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Date of Issue: March 17, 2005

Brasota wants Tidemark bankruptcy thrown out

Brasota Mortgage Co. has asked the federal bankruptcy court in Tampa to throw out the bankruptcy petition of Tidemark Partners LLC and allow it to foreclose on the property so it can get back the $4.1 million Tidemark owes Brasota.

The motion was submitted June 17 and a hearing is set for July 6.

"We've asked the judge to take us out of bankruptcy court so we can foreclose on Tidemark and get our money," said Brasota attorney Peter Mackey. "We've had enough waiting. Hopefully, the judge will agree and we can go through the foreclosure process, then sell the property."

Brasota holds the first mortgage on the Tidemark property on Marina Drive in Holmes Beach.

The company has claimed that Tidemark and its managing partner, Nick Easterling, have rejected a Brasota bankruptcy settlement agreement that would finance construction only of the marina portion of the planned 40-unit condominium/marina complex.

According to court documents, Easterling has rejected the proposal, opting instead for a deal with Southstar Development of Coral Gables that would include construction financing for the entire project, including the planned 40 condos. That agreement, however, has not been finalized and presented to the court for approval.

Brasota has objected to the Southstar plan, claiming it would be paid less than the full amount owed if that plan is accepted by the court.

Tidemark has already received court permission to amend its disclosure statement and the court will review that statement on or after July 15.