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 firstname.lastname@example.org.
Currently 0 Responses
17 Night of Fish, Fun & Fright
6:30 pm - 9:00 pm
18 Jewels on the Bay Showhouse
10:00 am - 4:00 pm
Durante dog, owner well after raccoon run-in
Last week, we reported on a scuffle between a black dog and a group of raccoons that occurred at dusk near Joan Durante Park.
Golfer scores her first hole in one
Liz Lang scored her first hole in one July 8, on the Resort at Longboat Key Club’s Harbourside White Course, while celebrating her friend, Jane Hunter’s birthday.
Tiny trio tours safety facilities
Commissioner Lynn Larson’s three grandchildren, Zander, 9, Zora, 8, and Zoe Ramsey, 5, got a close-up look at what Longboat Key police and firefighters do to keep residents safe earlier this month, during a tour of the police and north fire stations.