Showing posts from April 22, 2010

Business briefs for the Charleston Post and Courier

Auction sought for Daufuskie's assets Almost all of the assets of bankrupt Daufuskie Island Resort & Breathe Spa could be sold at auction under a request made Wednesday in Charleston. U.S. Bankruptcy Court Judge John Waites will rule later. A previously announced deal to sell the assets on the remote getaway near Hilton Head Island for $49.5 million is unlikely to occur, attorneys said. The auction idea was opposed by a private club on Daufuskie that claims purchase rights to some of the assets, including the Melrose Inn.

Sale of Daufuskie Island Resort still languishing; an auction may be next

Sale of Daufuskie Island Resort still languishing; an auction may be next By JOSH McCANN 843-706-8145 Published Wednesday, April 21, 2010 | The planned sale of the bankrupt Daufuskie Island Resort & Breathe Spa, which was expected to close in January, has not been consummated, leaving uncertain the fate of much of the sparsely developed island. Although there is a "very real possibility" Montauk Resorts will obtain financing for the $49.5 million deal, other alternatives are being considered, including a $30 million offer from another bidder and a public auction, according to the case's trustee, Robert C. Onorato. In December, a judge approved Montauk's offer, the highest to emerge after Onorato had marketed the property for months. At the time, Judge John E. Waites said he feared that if he did not approve Montauk's offer, the resort might be sold piecemeal, with little benefit to creditors or the community. Montauk,