Vision Development Group

In re: Vision Development Group, U.S. Bankruptcy Court, Southern District of Florida, Fort Lauderdale Division.

Appointment as Examiner by the Bankruptcy Court, to conduct analysis of the Isles at Lago Mar condominium conversion project.  Duties included the investigation of numerous post-petition condominium unit closings and pending condominium unit sales.  The Court required an examination to assess and identify any irregularities of transactional costs related to the payment of broker commissions, broker bonuses, broker credits, marketing fees and development fees.  The Court required a recommendation as to whether or not the activities being investigated required the appointment of a bankruptcy trustee.  A full report was prepared and submitted to the Court, so that it was fully advised of all sales fee transactions, including analysis, demonstration of factual and analytical data, and a recommendation that a bankruptcy trustee was not warranted.  Subsequently, federal authorities took notice of the conclusions and supporting data and have included the observations as a portion of an ongoing investigation.