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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 »

Colony owners suffer blow in court

Colony owners suffer blow in court

Judge May said the agreement between Unicorp and the Estate is the strongest and unless it is superseded by the Association or another party on Aug. 28, it will be approved.

August 24, 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 »

Plaintiff seeks contempt in Colony court case

Plaintiff seeks contempt in Colony court case

The Colony Board of Unit Owners has prepared a budget for the anticipated repairs recommending an assessment of over $30,000 per unit owner in 2016, and $55,000 per unit owner in 2017 to raise more than $20.5 million.

June 23, 2015 | Posted in Major Headlines, Top Box | Read More »

Colony auction date inches closer

Colony auction date inches closer

Judge May agrees to move forward with the sale of the Chapter 7 estate that holds a $23 million judgement against the Colony unit owners.

June 23, 2015 | Posted in Major Headlines, Top Box | Read More »

Colony Trustee asks Bankruptcy court for June 26 sale of $23 million judgment

Colony Trustee asks Bankruptcy court for June 26 sale of $23 million judgment

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.”

June 9, 2015 | Posted in Major Headlines, Top Box | Read More »

Association vows to appeal Colony court ruling; plaintiff speaks out

Association vows to appeal Colony court ruling; plaintiff speaks out

“It was our home away from home. It was great until things got out of control.”

May 26, 2015 | Posted in Major Headlines, Top Box | Read More »

Sarasota Judge rules Colony Association must repair units

Sarasota Judge rules Colony Association must repair units

Sarasota Judge declares that Colony Association “has a duty to maintain, repair, replace, and operate the condominium property.”

May 19, 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 »