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Date of Issue: March 30, 2005

Southstar withdraws objections to Tidemark

In an apparent out of court settlement, Southstar LLC of Coral Gables withdrew its objections in federal bankruptcy court last week to the Tidemark reorganization plan, paving the way for the embattled Holmes Beach marina/condominium/hotel project to begin construction when it is discharged from bankruptcy.

Tidemark has also asked the court for relief from approximately $600,000 of the $900,000 in unsecured debts it listed when it filed for bankruptcy in January 2004.

The hearing on Tidemark’s request for relief was scheduled for March 22.

The site plan for the 40-unit Tidemark project was approved by the Holmes Beach City Commission in August 2001, but financial difficulties forced the company into bankruptcy. The company was reorganized and refinanced with an estimated $5.6 million from RPG Properties of Connecticut.

Although bankruptcy Judge Alex Paskay has approved the reorganization, Tidemark has not yet been discharged from the court to allow it to begin the project.