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Whitemark Settles Suit With Adkinsons

ORLANDO-Terms of the settlement include that the 20-year-old homebuilder relinquish properties with a book value of over $60 million and transfer $45 million worth of certain operating accounts payable and debt to the former joint venture partner.

By Alex Finkelstein | Updated on May 01, 2003

ORLANDO-Whitemark Homes Inc., a 20-year-old locally based builder of vacant resort properties and single-family homes, has settled a lawsuit with Michael Adkinson, a former employee and large company shareholder; Wayne Adkinson; Chad Adkinson, Jan Adkinson; and Henry Devarona. The group previously partnered with Whitemark in real estate development deals in North Florida.

“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.

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