Showing posts from December 31, 2009

Happy New Year to Everyone on Daufuskie Island

Bankruptcy judge approves sale of Daufuskie Island resort By JOSH McCANN A bankruptcy court judge approved the sale of substantially all assets of the bankrupt Daufuskie Island Resort & Breathe Spa to a North Carolina company for $49.5 million at a hearing Wednesday in Beaufort. Montauk Resorts' offer was the highest to emerge after a trustee in charge of the estate marketed the property for months. Judge John E. Waites said he feared that if he did not approve Montauk's offer, the resort might be broken up and sold piecemeal, resulting in little benefit to creditors or the community of the sparsely developed, 5,000-acre island that is accessible only by boat. "Frankly, this is what the case is about: Finding some value," Waites said. "This sale had to be seriously considered and will be approved today." The resort includes an inn, two golf courses, tennis courts, several restaurants, an equestrian center and entitlemen