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IN RE SOMBRERO REEF CLUB, INC.

Bankruptcy No. 80-01266-BKC-JAG, Adv. No. 81-0583-BKC-JAG-A.

18 B.R. 612 (1982)

In re SOMBRERO REEF CLUB, INC., d/b/a Latitude 24° Club Resort and d/b/a Latitude 24° Vacation Club, a Florida corporation, Debtor. SOMBRERO REEF CLUB, INC., d/b/a Latitude 24° Club Resort and d/b/a Latitude 24° Vacation Club, a Florida corporation, Plaintiff. v. Leonard ALLMAN, et al., Defendants.

United States Bankruptcy Court, S.D. Florida.

March 24, 1982.

Attorney(s) appearing for the Case

Samuel L. Heller, Law Offices of Samuel L. Heller, P.A., Fort Lauderdale, Fla., for plaintiff.

PARTIAL FINDINGS AND CONCLUSIONS

JOSEPH A. GASSEN, Bankruptcy Judge.

The principal asset of the debtor, Sombrero Reef Club, Inc., is a resort-marina complex in the Florida Keys. Prior to the bankruptcy reorganization, it unsuccessfully attempted to turn the property into a time-share operation, and approximately 200 valid time-share purchase agreements exist as a result of that effort. It now wishes to sell the real property and this adversary proceeding...

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