Court Releases Assets of Land Developer

MELBOURNE-The Supreme Court of Victoria here has lifted restrictions on hundreds of acres on Australia’s eastern seaboard owned by Global Realty Development Corp. of Coral Springs, FL. The restrictions were placed on the company’s assets about 18 months ago as a result of actions that were brought against a shareholder of the company.

Global Realty chief executive Robert Kohn tells GlobeSt.com that the ruling resulted in the immediate return of all of the company’s cash funds, real estate assets and the operations of the company’s Australian subsidiaries. The ruling did not require the company to make any payments, he says.

“We’ve been very limited with what we could do,” he says. “This takes the albatross off; now we can go forward and finalize sales, the income from which we can use to finance ongoing operations.”