Court approves $8.1 million sale to Dezer Development
The court authorized Orlando International Resort Club Condominium Association to sell its property to Dezer Development, LLC for $8.1 million under the approved purchase agreement. The sale order permits the transfer free and clear of liens, claims, encumbrances and timeshare interests; all interval estates, unit weeks and occupancy rights will be extinguished at closing. Any unresolved sale objections were overruled with prejudice.
The order authorizes the transaction but does not establish that closing has occurred. Dezer will not assume executory contracts or debtor liabilities beyond obligations expressly designated in the purchase agreement. Orlando International Resort Club must retain the sale proceeds for distributions under its liquidation plan or a further court order, making consummation of the sale the principal near-term determinant of cash available for creditor recoveries.