This document is a declaration by Daniel L. Fitchett Jr., the CEO of Cordillera Golf Club LLC, in support of keeping the bankruptcy case in Delaware. It summarizes the Debtor's failed efforts to secure financing in Colorado from Alpine Bank and another local bank. It then details how an advisor procured three potential DIP lenders in New York within two weeks. The CEO believes the best chance for a successful restructuring depends on developing relationships with these New York financial partners. Additionally, over 50% of creditors and two-thirds of members are located outside Colorado, and there may be conflicts issues for local Colorado bankruptcy counsel.

1. IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
In re
Chapter 11
CORDILLERA GOLF CLUB, LLC 1 dba The
Club at Cordillera, Case No. 12-11893 (CSS)
Debtor.
DECLARATION OF DANIELL. FITCHETT, JR. IN SUPPORT OF THE DEBTOR'S
OMNIBUS OBJECTION TO THE MOTIONS TO TRANSFER VENUE AND/OR
RELATED JOINDERS FILED BY (I) CHERYL M. FOLEY, THOMAS WILNER, JANE
WILNER, CHARLES JACKSON, MARY JACKSON AND KEVIN B. ALLEN,
INDIVIDUALLY AND AS REPRESENTATIVES OF A CERTIFIED CLASS OF
MEMBERS, (II) ALPINE BANK, (III) CORDILLERA PROPERTY OWNERS
ASSOCIATION, INC. AND CORDILLERA METROPOLITAN DISTRICT
I, DanielL. Fitchett, Jr., declare under penalty of perjury, the following:
1. I am the Chief Executive Officer ("CEO") for Cordillera Golf Club, LLC (the
"Debtor" or the "Club"), a position I have held since March 1, 2012. Prior to my employment
with the Debtor, and thmughout my career for much of the last 30 years, I have been involved in
the real estate management and related finance business in Colorado for much of the last 30
years. My curriculum vitae is attached hereto as Exhibit "A" and incorporated herein by
reference.
2. Unless otherwise stated, I have personal knowledge of the facts stated herein.
3. As the CEO, I am responsible for the day-to-day affairs of the Debtor and its
operations. Since the filing of the within Chapter by the Debtor 11 case and the employment of
Alfred H. Siegel as the Debtor's Chief Reorganization Officer (the "CRO"), it is anticipated that
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The Debtor in this chapter 11 case, and the last four digits of its employer tax identification number, is XX-
:XXX1317. The corporate headquarters address for the Debtor is 97 Main Street, Suite E202, Edwards, Colorado
81632.
4823-7931-6752.1

2. the CRO will have a significant role in developing the strategic business, financing and plan
decisions regarding the Debtor's reorganization plan. In my role, I have been and will continue
to work with the CRO, in consultation with the Debtor's professional advisors, to collaboratively
in developing a successful business plan and restructuring strategy for the Debtor. Prior to my
employment with the Debtor, I was aware of the acrimonious nature of the dispute between the
former club members, on the one hand, and the Debtor's ownership, on the other. Indeed, the
animus toward the Debtor and its management has lead certain club members to distribute
bumper stickers and t-shirts to the community displaying ad hominem attacks on the Debtor's
ownership, David Wilhelm.
4. Upon my employment with the Club, I expressed to ownership that I did not
believe, based upon my 30-year history in real estate finance and management, that a Colorado-
based bank would loan money to the Debtor, especially in light ofthe degree of hostility
expressed toward ownership by a small group of former members.
5. In my role as CEO, I participated in many internal meetings and reviewed
documents concerning the Debtor's negotiations with Alpine Bank for an extension of the
existing Alpine Bank loan. In short, despite our best efforts, Alpine Bank was unwilling to
extend the due date of the loan on terms that were remotely possible for the Debtor.
6. Moreover, in my role as CEO, I participated in many internal meetings and
reviewed documents concerning the Debtor's attempts this past Spring to secure take-out, or
potential Debtor-in-Possession financing, for the Debtor. I and others on behalf of the Debtor
met with executives from a privately-owned Colorado bank to discuss potential financing
options. However, the Debtor's financing efforts with this privately-owned Colorado bank were
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3. rejected and the Debtor was advised that it would be hopeless to find financing in Colorado
given the Debtor's current circwnstances.
7. Once it became clear to the Debtor that its financing options in Colorado were
extremely limited, if any existed at all, the Debtor's management decided the prudent course was
to retain a professional real estate advisory firm to assist it in soliciting and/or procuring
alternative financing arrangements and/or developing a business plan and restructuring strategy.
After interviewing real estate advisors on the West Coast, East Coast and in the Southeast, the
Debtor retained GA Keen Realty Advisors ("Keen") with Harold Bordwin acting as the Debtor's
principal advisor. Within two-week's of Keen's engagement, Mr. Bordwin produced three New
Yorlc-based lenders that were willing to provide debtor-in-possession financing on terms
acceptable to the Debtor and expressed interest in potential financing that to satisfy the Debtor's
indebtedness to Alpine Bank.
8. Mr. Bordwin's procurement of East Coast financing- within days of his
engagement- when no such financing was available in the local Colorado lending market ftu1her
informed the belief by the Debtor's management that the re-financing and potential restructuring
of the Debtor's business would come from sources outside Colorado. Indeed, I do not believe
there is a Colorado banlc that would have provided the DIP financing, or would have discussed
"take-out" reorganization financing with the Debtor at that time.
9. Given the financing interest generated through Keen's efforts, I believe the
Debtor's best opportunity for a successful, financial rehabilitation hinges upon the developing
relationships with its potential New York-based financial partners. Indeed, I understand that the
Debtor's proposed debtor-in-possession lender, Southlight Trust I, suppo1is the Debtor's venue
choice ofDelaware.
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4. 10, In addition to the foregoing, I believe the Debtor's bankruptcy case should remain
in Delaware for several reasons. First, the Debtor's state of origination is and has always been
Delaware. Second, over 50% of the Debtor's Vendors owed money, and over two-thirds (66%)
ofthe Debtor's members, are located or reside outside of Colorado. Finally, given the scope of
the litigation involving the Debtor and the club members pending in the Vail, Colorado area, if
this case is transfeiTed to Colorado, the Debtor is uncertain it could find local bankruptcy counsel
in Colorado that is both free from conflicts of interest and sufficiently experienced in chapter 11
banhuptcy work to assist in the prosecution of tllis bankmptcy case.
I declare under penalty of pe1jury that the foregoing is true and correct and that
{~
this declaration is executed this JL_ day of July, 2012, at Colorado.
Name: Daniel L. Fitchett, Jr.
Title: ChiefExecutive Officer
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