney general's office offered to be escrow agent
for property owners' maintenance fees, sewer treatment and water bills until
the plan is finalized. &nbsp;&nbsp;&nbsp; 
 He said neither the performance bond nor the escrow agent issues will be
decided until after Dec. 19. &nbsp;&nbsp;&nbsp;

Resort Gets Another Chance To Secure Financing 
Judge Grants Valley Of Lakes Developer Just More Than Two Weeks To Amass $25 
Million Needed To Beat Bankruptcy

Resort Gets Another Chance To Secure Financing Judge Grants Valley Of Lakes Developer Just More Than Two Weeks To Amass $25 Million Needed To Beat Bankruptcy