Longboat Observer 05.02.13

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YOU. YOUR NEIGHBORS. YOUR NEIGHBORHOOD.

PENSION PLAN Town creates new board to oversee employee benefits. PAGE 3A

OUR TOWN

free • THURSDAY, MAY 2, 2013

DIVERSIONS

PASS PARTY

Grilling enthusiasts share their treats, tales and tips. INSIDE

Mote celebrates the sea at its annual fundraiser. PAGE 1B

CHAPTER 11 by Kurt Schultheis | Managing Editor

Klauber files compromise plan The reorganization plan calls for all assets in one party’s hands to restore the resort.

+ Cast your vote The entry period has closed for the Observer’s ‘Memories with Mom’ Mother’s Day contest. But, the voting is open through May 3. So log on to yourobserver.com and cast a vote for your favorite contest entry. The winner of the contest will receive gift cards from our sponsors: Massage Envy, Carats Fine Jewelry & Watches and CasAntica Italian Restaurant. Be sure to grab your May 9 Observer paper to read about the winning Mom, who will be featured.

A Chapter 11 bankruptcy reorganization plan, which three Dr. Murf Klauber-owned entities filed Tuesday, summarizes “a Global Compromise and settlement” among all parties is what will satisfy creditors. The debtors’ reorganization plan, filed in the Tampa-based U.S. Bankruptcy Court’s Middle District of Florida, was submitted by three Klauber-owned entities: Colony Beach & Ten-

nis Club Inc., Colony Beach Inc. and Resorts Management Inc. The three debtors filed for Chapter 11 bankruptcy Jan. 11, after Colony Lender LLC, which owns bank loans totaling more than $13 million on the Klauber entities and is waiting to be paid, filed a foreclosure action. Because the bankruptcy cases were filed prior to Colony Lender’s scheduled trial, the debtor’s assets have been preserved while a

reorganization plan was created. “The debtors intend to enter into a Global Compromise and settlement with the Association, the Partnership Trustee and the Klauber parties to resolve all outstanding litigation issues and disputes with such parties,” the reorganization plan states. “The resolution of such issues is intended to place, directly or indirectly, all strategic assets located at, related to or needed in con-

nection with the successful operation of the resort in the hands of one party so that the resort can be returned to a minimum four-star resort level. Creditors will be paid, satisfied or released consistent with the Global Compromise.” Longtime Colony General Manager Katie Klauber Moulton called the reorganization plan

SEE COLONY / PAGE 2A

Katie Hendrick

+ St. Mary installs its new officers The Women’s Guild of St. Mary, Star of the Sea, Catholic Church installed new officers April 16, at its final monthly meeting of the season. Pictured are: front Vivian Leahy; vice president, and Pat Stusek, treasurer. Back, Michaele McKenna, president; Eileen Hassel, recording secretary; and Mary Ann Fair, corresponding secretary.

Photo courtesy of Premier Sotheby’s Interntional Realty

Above: L’Ambiance Penthouse M has 14-foot ceilings and Crema Europa limestone and wood flooring. Below: The bayfront home at 596 Outrigger Lane went under contract 74 days after it went on the market and closed after 119 days (Photo below courtesy of Michael Saunders & Co.)

BROKEN RECORD

L’Ambiance sale makes Sarasota County history

+ Turtles get early start on season The first loggerhead turtle nest of the season was found today, April 30 — one day before the official start of nesting season — and reported to Mote Marine Laboratory. The nest was laid on the Sarasota County portion of Longboat Key. Beginning May 1, turn off or shield lights visible from the beach; no flash photography; pick up trash; and remove beach furniture and cabanas when you leave the beach. The efforts will help nesting turtles and their hatchlings by creating a clear nesting path and helping them to avoid disorientation.

by Robin Hartill | City Editor

A penthouse in the Islandside community sold for $6.75 million — the highest amount recorded countywide for a condo. L’Ambiance Penthouse M sold last week for $6.75 million — the highest price recorded for a condominium in Sarasota County history. The same day the sale of the L’Ambiance unit was announced, Michael Saunders & Co. announced that a Country Club Shores home sold for $3.8 million — the highest-recorded amount paid in the neighborhood since 2006.

Cheryl Loeffler, of Premier Sotheby’s International Realty, listed and sold Penthouse M, which went under contract just 19 days after it was listed. The names of the buyers were not immediately available through property records. The sellers were Michael and Joanne Masin, who paid $5.95 million for it in March 2005. “They took it down to the studs. They went in and decided to truly optimize it,” said Loeffler, who

said the unit has a new kitchen, lanai, doors, windows, flooring and exterior floors. “It was like a fine masterpiece painting. Of course, location continues to be paramount, but if something is this well done, it’s always going to be in demand.” The 5,170-square-foot unit has four bedrooms, six-and-a-half bathrooms and 2,400 square feet of wraparound terraces. In the Country Club Shores

sale, the home at 596 Outrigger Lane, listed by Maureen Horn, of Michael Saunders & Co., went under contract within 74 days of its listing. Brad Tritschler, of Premier Sotheby’s International Realty, represented the buyer. Property records list the sellers as Gary and Sandy Clayton. The buyers’ names were not immediately available.

SEE SALES / PAGE 2A

INDEX Briefs....................4A Calendar............ 12A

Classifieds ........ 25A Crossword.......... 24A

Neighborhood.... 15A Opinion.................8A

Real Estate........ 22A Weather............. 24A

Vol. 35, No. 39 | Three sections YourObserver.com


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