Why aren’t all the Levitt communities being managed by the Chief Administrator?
The Claims Administrator’s role is defined in the Asset Management Agreement between specific Levitt entities [Levitt and Sons of Cherokee County, LLC, Levitt and Sons of Hall County, LLC, Levitt and Sons of Paulding County, LLC, Levitt and Sons of Horry County, LLC, Levitt and Sons of Manatee County, LLC and Levitt and Sons at World Golf Village, LLC (collectively, the “Owners”) and Soneet R. Kapila (“Chief Administrator”) effective January 11, 2008. The Chief Administrator acts as an agent of the Owners to manage and supervise all administrative functions related to the Wachovia projects. Since the Owners filed bankruptcy under Chapter 11, the Owners continued in possession of their assets and in the operation and management of their businesses. The Owners negotiated an agreement with Wachovia Bank to provide a revolving line of credit to, among other things, facilitate the completion and sale of homes in the Wachovia projects (listed below.) Homes in other projects, excluding Wachov
