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I. INTRODUCTION. <br />Recreation Properties Ltd., ("RPL"), a creditor in this Chapter 11 bankruptcy <br />case, submits this Disclosure Statement (the "Disclosure Statement") pursuant to §1125 <br />of the Bankruptcy Code (the "Code") for use in the solicitation of votes on the Chapter <br />11 Plan (the " Plan ") dated September 12, 2019. A copy of the Plan is included with <br />this Disclosure Statement. This Disclosure Statement sets forth certain relevant <br />information concerning the Plan and other matters. <br />A. Commencement of the Case. <br />The case was commenced as an involuntary Chapter 7 bankruptcy which was <br />stipulated to by the Debtor. The Order for relief was entered on January 24, 2017. The <br />case was converted to Chapter 11 by Order dated February 1, 2019. John C. Smiley <br />was appointed as Chapter 1 I Trustee on February 11. 2019. <br />B. Purpose of Disclosure Statement. <br />The purpose of this Disclosure Statement is to provide parties entitled to vote <br />with a description of the Plan and other information to aid them in making an informed <br />decision about whether to accept the Plan. <br />THE DISCLOSURE STATEMENT CONTAINS A SUMMARY AND <br />DESCRIPTION OF THE PLAN. HOWEVER, THE SUMMARY IS NOT <br />INTENDED TO TAKE THE PLACE OF THE PLAN. EACH PARTY ENTITLED <br />TO VOTE IS URGED TO READ THE PLAN IN FULL AND CONSULT WITH <br />COUNSEL AND BUSINESS AND TAX ADVISORS. STATEMENTS <br />REGARDING THE PLAN ARE SUBJECT TO AND QUALIFIED BY THE <br />EXPRESS TERMS OF THE PLAN ITSELF IN ALL RESPECTS. <br />NO REPRESENTATIONS CONCERNING THE PLAN OR THE DEBTOR <br />ARE AUTHORIZED BY THE DEBTOR OTHER THAN AS SET FORTH IN THIS <br />DISCLOSURE STATEMENT. ANY REPRESENTATIONS OR INDUCEMENTS <br />MADE TO SECURE YOUR ACCEPTANCE WHICH ARE OTHER THAN WHAT <br />IS CONTAINED IN THIS DISCLOSURE STATEMENT SHOULD NOT BE <br />RELIED UPON BY YOU IN ARRIVING AT YOUR DECISION. <br />THIS DISCLOSURE STATEMENT HAS NOT BEEN APPROVED OR DIS- <br />APPROVED BY THE SECURITIES AND EXCHANGE COMMISSION. NOR HAS <br />THE COMMISSION PASSED ON THE ACCURACY OR ADEQUACY OF THE <br />STATEMENTS CONTAINED HERE IN. COURT APPROVAL OF THE <br />ADEQUACY OF THE DISCLOSURE STATEMENT DOES NOT CONSTITUTE <br />APPROVAL OF THE PLAN. <br />2 <br />