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                                                                                                                                            August 11, 2010

The Inside Scoop on the People & Places that Shape Atlanta Real Estate
Sea Island Suitors
Sea Island Cloister Home View
A view of Sea Island's The Cloister Ocean Residences.
 
Sea Island Co. Chairman and CEO Bill Jones has called a meeting for 11 a.m. today to discuss the exclusive Sea Island Lodge and Cloister's pending sale to a partnership of New York-based Avenue Capital and Los Angeles-based Oak Tree Capital. According to The Wall Street Journal, Avenue and Oak Tree are acquiring the Lodge and Cloister assets for $197 million. In turn, The Sea Island Co. is filing for bankruptcy, which will wipe out $340 million in debt to creditors including Synovus, Bank of America and Lloyds Banking Group, the WSJ reported. 
 
Jones,  whose family has been involved in the island's development since the 1920's, confirmed the sale in an email to Sea Island Club members Tuesday night.
 
According to a number of sources, the Avenue/Oak Tree partnership intends to keep present management in place and retain the storied property's exclusivity and opulent charm. Avenue Capital founder Marc Lasry, considered a pioneer in distressed-securities investment, owns a condominium at Sea Island's The Cloister Ocean Residences, while Oak Tree President Bruce Karsh reportedly owns a Sea Island residence as well.
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