Developer Accused Of Filing Ch. 11 To Ditch $45M Judgment

Law360, Miami (April 29, 2013, 10:05 PM EDT) -- BBX Capital Asset Management LLC has accused a Palm Beach real estate developer of hiding $64 million offshore and putting his company into Chapter 11 protection to avoid paying a $45 million judgment the lender won in a state court proceeding.

In a motion filed Apr. 24, BBX asked a Florida bankruptcy court to dismiss the Chapter 11 case of PGA Flyover Corporate Park LLC, arguing the April 17 petition was a bad-faith filing by the company's owner Daniel Catalfumo.

The company's only asset is an...
To view the full article, register now.