At Meland Budwick, P.A., we take an interdisciplinary approach to the law. We pride ourselves on our flexible, creative method of problem solving and on our firm culture that highly prioritizes responsiveness to our clients’ needs.
Creditors’ Rights
When a business or individual owes you money, collecting it can be challenging. We have represented secured and unsecured creditors, banks, lending institutions and related entities, and court-appointed receivers and assignees for the benefit of creditors. We have substantial litigation experience in all types of creditors’ rights, UCC, and banking disputes.
Creditors’ Rights Representative Matters
Representation of bankruptcy trustee for two South Florida-based hedge funds that suffered $651 million in cash-on-cash losses in a $2 billion Ponzi scheme perpetrated by Thomas J. Petters in Minneapolis, the third-largest financial fraud in U.S. history. Prosecuted more than 140 adversary proceedings, including claims for accountant and attorney malpractice and clawback of fraudulent transfers, as well as a conspiracy claim against a global financial institution. Successfully prosecuted tort and novel fraudulent transfer claims against BMO-Harris Bank, N.A. resulting in a $16 million recovery. Representation of client as a member of the Petters Company, Inc., Liquidating Trust Committee, responsible for overseeing and managing hundreds of millions of dollars in litigation claims.
Condominium Developer Workouts – during the downturn of the real estate and condominium market, represented numerous developers in workouts with senior secured and mezzanine lenders, including, Corus Bank, Fremont, Key Bank and Ocean Bank.
New Florida Properties, Inc. (Blue and Green Diamond) – representation of the equity holder and its affiliates in connection with the 630 unit landmark Blue and Green Diamond condominium projects on Miami Beach, Florida. Prosecuted tort claims against the senior secured participating lenders, including, Union Planters and Ocean Bank. MB raised claims against the lenders for equitable subordination and lender liability resulting in the bank group waiving over $6 million in debt and agreeing to permit the equity holder to retain control over the disposition of the units.
Represented largest creditor in Evergreen Securities bankruptcy in Orlando, Florida, involving $214 million ponzi scheme.
Represented largest victim in Ponzi scheme perpetrated by Scott Rothstein and Rothstein Rosenfeldt & Adler, P.A. law firm in Fort Lauderdale.
Puig, Inc. – representation of the Official Joint Committee of Unsecured Creditors and then the Plan Administrator in connection with 26 debtor affiliates in the business of condominium conversions. The asserted unsecured claims exceeded $100 million. Prosecuted claims against third parties include actions for avoidance of transfers, professional malpractice, usury, fraud and breach of fiduciary duty.
Represented owner of Grand Bay Hotel in Coconut Grove in successful workout with lender.
Representation of BNY Mellon Bank, Metro Bank, Northern Trust Bank, Professional Bank, Intercontinental Bank and other lenders in numerous commercial real estate loan transactions.
Condominium Developer Workouts – during the downturn of the real estate and condominium market, representing numerous developers in workouts with senior secured and mezzanine lenders, including, Corus Bank, Fremont, Key Bank and Ocean Bank.
Representation of a noteholder in commercial foreclosure actions over multiple properties in Miami-Dade, Florida. Obtained foreclosure judgments.
Representation of the official committee of unsecured creditors in Chapter 11 case of Banah International.
Representation of bankruptcy trustee for two South Florida-based hedge funds that suffered $1.1 billion in losses in connection with the $3.5 billion Ponzi scheme perpetrated by Thomas J. Petters in Minneapolis, the third-largest financial fraud in U.S. history. Prosecuted more than 140 adversary proceedings, including claims for accountant and attorney malpractice and clawback of fraudulent transfers, as well as a $1.1 billion conspiracy claim against one of the nation’s largest financial institutions. Successfully prosecuted common law tort and novel fraudulent transfer claims against BMO Harris Bank, N.A. resulting in a recovery of $16,000,000. Representation of client as one of three members of the Petters Company, Inc., Official Committee of Unsecured Creditors in Minnesota.
Creditors’ Rights.
When a business or individual owes you money, collecting it can be challenging. We have represented secured and unsecured creditors, banks, lending institutions and related entities, and court-appointed receivers and assignees for the benefit of creditors. We have substantial litigation experience in all types of creditors’ rights, UCC, and banking disputes.
Creditors’ Rights Representative Matters
Representation of bankruptcy trustee for two South Florida-based hedge funds that suffered $651 million in cash-on-cash losses in a $2 billion Ponzi scheme perpetrated by Thomas J. Petters in Minneapolis, the third-largest financial fraud in U.S. history. Prosecuted more than 140 adversary proceedings, including claims for accountant and attorney malpractice and clawback of fraudulent transfers, as well as a conspiracy claim against a global financial institution. Successfully prosecuted tort and novel fraudulent transfer claims against BMO-Harris Bank, N.A. resulting in a $16 million recovery. Representation of client as a member of the Petters Company, Inc., Liquidating Trust Committee, responsible for overseeing and managing hundreds of millions of dollars in litigation claims.
Condominium Developer Workouts – during the downturn of the real estate and condominium market, represented numerous developers in workouts with senior secured and mezzanine lenders, including, Corus Bank, Fremont, Key Bank and Ocean Bank.
New Florida Properties, Inc. (Blue and Green Diamond) – representation of the equity holder and its affiliates in connection with the 630 unit landmark Blue and Green Diamond condominium projects on Miami Beach, Florida. Prosecuted tort claims against the senior secured participating lenders, including, Union Planters and Ocean Bank. MB raised claims against the lenders for equitable subordination and lender liability resulting in the bank group waiving over $6 million in debt and agreeing to permit the equity holder to retain control over the disposition of the units.
Represented largest creditor in Evergreen Securities bankruptcy in Orlando, Florida, involving $214 million ponzi scheme.
Represented largest victim in Ponzi scheme perpetrated by Scott Rothstein and Rothstein Rosenfeldt & Adler, P.A. law firm in Fort Lauderdale.
Puig, Inc. – representation of the Official Joint Committee of Unsecured Creditors and then the Plan Administrator in connection with 26 debtor affiliates in the business of condominium conversions. The asserted unsecured claims exceeded $100 million. Prosecuted claims against third parties include actions for avoidance of transfers, professional malpractice, usury, fraud and breach of fiduciary duty.
Represented owner of Grand Bay Hotel in Coconut Grove in successful workout with lender.
Representation of BNY Mellon Bank, Metro Bank, Northern Trust Bank, Professional Bank, Intercontinental Bank and other lenders in numerous commercial real estate loan transactions.
Condominium Developer Workouts – during the downturn of the real estate and condominium market, representing numerous developers in workouts with senior secured and mezzanine lenders, including, Corus Bank, Fremont, Key Bank and Ocean Bank.
Representation of a noteholder in commercial foreclosure actions over multiple properties in Miami-Dade, Florida. Obtained foreclosure judgments.
Representation of the official committee of unsecured creditors in Chapter 11 case of Banah International.
Representation of bankruptcy trustee for two South Florida-based hedge funds that suffered $1.1 billion in losses in connection with the $3.5 billion Ponzi scheme perpetrated by Thomas J. Petters in Minneapolis, the third-largest financial fraud in U.S. history. Prosecuted more than 140 adversary proceedings, including claims for accountant and attorney malpractice and clawback of fraudulent transfers, as well as a $1.1 billion conspiracy claim against one of the nation’s largest financial institutions. Successfully prosecuted common law tort and novel fraudulent transfer claims against BMO Harris Bank, N.A. resulting in a recovery of $16,000,000. Representation of client as one of three members of the Petters Company, Inc., Official Committee of Unsecured Creditors in Minnesota.
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