Sea Island Co. draws second potential buyer
BRUNSWICK, Ga. --- Two bidders will compete to become the new owners of Sea Island Co. when the Georgia luxury resort operator is sold at auction next week, two months after it filed for bankruptcy protection.
Starwood Capital Group made a formal offer to the company and its creditors Monday, the deadline for potential buyers to give notice.
The offer means Starwood has pledged to buy Sea Island's resorts, golf courses and private clubs for more than $197.5 million, the sale price the Georgia company negotiated with a partnership of two equity firms -- Oaktree Capital Management of Los Angeles and Avenue Capital Group of New York -- before it filed for Chapter 11 protection in August.
The auction is scheduled next Monday at the Atlanta law office of King & Spalding.
Though Sea Island had a prearranged sale agreement with Oaktree Capital Management and Avenue Capital Group, federal bankruptcy law requires an auction if competing bidders emerge.
College students will look into '46 lynching
MONROE, GA. --- Students from Kennesaw State University and Bauder College will excavate the rural Walton County site where two black couples were lynched in 1946.
The team will join firearms experts Saturday to conduct the first metal survey of the area near Moore's Ford Bridge in Monroe. It was there an angry white mob tied Roger and Dorothy Malcom and George and Mae Murray Dorsey to trees, fired three volleys of bullets at them and left their bodies in the dirt. Dorothy Malcom was seven months pregnant.
The case remains unsolved and was untouched for years until being reopened by Gov. Roy Barnes about a decade ago. The Justice Department followed suit in 2007.