On January 11, 2008 the Federal Bankruptcy Court approved motions that do many things relating to the Levitt & Sons cases.  Among the more pertinent are the following significant events:

• Retention of Soneet R. Kapila as Chief Administrator (“CA”) for the Levitt Owners developments [see Communities].  The CA will manage these projects, including overseeing construction (such as completing homes under construction), in order to preserve and enhance the value of these projects.

• Approval of a Debtor-in-Possession (“DIP”) loan from Wachovia Bank (the Lender) which will be administered by the CA.

• The Court’s orders effectively allow Wachovia to propose asset sales and the Levitt Owners [through the CA] to conclude asset sales for each of these projects through the usual Bankruptcy Code Section 363 process.

Interim Order Approving Retention of Soneet R. Kapila

Final Order (I) Authorizing PostPetition Financing, Granting Security Interests and According Superpriority Administrative Claim Status, (Ii) Modifying Stay, (III) Providing Adequate Protection and (IV) Approving Procedures