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Longboat Key Wednesday, Aug. 25, 2010 7 years ago

Colony trustee abandons furniture

by: Kurt Schultheis Senior Editor

Tampa-based U.S. Bankruptcy Judge K. Rodney May granted Colony Beach & Tennis Resort Chapter 7 trustee William Maloney’s request to abandon the rights to any furniture and fixtures inside the closed resort’s 237 units at a hearing Wednesday, Aug. 24.

In essence, Maloney made it known he has no desire to sell anything inside the units, including furnishings, furniture and appliances.

The Colony Beach & Tennis Resort Association consented to Maloney's abandonment of the furnishings.

But no decision was made at the hearing as to who has the legal rights to any of the interior furnishings.

Colony Lender LLC representatives David Siegal and Randy Langley will ask May at a hearing scheduled for Aug. 31 for the rights to the now abandoned interior belongings and furniture, which they believe they have a right to as the owner of $10 million overdue bank loans that make them the largest secured creditor in the bankruptcy case.

The association opposes Colony Lender's request because the unit owners believe they own the furniture and interior belongings and that Colony Lender does not have a right to place a lien on that property.

For more information on the Aug. 31 hearing, pick up a copy of the Sept. 2 edition of The Longboat Observer.

Contact Kurt Schultheis at [email protected].

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