county

In FTX bankruptcy case, Miami-Dade sees little hope. Will take pennies on the dollar

Miami-Dade County claims the bankrupt FTX crypto exchange owes taxpayers $17 million under its canceled naming-rights agreement for the Miami Heat arena, but that bill will likely remain mostly unpaid.

On Tuesday, county commissioners agreed to sell the claim for 30 cents on the dollar to any investors willing to pursue more money from FTX in federal bankruptcy court.

“I’ve never worked on a bankruptcy case that got better. It always gets worse,” said Commissioner Raquel Regalado, a lawyer who now works as a broadcaster. “The idea of just getting out as early as possible seems like a great idea to me. “

miami–dade/article271170142.html#storylink=cpy” data-ylk=”slk:READ MORE: So much for ‘the Arena.’ Miami-Dade County tries again for Miami Heat’s arena name;elm:context_link;itc:0″ class=”link “READ MORE: So much for ‘the Arena.’ Miami-Dade County tries again for Miami Heat’s arena name

The administration of Mayor Daniella Levine Cava, which negotiated the 2021 deal with FTX before the company collapsed amid criminal allegations of fraud, presented the proposal to sell the county’s bankruptcy claims.

The agreement would give Miami-Dade a minimum of $5 million if a claims speculator agreed to the 70% discount on what Miami-Dade says it’s owed from the

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May 6, 2023 by ATTORNEY

Republican seeking Passaic sheriff post is coming off personal bankruptcy

The Republican candidate for Passaic County sheriff filed for bankruptcy in 2016 after falling more than $850,000 in debt, including unpaid taxes.

Mason J. Maher III, a Paterson police detective lieutenant who is challenging four-term incumbent Richard Berdnik, owed money to 27 different creditors, including five mortgages and loans on two Cadillac Escalades, along with $120,365 in credit card debt, court records show.

He owed $9,618 in unpaid federal and state income taxes.

The debt comes despite he and his wife, Jennifer reporting a combined annual income of over $193,000.  They listed their total monthly expenses as $10,557 and assets of $658,825.

Maher’s personal financial problems stemmed from a losses at a Hackensack nail salon owned by his wife.

“Like a lot of families who own small businesses, he and his wife ran into some tough times, but they pulled themselves out of it and even repaid their debts early,” said Chris Russell, a spokesman for Maher.  “This kind of personal smear won’t stick.”

His creditors included the Paterson Police Federal Credit Union.

In 2017, Maher received a $250,000 settlement for injuries he sustained in a car accident.  He was permitted to retain $23,675 of that, with $133,304 used to

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October 4, 2022 by ATTORNEY
May 2024
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