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Old Tuesday, September 12th, 2006, 04:46 PM
LearJet9 LearJet9 is offline
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Default la cabana villas

What is happening there .New owners ?
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Old Tuesday, September 12th, 2006, 08:09 PM
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Arubaman Arubaman is offline
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One Happy Island Re: la cabana villas

I have learned that negotiations continue regarding the sale of La
Cabana Villas and Casino to Fred Gillman; also that there are many
details which our Trustee is working to resolve. Details can make or
break a deal, and consequently, specific news of the sale and
settlement of the bankruptcy must await a confirmation from Mr Van
Giffen.

In addition to issues standard to all real estate transactions, the
Sale of La Cabana has peculiarities.

For example now that a sale is quite possible, the Coop Casa Grande
Beach & Racquet Club put an arrest upon the OHEM/Playa Blanca bank
accounts. The Coop is also contesting the Villas rights to facilities
Located on property owned by the Villas, such as the tennis courts. To
be noted, the Board of the Coop is steered by Bluegreen Timeshare, a
company which in the past had expressed interest in The Villas. These
are just two examples of many such issues and details that Mr Van
Giffen is involved with and must resolve prior to a sale taking place.

So the good news is that the Gillman deal is very much alive, and that
our Trustee is sorting through the details as they arise.
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