Colony crossroads

Currently 4 Responses

1.
Last summer the Klauber's closed the Colony when the Colony ASSOCIATION won their bankrupcy case wiping out the lawsuit brought by Klauber for um-teen millions to renovate the Colony. The banckruptcy by the Association also negated the recreational lease which paid the Klauber's $600,000 per annum for use of the pool and tennis courts As a result, of the closing during the summer of 2009 and the lack of on-going maintainance, pest control, and air conditioning only 90 units are fit for habitation out of 237. Of those approximate 90 units, none qualify as anything more than a no- tell motel room. Do you really want to see these operated as they bring down the quality of a once proud resort?
George McFarland
Wed 28th Jul 2010
at 8:00pm

2.
With only 55 employees closing makes no sense unless you want the units to be reduced to rubble. At least that many people will need to stay on for security, grounds and maintanence. Air conditioning still has to be left on. The ramifications of closure in this climate would only cause damage to The Colony and its employees. Remaining open offers some financial hope of offsetting costs. Closing is unrealistic.
Nancy Galloway
Wed 28th Jul 2010
at 4:33pm

3.
Why isn't the Colony Association named as a potential reorganizer of the Colony Property? It seems to me the ASSOCIATION has the largest investment herein and the ability to finance a project more easily than anyone else as they own the bulk of the land free of all debt.
George McFarland
Wed 28th Jul 2010
at 1:03pm

4.
Finally we are seeing some truthful reporting on this matter. The Colony will close on August 7th as I stated in an earlier comment. Should the Trustee recommend the dismissal of the Chapter 11 filing and the Judge in the Bankruptcy agrees, the Sheriff of Sarasota County would then be able to serve his warrants for unpaid sales and bed tax and auction off the assets to pay same. In addition, unpaid real estate taxes, water and sewer charges, electric bills etc. would no longer be stayed from collection. As far as the players interested in coming foward to revive the Colony, the ASSOCIATION is really in control with whom to deal or not to deal.
George McFarland
Wed 28th Jul 2010
at 9:28am