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IN RE SAGUARO RANCH DEVELOPMENT CORPORATION

Joint Case No. 4:09-bk-02490-EWH, Case No. 4:09-bk-02484-EWH., 4:09-bk-02489-EWH, 4:09-bk-02492-JMM, 4:09-bk-02494-EWH

In re: SAGUARO RANCH DEVELOPMENT CORPORATION, Chapter 11, Debtor. In re: PCC INVESTMENTS, LLC, Debtor. In re: SAGUARO GUEST RANCH MANAGEMENT CORPORATION, Debtor. In re: SAGUARO RANCH INVESTMENTS, LLC, Debtor. In re: SAGUARO RANCH REAL ESTATE CORPORATION, Debtor.

United States Bankruptcy Court, D. Arizona.

June 1, 2011.

MEMORANDUM DECISION

EILEEN W. HOLLOWELL, Bankruptcy Judge

I. INTRODUCTION

The Debtors collectively own over 1,000 acres of land in the Tortolita Mountains outside of Tucson ("Property"). The Property was acquired over a ten-year period by Steven Phinny ("Phinny") and members of his family who have collectively invested over $30 million in its acquisition and development. Phinny's vision was to create a master...

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