Shores Of Panama Auction Results

Posted by: chris on Mar 08, 2009 Print 

Shores of Panama Auction ResultsSilverton Bank was the only bidder that showed up to the Shores of Panama Auction on March 5th.  Silverton submitted the highest and best offer for the property in the total amount of $68.7 million.  The following day the Bankruptcy Court for the Northern District of Florida approved the sale.  Now Silverton Bank holds ownership to the outstanding units in Shores of Panama phase II free and clear of all liens, claims, interests and encumbrances.  They are one step closer to moving Shores of Panama phase II forward and out of Bankruptcy. 
Many banks are not offering financing for Shores of Panama phase I or II because of the bankruptcy.  This could effect the individual owners of phase I who are currently trying to sell there condominiums.  This should change once phase II emerges from bankruptcy.
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Chris Arnold said:

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 Shores of Panama Phase II closed
Shores of Panama Phase II’s units closed on March 26, 2009.
March 30, 2009

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