Government shutdown affects Colony settlement

 

Government shutdown affects Colony settlement

 

Date: October 10, 2013
by: Kurt Schultheis | Managing Editor

 
 

The federal government’s shutdown is affecting a proposed settlement for the Colony Beach & Tennis Resort.

Town attorney Maggie Mooney-Portale informed the commission in an email Wednesday that U.S. Bankruptcy Trustee William Maloney’s office is not functioning due to the shutdown.

Although a bankruptcy hearing slated for this afternoon and another hearing scheduled for Oct. 23 are still in place to review a signed settlement and two other proposed settlements, a settlement can’t be reached unless the trustee is present to agree to a deal.

“Given the trustee’s absence, we are being told that a hearing on the 'Global Compromise' and objections may need to be rescheduled to a time in November,” Portale wrote in her email.

A 3 p.m. hearing today is scheduled in U.S. Bankruptcy Judge K Rodney May’s courtroom for a status update for all affected parties.

An Oct. 23 hearing, which is scheduled to consider a motion to approve a settlement filed with the court, could be rescheduled if the trustee can’t be present.

For more information on today’s hearing, check www.yourobserver.com for updates and pick up a copy of next week’s Longboat Observer.

Contact Kurt Schultheis at kschultheis@yourobserver.com.

 

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