The fate of a bankrupt estate that will help shape the future of the Colony Beach & Tennis Resort will be decided today in U.S. Bankruptcy Judge K. Rodney May’s courtroom.
U.S. Bankruptcy Chapter 7 Trustee William Maloney has entered into a contract with Orlando-based Unicorp National Development Inc. President Charles Whittall to buy the Colony Partnership’s bankrupt estate.
The contract includes a $23 million judgment ruling against Colony unit owners. That judgment includes the losses and damages to Klauber’s management entity, known as the Partnership, which is in Chapter 7 bankruptcy for the Colony Beach & Tennis Resort Association’s failure to pay for assessments and repairs to the resort.
Whittall told the Longboat Observer he entered into the contract with Maloney May 7.
Maloney chose Whittall’s offer over an offer from the association that was submitted May 7, which included financial backing from Longboat Key-based MW Development Group principal Manfred Welfonder; Sarasota Ritz-Carlton and Concession Golf Club & Residence developer Kevin Daves; and Siggy Levy, who has been involved in many development projects in North America, including numerous condominium properties on Longboat Key and some developments with the Four Seasons Hotel Corp.
The association, though, still has time to counter bid, argue in court today and appeal the contract to urge May to consider their offer. Whittall’s offer “is subject to higher and better offers,” according to the filing Maloney entered in bankruptcy court.
For more information on today’s hearing, check www.yourobserver.com and pick up a copy of tomorrow’s Longboat Observer.
Contact Kurt Schultheis at email@example.com.