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Date of Issue: March 17, 2005

Tidemark gets bankruptcy reorganization extension

The federal bankruptcy court in Tampa on May 28 gave developers of the Tidemark hotel/condominium/marina project in Holmes Beach until July 15 to come up with a reorganization plan. And if necessary, said the court, Tidemark could have up until Sept. 15 to file the plan.

Approval came despite an objection from Brasota Mortgage Co. of Bradenton, which is owed $4.3 million by Tidemark.

The court has already given 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.

The proposed 40-unit Tidemark project, just north of the Wachovia Bank in Holmes Beach, was approved by the city commission in August 2001.

Tidemark filed for bankruptcy protection in January 2004, citing debts of approximately $5 million.