Regarding the 2023 Sandbar Lawsuit: The litigation commenced in 2023 concerning the Sandbar food and beverage operation has been fully resolved. All appeals have been exhausted or otherwise concluded. The final judicial determination confirmed that the Silver Shells Property Owners Association, Inc. (“SSPOA”) and Silver Shells Owners Club (“SSOC”) possess the legal authority to operate the Sandbar as a food and beverage facility for the benefit of SSPOA/SSOC owners and guests, consistent with the position asserted by SSPOA/SSOC since the acquisition of the Club in February 2023.
Regarding the 2019 SSPOA vs. New Venture of Destin Lawsuit: The action captioned SSPOA v. New Venture of Destin, et al. (pending in the Circuit Court of Okaloosa County, Florida) remains active. Following a trial held in April 2024, the court entered judgment in favor of SSPOA on its principal claims relating to the designation and use of certain common elements within the Western parcel and the St. Kitts parcel, excepting the St Kitts pad. Additional claims and counterclaims asserted by the parties remain pending and are subject to further proceedings in Okaloosa County Circuit Court. Any final judgments or orders issued in the case are subject to appeal in accordance with Florida law. At present, no specific schedule has been established for the next phase of litigation. Separately, New Venture of Destin continues to hold an active development order issued by the City of Destin pertaining to the St. Kitts parcel