Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events

Subsequent Events

15. Subsequent Events

In October 2013, the Company entered into several agreements with various parties including the lenders and new owners of the Kapalua Bay project. Under terms of the agreements, the Company would fund $2.4 million toward deferred maintenance at the project, convey land parcels underlying and adjacent to the project, and provide other consideration in exchange for full releases from the Company’s limited guarantees with respect to the completion of the project and its commitment to purchase the Amenities. The consummation of the agreements is contingent upon several factors, including the receipt of release agreements from a minimum of 70 of the non-developer fractional interest owners of the project within 90 days of the execution of the agreements.