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.

Marina Update Land Resources released the following on May 20, 2008:

Yesterday's hearing has Cumberland Harbour at the forefront of a case that could determine future regulation for all coastal development in Georgia. We expect a verdict this fall, and the court is required to render a decision by January 2, 2009."

We are pleased with how the Supreme Court hearing went yesterday," said Wesley Rose, Land Resource regional vice president. "The questions our attorneys received from the justices pertain to the rule and spirit of the law. The justices line of questioning reiterated that this case will stand on interpretation of the CMPA and not on the negative rhetoric we have heard from the opposing counsel."

Excerpts from statewide media coverage of yesterday's hearings; a summary of expert opinions: Did lawmakers want the law to apply if "I took my little kayak and disturb a blade of grass? I don't think so. There's a limitation, not a broad license or a requirement that the agency regulates an entire residential development." - Patricia Barmeyer, Land Resource attorney.

"We wouldn't have wanted to buy into a place that was going to let development destroy the natural beauty." - Michael Landrum of Alpharetta, an early Cumberland Harbour buyer in 2002.

It's in the developer's interest to protect the marsh. "That's what we're selling access to… vast marshes overlooking Cumberland Island." - Will Hurst, spokesman for Land Resource.

Lawyers for the state panel said the Coastal Marshland Protection Committee only has the authority to consider only those upland portions of the project that are directly connected to the docks and marinas. Jim Coots, assistant attorney general, also argued that there are other state laws that could take care of some of the concerns environmentalists have with the Cumberland Harbour project. "It is also important to bear in mind that this act is not a panacea for all concerns about how to protect the marsh," he said.