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Date of Issue: March 17, 2005

Brasota wants Tidemark now

Brasota Mortgage Corporation has objected to the federal bankruptcy court request by Tidemark Developers LLC of Holmes Beach that it be given an additional 45 days to file a bankruptcy reorganization plan. Tidemark wants an extension until July 15, and if necessary, Sept. 15 to file the plan.

But that's too long for Brasota to wait, according to Brasota attorney Peter Mackey. Brasota, which is owed $4.3 million from Tidemark, has filed its own motion asking the court for permission to proceed with a foreclosure action in circuit court.

Mackey said the proposed Tidemark refinancing plan is just "pie in the sky," and Brasota "can't wait" another three or four months for its money.

"We want to move forward on the foreclosure so Brasota can sell the property and get its money," he said.

The bankruptcy court will now schedule a hearing on Brasota's countermotion to the Tidemark request for an extension.

The court on May 18 already gave Tidemark an additional 45 days to amend its financial disclosure statement - a separate motion from the reorganization plan - and won't hold a hearing on that issue until on or after July 15, court documents said.

In its application for the deadline extension of the reorganization plan, Tidemark said it would be "cost effective and in the best interest of all parties" for an extension. That would allow Southstar Development Partners Inc. of Coral Gables and Tidemark to "establish an agreement" to provide exit financing and funding to complete construction of the Tidemark hotel/marina/condominium.

According to court documents, Southstar was given court approval April 26 to provide Tidemark with $170,000 of short-term financing to allow the company to continue with daily operations while it reorganized.

Mackey discounted the lastest financial reorganization plan, claiming Tidemark has already rejected a refinancing offer by Brasota that would have allowed the company to come out of bankruptcy court.

The proposed 40-unit Tidemark hotel/condominium/marina, just north of the Wachovia Bank in Holmes Beach, was approved by the city commission in August 2001. Tidemark filed for bankrupcty protection in January 2004.