I was just wondering the same thing.
This 8-K SEC form explains some of the late payments and I think in the original agreement that he forfeits the original $40,000,000 installment if he can't consummate the deal by April 2008. There's also something in the third amendment about the price going up from $450,000,000 to $475,000,000 if he doesn't pay $250,000 on May 1 (yesterday) and the late fees are nonrefundable and don't apply to the sale price.
So how much is Milam worth, anyway?
Somebody on the twowayhardthree.com blog suggested that there might be some sort of real estate price pumping scheme going on between Milam and Lowden in the hope of selling it to somebody else. The county had put a time limit on Lowden to figure out what to do with the land and get rid of the eye sore dilapidated water park, and Milan conveniently showed up all of a sudden. I do know that Lowden is not the most liked person in town and is very shrewd. There was a nasty boycott at the Santa Fe when he owned that.
In doing some quick googling for this post I just noticed that in
this second amendment that it also explains a temporary lease of the land to a third party (Fontainbleau) that can be terminated 60 days after LVT1 takes title to the land.