Thank you for visiting The Islander Newspaper Online.

We are currently updating our website to provide you better service and function.
If you would like to access the new site, please, click here: The Islander Newspaper

Sorry for any inconvenience. Our new site and service will resume shortly.

Web Master

The Award Winning & Best News on Anna Maria Island, FL Since 1992

"The Award Winning & Best News on Anna Maria Island, FL Since 1992"

Sunday, Apr, 20, 2014
Florida Press Assn. Award-Winning Web Site
Home Latest News Weather Sports Real Estate Classifieds Island Guide Islander Store

 SECTIONS

 • 

Main News

 • 

Classifieds

 • 

Opinions

 • 

Streetlife

 • 

Calendar

 • 

Fishing

 • 

Sports

 • 

Real Estate

 • 

Obituaries

 • 

Weather

 Features

 • 

Cortez Cook Off: The Results

 • 

Anna Maria Island Bridge FDOT replacement bridge

 • 

National Hurricane Center (Atlantic)

 • 

Advanced Search

 • 

I love AMI

 • 

Mystery Story

 • 

Fishing Laws

 Classifieds

 • 

Classifieds Page

 • 

Place An AD

 • 

Items for Sale

 • 

Garage Sale

 • 

Estate Sale

 • 

Announcments

 • 

Lost & Found

 • 

Pets

 • 

Transportation

 • 

Boats & Boating

 • 

Fishing

 • 

Kids 4 Hire

 • 

Help Wanted

 • 

Health Care

 • 

Services

 • 

Lawn & Garden

 • 

Landscaping

 • 

Home Improvement

 • 

Business Opportunities

 • 

Rentals

 • 

Real Estate

 Weather

 • 

Today's Forecast

 • 

10 Day Forecast

 • 

Today's Tides

 • 

Emergency e-mail

 • 

Storm Watch

 Archive

 • 

News Archive

 • 

2009 Top Notch Gallery

 • 

2008 Top Notch Gallery

 • 

2007 Top Notch Gallery

 • 

2006 Top Notch Gallery

 • 

2005 Top Notch Gallery

 • 

2004 Top Notch Gallery

 Useful Links

 • 

Island Links

 • 

i.wed

 • 

Islander Store

 • 

About this Site

 Contact Us

 • 

Islander Store

 • 

Subscribe

 • 

About Us

 • 

e-mail us

Story Tools

Date of Issue: March 17, 2005

Trustee asks court to toss Tidemark bankruptcy plan

U.S. Bankruptcy Trustee Felicia Turner, overseeing the Tidemark bankruptcy petition, has filed a motion with the bankruptcy court in Tampa asking that Tidemark's bankruptcy be either dismissed or converted to a Chapter 7 (involuntary) bankruptcy.

Turner claimed Tidemark and managing partner Nick Easterling have failed to provide her with tax returns, proof of insurance, copies of monthly operating reports and proof of DIP bank accounts as required by the court order authorizing Tidemark to continue to operate as a business.

Tidemark's "lack of compliance with the orders of the court" prevent her from properly administering the case, Turner said, and it's time to throw the case out.

The hearing on Tidemark's proposed reorganization plan with RPG was scheduled for Wednesday, Sept. 8.

But Tidemark's latest troubles don't end with Turner's motion.

Like a jilted suitor asked to "speak now or forever hold your peace" at the marriage ceremony, Southstar Development of Coral Gables has filed a motion against the proposed reorganization plan of the bankrupt Tidemark project in Holmes Beach. The new plan filed by Tidemark two weeks ago would allow Tidemark to join forces with Reliance Property Group of Conn. and not Southstar as previously announced in July.

Southstar claims it had a "no shop" agreement with Tidemark and Easterling, giving Southstar exclusive rights to the property. Easterling had no business dumping the Southstar plan in favor of one offered by the Reliance Property Group of Conn.

In addition, Southstar claims Tidemark owes it $215,103 in "administrative expense" in preserving Tidemark after it agreed to join forces with Easterling in July to save the troubled project.

Southstar also "funded the debtor's operations" with debtor-in-possession financing "in anticipation of acquiring the debtor's assets," court documents said. Southstar also claimed Tidemark has defaulted under the DIP agreement, and failed to provide it with a number of documents, including monthly operating reports on how the DIP finance loan of $140,000 was spent, as required by the U.S. Bankruptcy Code.

Southstar asked the court to deny approval of Tidemark's disclosure statement and order Tidemark to pay the administrative claim of $215,103.

Easterling said he could not comment on the pending motions, but said he was confident that the court would approve the new plan involving RPG. "Everybody would get paid," under that plan, said Easterling.

RPG owner Ken Dardis has pledged up to $5.6 million in financing to get the company out of federal bankruptcy court and operating as a solvent business.

If the court allows the plan, Tidemark creditors would have to vote to approve the reorganization.

The planned 40-unit Tidemark hotel/condominium and marina just north of the Wachovia Bank building was approved by the Holmes Beach City Commission in August 2001.

Have your say:

No comments for this page. Feel free to be the first

Username:

Contact:

(email or url)

Subject:

Your View:

Please enter the security code below:

security  

Get breaking news

Follow the Islander on TwitterBecome a fan of The Islander on Facebook

Sign up to receive breaking news alerts via e-mail. We'll send you a notice when the news and classifieds appear online every week, before the print edition hits the streets.

Click here for Gulf oil spill updates related to Anna Maria Island.

Historic Anna Maria City Pier Plank Walk

Put your name, your message, your memorial on the Historic Anna Maria City Pier prior to the Pier Centennial Celebration! And join the fun!

CLICK HERE for Stoltzfus e-mails and related court documents.


FREE Island
Vacation Guide:
get it here

Cortez Cookoff

Click here for 2010 Cortez Cookoff Winner and recipes

To advertise here, please
visit our rates page
or contact us at:
sales@islander.org
Phone: (941) 778-7978
Fax: (941) 778-9392

Back to top of Page

Home | Weather | Real Estate | Classifieds | Archives | Contact | Island Links
Islander Store | Subscribe About this site | Classifieds Page | Place an Ad
For Sale | Garage Sales | Announcements | Lost & Found | Pets | Transportation
Boats & Boating | Fishing | Kids for Hire | Help Wanted | Health Care | Services
Lawn & Garden | Landscaping | Home Improvement | Business Opportunities | Rentals | Real Estate

Our Privacy and Copyright Statements © 1992 - 2009, The Islander