Colony settlement expected Wednesday

The Colony Beach & Tennis Resort Association Board of Directors has called a special board meeting Wednesday night to sign a settlement agreement with longtime Colony owner Dr. Murray “Murf” Klauber.

In a notice to unit owners sent out this morning, Colony unit owners were made aware that the agenda for Wednesday’s 8 p.m. conference call session is for “the approval of proposed settlement agreement with Colony Beach & Tennis Club Ltd., Murray J. Klauber and affiliates.

Colony Beach & Tennis Resort Association President Jay Yablon declined to comment, only noting that the settlement is in its final stages of review this week. Colony Beach & Tennis Resort Association attorneys and a bankruptcy trustee attorney have stated a signed agreement is imminent.

A signed settlement agreement between Colony Beach & Tennis Resort parties is due to be filed no later than Thursday at the request of Tampa-based U.S. Bankruptcy Judge K. Rodney May.  All parties are set to review the settlement in May’s courtroom on Oct. 10.

A settlement with no signatures and no names was presented to May on Sept. 5. May set Thursday as the deadline to have a signed settlement submitted to his office.

If a settlement is reached, concerns among the Longboat Key Town Commission will be alleviated.
Town Manager Dave Bullock has asked Yablon to have Colony officials make a settlement status update at the Longboat Key Town Commission’s regular workshop on Oct. 21.

“We have all been reading and listening to various accounts of court actions, property maintenance activities, etc.,” Bullock wrote in a Sept. 13 letter. “This workshop presentation will give the various Colony interests an opportunity to explain progress toward compliance with Resolution 2012-07 and describe progress made to have this property a productive part of the town.”

That resolution allows for an extension only through Dec. 31 to keep the resort’s existing grandfathered tourism units intact on the shuttered resort site.

For more information, pick up a copy of Thursday’s Longboat Observer.

Contact Kurt Schultheis at [email protected]