Colony unit owners Sheldon and Carol Rabin argue the Board of Directors failed its basic fiduciary and maintenance obligations and is liable.
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 [...]
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.
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.
“I do not know where we are going here – we sound like the Colony. We say we have a consulting agreement with the University of Florida, but to what end? I am not sure what the processes are, and what steps or of the timeline for those steps. I think we need to make this a tighter strategy with stricter timelines.”