The Lake Norman Company was formed in March 1977 as an affiliate for Synco, Inc., a real estate syndication, management and development firm in Charlotte, North Carolina. The company's purpose was to acquire, hold, develop, and sell land around Lake Norman, in particular, the area around exit 30 on I-77. Properties developed by the company include Spinnaker Cove and Davidson Landing. In 1984 the company merged with North Mecklenburg Development Company and obtained Viking Construction as a wholly owned subsidiary in 1986. On December 6, 1990 thecompany petitioned for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company had dealings with Davidson College in relation to the college's land holdings around exit 30.