Woodbridge Holdings Corporation Reaches Settlement Relating to Levitt and Sons' Bankruptcy
30 Juni 2008 - 2:35PM
Marketwired
FORT LAUDERDALE, FL ("Woodbridge") announced today that it has
reached an agreement with Levitt and Sons, LLC, and each of its
affiliates which filed voluntary petitions under Chapter 11 of the
U.S. Bankruptcy Code (the "Debtors") and the Joint Committee of
Unsecured Creditors appointed in the Chapter 11 cases. As
previously disclosed, the Debtors had asserted claims against
Woodbridge, including an entitlement to a portion of the federal
income tax refund which Woodbridge will receive as a result of
Levitt and Sons' losses in prior periods.
Pursuant to the Settlement Agreement, Woodbridge has agreed to
pay to the Debtors' bankruptcy estates the sum of $12.5 million
dollars plus accrued interest through the date of payment.
Woodbridge has agreed to waive and release substantially all of the
claims it has against the Debtors, including its administrative
expense claims through July 2008. The Debtors (joined by the Joint
Committee) have agreed to waive and release any claims they may
have against Woodbridge and its affiliates.
The Settlement Agreement is subject to a number of conditions,
including the approval of the Bankruptcy Court.
About Woodbridge Holdings Corporation: Woodbridge Holdings
Corporation, directly and through its wholly owned subsidiaries,
seeks to invest opportunistically within and outside the real
estate industry.
Core Communities, a wholly owned subsidiary, develops
master-planned total-living community environments throughout the
Southeastern United States, including its original and best known,
St. Lucie West. The company's 8,200-acre Tradition(TM) Florida
community is home to more than 1,700 families, vibrant commercial
areas and a 4.5-mile-long employment corridor. The community is
also home to the Florida Center for Innovation at Tradition (FCI)
Research Park, in which The Torrey Pines Institute for Molecular
Studies, Mann Research Center, Martin Memorial Health Systems and
Oregon Health & Science University's Vaccine and Gene Therapy
Institute have all announced plans to locate. Core is also
expanding its Tradition(TM) brand with Tradition(TM) Hilton Head,
an approximate 5,400-acre community planned to include 9,500
residences and 1.5 million square feet of commercial space, which
features a variety of neighborhoods and housing styles, shopping
and dining in Village Square, a Fitness Center & Spa and the
Tommy Fazio-designed Tradition National Golf Course.
Woodbridge Capital Corporation, a wholly owned subsidiary, is
the general partner of Woodbridge Equity Fund LLLP which holds
investments in equity securities.
Cypress Creek Capital Holdings, LLC: Cypress Creek Capital, a
wholly owned subsidiary, is a real estate investment banking
company. Cypress Creek Capital's acquisition program focuses on
existing commercial income producing properties in Florida's growth
markets. The company targets office, retail and industrial real
estate.
For further information, please visit our websites:
www.WoodbridgeHoldings.com
www.CoreCommunities.com
www.CypressCreekCapital.com
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www.WoodbridgeHoldings.com.
Some of the statements contained herein include forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended that involve substantial risks and
uncertainties. Some of the forward-looking statements can be
identified by the use of words such as "anticipate," "believe,"
"estimate," "may," "intend," "expect," "will," "should," "seek" or
other similar expressions. Forward-looking statements are based
largely on management's expectations and involve inherent risks and
uncertainties, including, without limitation: that the conditions
to consummation of the Settlement Agreement will not be met; that
the Settlement Agreement will not be approved by the Bankruptcy
Court in the timeframe anticipated, or at all; and that, in the
event the Settlement Agreement is approved by the Bankruptcy Court,
the Bankruptcy Court's approval of the Settlement Agreement will be
appealed. Many of these risks and uncertainties are beyond
Woodbridge Holdings Corporation's control, and Woodbridge Holdings
Corporation cautions that the foregoing risks and uncertainties are
not exclusive. In addition to the risks and uncertainties set forth
above, investors should also consider the risks and uncertainties
discussed in Woodbridge Holdings Corporation's filings with the
Securities and Exchange Commission, including, without limitation,
the risks and uncertainties discussed under the heading "Risk
Factors" in such filings.
Woodbridge Holdings Corporation Contact Information: Public
Relations: Steven Lipin or Giovanna Konicke Brunswick Group 140
East 45th Street, 30th Floor New York, NY 10017 Phone: 212-333-3810
Investor Relations: Leo Hinkley SVP, Investor Relations Officer
Phone: (954) 940-4995 Fax: (954) 940-5320 Email: Email Contact
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