Monday, March 16, 2009

Legal Update: Harris v. Waterstone and NCC BOD


Readers here might recall that I had some complaints about the rental of condos by Waterstone Resort Realty, LLC and complained to the NCC BOD repeatedly From Sept 07 until June 10, 2008 when I had my attorney file suits against both Waterstone and the NCC Association.

The matter was ordered to Arbitration by Judge Costello over 2 months ago. So far both the NCC BOD and Waterstone (now known as NCPCB Investments, LLC) have been totally uncooperative in setting a date for this to proceed.

I do understand why Waterstone/NCPCB Investments seek a delay, in my opinion, they are as close to going out of business as to make no real difference. They are behind on their assessments, haven't paid their mortgage to Compass Bank since July 08 and are now in forclosure on 710, 712, 714 and 716, so the delay is an obvious attempt to avoid having to answer for their screw up in renting illegally.

The motives of the Association BOD is less clear. I would write this off to simple indifference on their part as 2 of the 3 BOD members are developers of the complex and really could not care less what happens here.

The problem is that this matter will eventually be heard and decided with the loser paying ALL costs and attorney fees for both sides. Since I am not dumb enough to start a civil action that wasn't a sure winner I'm afraid that, with Waterstone pretty much down the tubes, the NCC owners will be on the hook for the costs and attorney fees of about $25,000. This will probably mandate a special assessment as there is no provision in the 2009 budget for this.


The matter never needed to go to court in the first place, but the BOD and Seagrove Management Company repeatedly ignored the complaints about the condo misuse. In fact the BOD and current management company (Concord) are still ignoring another similar matter with the misuse of 706.

Details can be found at:
http://tinyurl.com/c6fvlt
http://nautiluscovesuit2008.blogspot.com/
http://waterstoneresortsllc.blogspot.com/

Monday, March 2, 2009

Waterstone Resort Realty is now NCPCB Investments


I assume that Edwards, O'Neal and Gilliland decided on the name change in order to lose some of the very negative history that Waterstone Resort Realty, LLC had accumulated over the last few years.

It might seem odd that a company with probably 'terminal' financial problems would take the time and effort to change their name.
Keep in mind that there are/were 7 LLC's that had 'Waterstone' in their title. 2 of them have serious problems (5 & 6 below). By renaming the one that will almost surely be bankrupt shortly they have moved the goalposts so to speak.
Now customers who look up the generic title of "Waterstone" will not find that a Waterstone company has crashed. Also I note that on Feb 10th, Ben Edwards removed his name as a manager of this doomed LLC.

The below are other LLC's that have mostly the same people involved in the various "Waterstone" companies.

1) WATERSTONE REAL ESTATE, L.L.C.
2) WATERSTONE REAL ESTATE OF NWFL, L.L.C.
3) WATERSTONE RESIDENTIAL LEASING, L.L.C.
4) WATERSTONE RESORT GROUP, L.L.C.
5) WATERSTONE RESORT REALTY, L.L.C.
(Name changed to: NCPCB INVESTMENTS, LLC)
6) WATERSTONE RESORTS, L.L.C.
7) WATERSTONE ASSOCIATION MANAGEMENT, L.L.C.
8) OLD GROVE HOLDINGS, L.L.C.
9) CMAFT, LLC

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Use these direct links to other blogs for additional information on both Waterstone and Nautilus Cove Condominium in Panama City Beach, Florida:

http://nautiluscondosrules.blogspot.com/
http://nautiluscovesuit2008.blogspot.com/
http://waterstoneresortsllc.blogspot.com/

Update FYI

1) Waterstone Resort Realty, LLC filed on 2/16/09 with an 'amendment' to their Articles of Organization to change the name of their LLC to: NCPCB Investments, LLC this is found at http://www.sunbiz.org/pdf/43445662.pdf

2) The 4 condos that 'were' owned by Waterstone at Nautilus Cove Condo are in foreclosure. In regard to 712, the last payment to Compass Bank was made in July 2008. They are also behind in their quarterly assessments at the condo complex.

WATERSTONE RESORT REALTY LLC - (Primary) 09000944CA Civil http://records.baycoclerk.com/ovationweb/courtcase.aspx?casetype=Civil&case=09000944CA

Condo #710 WATERSTONE RESORT REALTY LLC - (Primary) 09000851CA Civil

http://records.baycoclerk.com/ovationweb/courtcase.aspx?casetype=Civil&case=09000851CA

Condo #712 WATERSTONE RESORT REALTY LLC - (Primary) 09000943CA Civil
http://records.baycoclerk.com/ovationweb/courtcase.aspx?casetype=Civil&case=09000943CA

WATERSTONE RESORT REALTY LLC - (Primary) 09000952CA Civil http://records.baycoclerk.com/ovationweb/courtcase.aspx?casetype=Civil&case=09000952CA

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Alan O'Neal, mentioned below, is involved with this Copa Cabana screwup and is a major player with the various Waterstone flagged LLC's.

http://www.newsherald.com/news/repossesses_72149___article.html/bank_cabana.html


Bank repossesses Copa Cabana

February 26, 2009 12:01:00 AM
By WILL HOBSON / News Herald Writer
PANAMA CITY — The former Copa Cabana Extended Stay Hotel on Beck Avenue, closed since 2006, apparently will not re-open anytime soon.

Prosperity Bank completed foreclosure on the property Wednesday. Details on what happened to scuttle re-design plans were not forthcoming Wednesday.

CCH Ventures, LLC bought the Copa Cabana from Western Hostel, LLC for $2.15 million in March 2006, according to Bay County property records, and took out a $1.6-million mortgage from Prosperity.

The Copa Cabana, built in 1960, closed later that summer, and has been dormant since. According to foreclosure court filings, CCH Ventures owes Prosperity Bank $1,642,785. The Bay County Property Appraiser's Web site lists the Cabana's 2008 market value as $1,366,752.

Prosperity began foreclosure proceedings in Bay County last May. The court ruled in favor of Prosperity on Jan. 8. No one placed a bid on the property at an open auction held Feb. 8, and Prosperity officially took the deed on Wednesday.

None of the defendants listed on foreclosure court filings - CCH, Alan M. O'Neal and AOCO Investments, LLC - could be reached Wednesday. Limited Liability Company documents filed with the state show CCH and AOCO as both being based in Destin.

Nancy Wengel, executive director of the St. Andrews Waterfront Project, said Wednesday that a representative of the Cabana's new owners showed up to meetings in 2007 and began talks about re-design plans for the hotel.

"Then obviously whatever problems happened set in, and those plans went up by the wayside," said Wengel.