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$23 million Colony estate sold to unit owners

$23 million Colony estate sold to unit owners

Last Tuesday, the Chapter 7 Colony Estate containing a critical $23 million judgment against unit owners was sold to The Association of Unit Owners extinguishing an outstanding threat against their interests.  U.S. Bankruptcy Judge Rodney May approved the settlement that pledged $2.5 million in cash to pay the outstanding creditors along with an additional $500,000 […]

September 20, 2015 | Posted in Major Headlines, Top Box | Read More »

Judge denies unit owners as Colony asset sale looms

Judge denies unit owners as Colony asset sale looms

‘I may be sympathetic to Unit Owners but I’m not here to protect them. This is a business decision and I don’t see any evidence of bad faith by Unicorp and I believe they are a qualified buyer.’ — U.S. Bankruptcy Court Judge Rodney May

August 29, 2015 | Posted in Major Headlines, Top Box | Read More »

Unicorp moves to buy Colony estate; Association argues back

Unicorp moves to buy Colony estate; Association argues back

If the Judge agrees with the Trustee and Unicorp on Aug. 28, it will continue Unicorp’s consolidation of Colony assets.

August 8, 2015 | Posted in Major Headlines, Top Box | Read More »

Colony contenders bid on $23 million judgment

Colony contenders bid on $23 million judgment

The sale can lead to an increased consolidation of ownership or an increase in liability for Colony unit owners depending on who wins at auction.

August 8, 2015 | Posted in Major Headlines, Top Box | Read More »

Colony suit demands repairs

Colony suit demands repairs

Colony unit owners Sheldon and Carol Rabin argue the Board of Directors failed its basic fiduciary and maintenance obligations and is liable.

March 16, 2015 | Posted in Major Headlines, Top Box | Read More »

Colony Lender faces court sanctions, vows appeal

Colony Lender faces court sanctions, vows appeal

‘I cringe every time I have to write another assessment check to pay largely for legal fees and insurance with seemingly no end in sight.’

March 16, 2015 | Posted in Major Headlines, Top Box | Read More »

As Colony saga drones on, principal parties speak out

As Colony saga drones on, principal parties speak out

Court battles, appeals and eventually consolidation mark the future of the waterfront property that has lay dormant for five years.

January 12, 2015 | Posted in Business, Major Headlines, Top Box | Read More »

Year in Review 2014: Colony Lender, Unicorp control 2.3 acres and key assets; $23 million ruling hangs in balance

Year in Review 2014: Colony Lender, Unicorp control 2.3 acres and key assets; $23 million ruling hangs in balance

Although 2014 saw no resolution to the myriad of complex legal battles that would allow the Colony Beach and Tennis Resort to redevelop, there was progress on several fronts. On July 14, 2014, several critical assets, namely 2.3 acres that comprise the tennis courts and recreational amenities, were acquired by Colony Lender in agreement with […]

January 6, 2015 | Posted in Major Headlines, Top Box | Read More »

Town Attorney says Colony ownership issues years from resolution

Town Attorney says Colony ownership issues years from resolution

The Town Attorney’s office compiled a complete overview of all of the ongoing Colony litigation, bankruptcy and foreclosure proceedings. The Town Attorney said it is difficult to speculate on what will happen next or when all of the litigation will be resolved as the various parties in these actions have clearly diverging objectives and litigation strategies.

October 5, 2014 | Posted in Business, Major Headlines, Real Estate, Top Box | Read More »

Murf Klauber talks Colony ‘best outcome’

Murf Klauber talks Colony ‘best outcome’

You don’t need any more condominiums on Longboat Key. That doesn’t do one thing for our Key. It needs a tennis resort on the beach that is great for families and visitors. Ninety percent of the people who built houses on Longboat Key either stayed at the Colony or Key Club. We’ll get nice stores on this island eventually when it grows up.

September 21, 2014 | Posted in Major Headlines, Top Box | Read More »