"The global settlement should enable Whitemark Homes Inc. to take advantage of the capital markets and obtain the financing necessary to acquire new project, as well as complete our existing one," Whitemark president and CEO Larry White says in a prepared statement.

The settlement terms were outlined in a form filed with the Securities and Exchange Commission on April 25. Whitemark is trading on the over-the-counter bulletin board in the 48-cents-per-share range.

Under part of the settlement terms, Whitemark is relinquishing properties with a book value of over $60 million and transferring $45 million worth of certain operating accounts payable, and short and long-term debt to the Adkinson group. These properties were deals Whitemark and the Adkinson group did since August 2001.