Developer Andy Adams, the owner of 58 Colony Beach & Tennis Resort units who has control of approximately 50 unit owner votes, is making a play before the holidays to purchase more units.
In a Dec. 19 letter from Tampa-based law firm Sivyer Barlow & Watson, P.A. sent to Colony unit owners, the firm announced that Adams’ Colony Beach Investors LLC is seeking more units priced from $30,000 to $60,000, depending on the condition, square footage and location of the units.
“CBI is prepared to execute purchase and sale agreements immediately and is willing and ready to close within 10 days after a purchase and sale agreement is executued,” the letter states. The offer is only available through Jan. 10.
CBI has previously closed on all units offered for sale (within the company’s price range and in accordance with the company’s terms) in response to three past prior offers to purchase Colony units.
U.S. Bankruptcy Judge K. Rodney May, meanwhile, will make a decision on a proposed Colony settlement agreement on Jan. 27.
In the proposed settlement, a U.S. bankruptcy Chapter 7 trustee receives $2.3 million and $3 million is given to longtime Colony Beach & Tennis Resort owner Dr. Murray “Murf” Klauber. An amendment to the settlement proposed Dec. 3 revealed that Adams and his entities have agreed to resolve issues with the proposed settlement. That agreement also calls for giving $400,000 to be paid to creditors, $75,000 to Carolyn Field through the Field Trust and $25,000 to Adams through Breakpointe LLC.
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