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CENTRAL REALTY INVESTORS FILES SUIT AGAINST LAKE NONA CORPORATION AND SUNLEY HOLDINGS PLC

 CENTRAL REALTY INVESTORS FILES SUIT
 AGAINST LAKE NONA CORPORATION AND SUNLEY HOLDINGS PLC
 ORLANDO, Fla., Nov. 25 /PRNewswire/ -- Central Realty Investors, Inc. (NASDAQ: CMRT), has filed suit against Lake Nona Corporation and Sunley Holdings PLC in Orange County Circuit Court. An investor group led by Central alleges that Lake Nona and its principals breached an agreement whereby Central was to acquire the stock and assets (including the Lake Nona golf course) of Lake Nona Corporation for a purchase price of approximately $90 million in cash and securities.
 Lake Nona is a 6,300-acre mixed use development located in southeast Orange County, Fla.
 In the suit, the Central group seeks to have the court require the defendants to perform, and also seeks damages in excess of $50 million.
 The bulk of the damages arise as a result of lost profits which the Central group expected to receive. Studies conducted by Central projected profits in excess of $50 million from the implementation of its business plan for the project during the first five years of operation. Central's share of the profits would have exceeded $10 million.
 -0- 11/25/91
 /CONTACT: John Murphy of Central Realty Investors, Inc., 407-896-9692/
 (CMRT) CO: Central Realty Investors, Inc.; Lake Nona Corporation; Sunley Holdings PLC ST: Florida IN: SU:


MR-SS -- FL011 -- 6805 11/25/91 11:29 EST
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Publication:PR Newswire
Date:Nov 25, 1991
Words:222
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