Levitt and Sons debtors request approval of bid procedures for $18 million planned community sale

By Jennifer Lanning Drey

Portland, Ore., Nov. 17 - Levitt and Sons LLC's Wachovia debtors requested court approval of the bidding procedures related to the proposed $18 million sale of property and assets owned by debtor Levitt-Cherokee, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

Specifically, the Wachovia debtors are looking to sell Levitt-Cherokee's Seasons at Laurel Canyon planned community in Cherokee County, Ga.

SECL-LC/LL/PC LLC is the stalking horse bidder.

At auction, initial overbids must be at least $900,000 more than the SEC bid.

If SEC is not the high bidder, the Wachovia debtors will pay a $550,000 break-up fee.

The company has requested that sale hearing be held by Dec. 19.

Levitt and Sons, a Fort Lauderdale, Fla.-based homebuilding subsidiary of Levitt Corp., filed for bankruptcy on Nov. 9, 2007. Its Chapter 11 case number is 07-19845.

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