Spring Valley Lots is in post-effective-date wind-down mode, with the Modified Plan having become effective on March 31, 2026 and the docket now centered on final professional-fee cleanup before a June 16, 2026 hearing. The debtor began the case on September 17, 2024 as a Delaware real estate holding affiliate of the former Silvergate Bank corporate group, with its petition listing roughly $18.3 million of prepetition subordinated debt across junior subordinated securities and fixed/floating-rate junior subordinated deferrable interest debentures owed through The Bank of New York and Wilmington Trust Company, respectively, in the Chapter 11 Voluntary PetitionDkt. 1.
The restructuring appears to have proceeded through a plan process rather than a pending sale or DIP-driven operating case. Stretto’s final application describes its administrative work as including ballot review, plan-class reconciliation, tabulation, and preparation of voting materials for the First Amended Joint Chapter 11 Plan, while also noting the March 31, 2026 plan effective date in the Stretto Final Fee ApplicationDkt. 34. The case also carried investigation and litigation-adjacent workstreams: the court-appointed examiner and Pivot Group seek final compensation for work from January 31, 2025 through July 31, 2025, including report preparation, analysis, document review, and fact investigation, in the Examiner Final Compensation ApplicationDkt. 31, and special counsel applications describe work tied to government investigations, FTX and Alameda-related matters, securities litigation, state-court fraud litigation, and derivative actions.
The immediate posture is administrative: multiple final fee applications filed May 15, 2026 cover services through the March 31, 2026 effective date, including debtor co-counsel, administrative advisor, examiner professionals, and special counsel. Objections to those applications are due June 4, 2026, with a June 16, 2026 hearing before Judge Karen B. Owens, as reflected in the Richards Layton Final Fee ApplicationDkt. 35 and related final-fee filings.
