Levitt and Sons debtors seek OK of $1.86 million development project asset sale

By Caroline Salls

Pittsburgh, July 17 - A group of Levitt and Sons, LLC's debtors requested court approval of the proposed $1.86 million sale of some of their development project assets to Easlan Capital of Atlanta, Inc., according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

The sale is subject to receipt of higher offers.

If Easlan is not the high bidder, the Levitt "Wachovia" debtors have agreed to pay it an $80,000 break-up fee.

Initial overbids must be for at least $100,000 more than the proposed purchase price.

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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