Thursday, January 28, 2010

Sea Island gets some breathing space from major creditor.

http://jacksonville.com/news/georgia/2010-01-28/story/sea_island_working_to_fix_its_finances
Posted by Jay Moreno at 7:36 AM

3 comments:

Anonymous said...

http://atlanta.bizjournals.com/atlanta/stories/2010/01/25/daily47.html

"In November, Wells Fargo & Co. took over the deeds to its 3,000-acre Frederica golf course community on the Georgia coast and to an undeveloped 400-acre parcel on St. Simons Island. And in October, Sea Island announced it was selling nearly 18,000 acres, including land near its Cabin Bluff resort that had been slated for a massive residential and mixed-use development."

If Sea Island is selling that land, I can't imagine them deciding to "donate" a chunk of it to St. Marys. Hmmmm...

On another, but related, note "Bankers who did not want to speak on the record about potential deals said some banks might be interested in Synovus because of its presence in markets -- such as Florida -- that are considered desirable over the long term as Americans retire and move to warmer climates. Toronto Dominion Bank (TD.TO), which wants to grow in the U.S. Southeast, and Royal Bank of Canada (RY.TO) could be potential suitors, the senior banking executive said." http://www.reuters.com/article/idUSN1316791520100113

Be afraid, Moreno, be very afraid. The evil Canadians are coming!

January 28, 2010 at 7:05 PM
Jay Moreno said...

Not terribly imaginative, are you?

I welcome an infusion of Canadian capital into Camden County.

January 29, 2010 at 8:07 AM
Anonymous said...

It is not breathing space. It is the last dying breath. They have spent themselves out of business. If you read the article and reports carefully you will find they are looking for options while trying to sell off assets. This is not the market for that type of high end resort. Leave it to St. Marys to want to be in bed with almost bankrupt company. Another Cumberland Harbor deal, of a sort. They seem to find the biggest losing projects possible and go with them.

January 29, 2010 at 2:06 PM

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