Tousa Gets Green Light To Sell Fla. Land For $61M

Law360, New York (December 22, 2009, 2:54 PM EST) -- Bankrupt homebuilder Tousa Inc. has received court approval to go ahead with an auction for thousands of its plots of land in Florida, following a $61 million stalking horse bid from investment firm Starwood Land Ventures LLC.

Judge John K. Olson of the U.S. Bankruptcy Court for the Southern District of Florida signed off Monday on Tousa’s proposed bidding procedures, break-up fee provision and other details of the deal.

“The bidding procedures,” Judge Olson said, “are fair, reasonable and appropriate and are designed to maximize the...
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