July 27, 2022

17 property insurance companies face ratings downgrade in Florida

TAMPA, Fla. (WFLA) — More than a dozen property insurance companies are set to have their ratings downgraded in Florida.

The Florida Office of Insurance Regulation confirmed to 8 On Your Side Thursday that 17 insurance companies total are going to be downgraded by the rating agency Demotech. Industry experts say that downgrade will impact hundreds of thousands of families across Florida – including in the Tampa Bay area.

Mortgage providers Fannie Mae and Freddie Mac require homeowners to have a policy with an A-rated company. Anyone who has a policy with any of the 17 companies that will be losing its A-rating could be forced to find a new policy – potentially one that could cost more and provide less coverage.

8 On Your Side is working to find out which companies are having their ratings downgraded.

Meanwhile, Demotech’s decision to downgrade the companies is being challenged by the FOIR. Commissioner David Altmaier is requesting the rating agency reconsider the conclusions they’ve reached about the viability of the companies.

Gov. Ron DeSantis’ office sent the following statement after the announcement was made:

“We share the concerns expressed by Florida’s Chief Financial Officer (CFO) Jimmy Patronis and the Office

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July 27, 2022 by INSURANCE

Trump PACs paid $2 million this year to law firms representing January 6 witnesses

The biggest recipient of payments from Trump’s political committees is Elections, LLC, a firm that employs several former Trump campaign lawyers and former White House lawyer Stefan Passantino, who at one point represented a key hearing witness, Cassidy Hutchinson. Passantino hasn’t answered CNN’s previous questions about his representation of Hutchinson.

Elections LLC has received more than $1.6 million this year, including $1 million that Trump’s Make America Great Again PAC paid in May to an entity called, E LLC Iolta, which shares a Washington, DC, address with the firm, a recent filing shows.

The Daily Beast first reported the $1 million May payment to E LLC Iolta. CNN has requested comment from Elections, LLC.

The CNN tally examined legal fees paid in this calendar year by the Make America Great Again PAC and Trump’s main political vehicle, Save America PAC. The filings do not show which specific lawyers in the firm received payments, and the filings don’t explain what the law firms did for the Trump committees beyond the broad description of “legal consulting” or “legal expenses.”

It’s impossible to tell from the filings with the Federal Election Commission whether payments to these firms specifically covered work representing witnesses before

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July 27, 2022 by LAW

Bankruptcy filing threatens to delay IMG Center sale effort

A bankruptcy filing threatens to delay a sale of the IMG Center, a 15-story downtown Cleveland office building that has been tied up in court for three years.

James Breen Real Estate LLC, a small company owned by longtime IMG Center steward Jim Breen, filed a Chapter 7 bankruptcy petition on July 20. The move hit the pause button on foreclosure litigation over the IMG Center as a monthslong sales push seemed to be nearing its crescendo.

It’s unclear how long the timeout will last. In Chapter 7 cases, an automatic stay — which stalls lawsuits, foreclosures, repossessions and collection actions against a debtor — typically runs for 90 days or so. But creditors can seek relief from those restrictions.

James Breen Real Estate is not actually a defendant in the foreclosure case, raising the question of whether the stay will have sticking power. At very least, though, the bankruptcy filing complicates an already messy legal fight and adds to the uncertainty around the future of a high-profile property.

Paul Downey, the court-appointed receiver who has been overseeing the IMG Center since October 2019, said he’s unsure about the implications for the sale effort, which he’s conducting with help from

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July 27, 2022 by ATTORNEY