Published:
Ceebraid Acquisition Corporation Announces Court Ordered Dismissal of Bankruptcy
Ceebraid Acquisition Corporation
announced that the United States Bankruptcy Court for the Southern District
of Florida, West Palm Beach Division, entered an Order Dismissing the Case.
On February 10, 2006, Ceebraid Acquisition Corporation filed Chapter 11
Bankruptcy Protection to preserve its rights in a purchase agreement for
the landmark Holiday Isle Resort in Islamorada, FL. In accordance with the
terms of the filing, Ceebraid Acquisition Corporation met its obligations,
allowing CSC Holiday Land Limited Partnership to close the Holiday Isle
purchase a week prior to an April 28, 2006 deadline. Due to Ceebraid
Acquisition Corporation's remaining assets and access to capital, on June
9, 2006, the Court granted the Corporation's motion to dismiss the case and
entered the order Wednesday, June 14, 2006.
"We are pleased to have this litigation behind us and commend our team who
completed the proceedings in less than 60 days," states Adam Schlesinger,
an officer of Ceebraid Acquisition Corporation and president of Ceebraid
Signal Corporation. Schlesinger continues, "We appreciate the on-going
support of investment partners, the lending and financial communities and
are excited to proceed with plans to revitalize a much loved Florida Keys
institution."
Ceebraid Acquisition Corporation is an affiliate of Ceebraid Signal
Corporation, a leading real estate development and management company with
offices in West Palm Beach, FL, Stamford, CT and Freeport, NY.
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