Harbour Lights has received an unconfirmed report about yesterday's Land Resource's bankruptcy hearing in Orlando.

It appears 6 Land Resource properties are to be sold to buyers pursuant to a bidding process set up in the Ch. 11 Reorganization case. Closing on those purchases is scheduled for Feb. 6.

Cumberland Harbour and Grey Rock at Lake Lure were the 2 LR properties not sold yesterday.

Three properties, Bridge Pointe at Jekyll Sound (Waverly, GA, Camden County), Villages at Norris Lake (La Follette, TN), and Wild Ridges at Morgan Creek (Marion, NC), have apparently been purchased by a single company, the "Emerson Group."

The possible sale of Grey Rock in parcels to creditors and owners is still being worked out.

Harbour Lights has learned interest in Land Resource's unsold Cumberland Harbour lots & marina was high; however, none of the bids submitted by prospective purchasers rose to the minimum level set by the creditor banks. As such, Cumberland Harbour was not sold but is being retained by the banks for the time being, which felt more money could be obtained if they had more time.

It's also reported that currently, the unsold LR lots, marina permit, and land set aside for the marina & yacht club, are being shopped together as a single piece. That could change, however, if selling them separately would bring more money.

Harbour Lights will have further news of the bankruptcy proceeding as it becomes available.