Unicorp argues that the Association Board plans to hold a meeting to “ram through a proposal” that is not legal.
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 [...]
The Trustee argues to the Judge that all efforts to arrive at a ‘global settlement’ with the Association of Unit Owners has failed. The Trustee added that there are no ongoing operations at The Colony and after four years of litigation, “The Trustee believes it is time to efficiently monetize the assets of his estate.”