Sept. 23, 2008 — Despite the recent upheaval in financial and lending markets all across the country, the new owners of Dyer Mountain still want to move the project forward. Ron Heckman, a spokesperson for California Mortgage Realty, said the company is serving as “the asset manager during this interim period. CMR believes the Dyer Mountain development is a viable and strong project that has been sidetracked by difficult market conditions. We’re actively evaluating the project and our next steps.”

CMR represents a number of investors in the Dyer Mountain project, a proposed 6,700-acre four-season resort near Westwood.

A Delaware corporation named Dyer Holdings, LLC, now holds the fourth deed of trust for Dyer Mountain following a Sept. 3 foreclosure sale on the steps of the Lassen County Courthouse, according to an assignment of the deed of trust filed with the Lassen County Clerk’s Office on Friday, Sept. 12.

Frontier Ridge Global Fund, Ltd., a Cayman Island exempted company, “grants, assigns and transfers … all the undivided beneficial interest under that certain deed of trust executed by Dyer Mountain Associates, LLC, a California limited liability company as trustor to California Mortgage and Realty, Inc.,” to Dyer Holdings LLC, according to the assignment of deed of trust dated Wednesday, Sept. 3.

The original deed of trust was issued on Jan. 9, 2006 as document number 2006-00205, according to the county clerk’s record.

DMA failed to come up with a buyer for the property as prescribed during the company’s bankruptcy proceedings that began in March 2008.

According to court records in the bankruptcy proceeding, DMA owes approximately $51 million to its investors.