MPTV's Lake Trop LLC Moves to Protect Las Vegas, Nevada Property
Friday September 13, 2:18 pm ET
IRVINE, Calif., Sept. 13 /PRNewswire-FirstCall/ -- MPTV, Inc. (OTC Bulletin Board: MPTV - News),
an innovator in Timeshare Resort Development, today announced that its Lake Trop LLC filed for
voluntary Chapter 11 protection from its creditor for its principal asset, the Lake Tropicana
Timeshare Resort Property in Las Vegas, Nevada. This filing was necessary because of 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," stated Mr. Hurley Reed, CEO of MPTV,
the Managing Director of Lake Trop LLC.
MPTV has already been granted building permits for Phase I, which includes the conversion and
remodeling of the Lake Trop grounds and apartments into a timeshare resort.
About MPTV, Inc.
MPTV develops and markets timeshare resort properties. The Company's principal asset is a
multi-million dollar resort property called Lake Tropicana. MPTV's current project is the Lake
Tropicana Timeshare Resort and Towers ( www.laketropmptv.com ) located in Las Vegas, Nevada
between the MGM Grand Hotel/Casino and the Aladdin Hotel/Casino on the "strip" and the Hard
Rock Cafe on Paradise and Harmon Avenue. The "Harmon Corridor" is undergoing transformation
with two new casino hotels and three large timeshare projects planned for this area.
Shareholder Contacts: Laurel Moody, Vision Consulting, Email laurel@visioncc.net, Calls:
212-446-6109.
This press release contains forward looking statements within the meaning of the "safe-harbor"
provision of the Private Securities Litigation reform Act of 1995 about the Company's financial
condition and business prospects that involve substantial risks and uncertainties. You can identify
these statements by the fact that they use words such as "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe" and other words and terms of similar meaning in connection
with any discussion of future operating or financial performance. Among the factors that could
cause actual results to differ materially are the following: failure to consummate an arrangement for
refinancing of the Lake Tropicana property; increases in interest rates; a decline in the Las Vegas
real estate market or the timeshare market in general; and general economic conditions in the
United States. A further list and description of these risks, uncertainties and other matters can be
found in the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31,
2001 and in its periodic reports on Forms 10-QSB and 8-K (if any). These forward-looking
statements are subject to risks and uncertainties that may cause actual results to differ materially.
These forward-looking statements speak only as of the date hereof. The Company disclaims any
intent or obligation to update these forward-looking statements.
