Connect with us

Florida

Creditors Move to Force Giuliani to Insure his Florida Condo Until it's Sold to Pay Debts

Published

on

Creditors Move to Force Giuliani to Insure his Florida Condo Until it's Sold to Pay Debts


Full-time Florida residents and snowbirds aren’t the only ones having trouble obtaining insurance on their condominiums. Rudy Giuliani, the former New York Mayor and longtime attorney for Donald Trump, has told a bankruptcy judge that he can’t afford to pay premiums on his Palm Beach condo.

That’s not good enough for some creditors who say Giuliani, facing a $148 million defamation judgment against him, should take immediate steps to protect the property until it can be sold. Creditors filed a motion last week, asking the judge for the U.S. Bankruptcy Court in Southern New York to force Giuliani to sell the condo and insure it in the meantime.

“The Debtor has chosen to avail himself of the protections of the Bankruptcy Code to obtain a breathing spell from his creditors, but in return he must exercise due care in protecting his assets and avoiding loss, since these are the assets that he, as a debtor in possession, is holding in trust for his creditors,” reads the motion by the Official Committee of Unsecured Creditors.

Giuliani at a news conference in January (AP Photo/Jose Luis Magana, File)

“…The Committee respectfully requests that this Court compel the Debtor to take all necessary steps to sell the Florida Condo and obtain homeowners insurance in order to preserve and protect estate resources and abide by his duty to maximize the value of the estate for the benefit of his creditors,” the motion continues.

Advertisement

A hearing date of April 4 has been proposed to consider the motion.

The condo at South Lake Drive is valued at $3.5 million, according to Giuliani’s asset listing in bankruptcy court, although the local tax assessor says it’s more like $3 million, according to news reports. The creditors argue that the condo, less than mile from the Atlantic Ocean, is one of Giuliani’s most valuable assets. The Internal Revenue Service also had filed a lien on the property, seeking almost $550,000 in unpaid income taxes. The former Trump adviser has indicated he’s agreed to pay the taxes he owes, news outlets have reported.

Giuliani filed for Chapter 11 bankruptcy protection in December after he was hit with the $148 million verdict for defaming two Georgia election workers that he claimed had committed fraud during the counting of 2020 presidential election ballots. Now, he has said he has few assets available and cannot pay property insurance premiums on the Palm Beach spread.

The court filings did not indicate the level of premiums Giuliani could be facing on the property, or which insurers may have written the condo in previous years. But he’s far from alone in struggling with soaring insurance costs in the distressed Florida condo insurance market. Some insurance brokers and condo association representatives this year implored the Florida Legislature to allow the state-created Citizens Property Insurance Corp. to write condominiums that include short-term rental units. Many insurers have cut back drastically on HO-6 policy limits while premiums have more than quadrupled for some associations.

Allstate Insurance’s Florida unit, Castle Key Indemnity, recently raised condo rates almost 54% on average, in a use-and-file filing that regulators are still contemplating. At least one new carrier, part of HCI Group, has been approved to enter the condo market this year.

Advertisement

The Citizens-coverage-for-second-homes bill did not pass in the Florida legislative session that closed March 9. But under another measure, if signed by the governor, surplus lines insurers can soon make takeout offers on Citizens’ policies that cover second homes in Florida. It’s also possible that Giuliani could reduce his condo premiums if his association participates in a new wind-mitigation pilot program expected to be signed into law in the next few weeks.

By law, Giuliani’s creditors may be unable to force him to sell his primary residence in New York, although that space also needs insurance coverage, creditors said. But the committee of creditors has argued that his Florida condo is used less than 30% of the time, making it a non-primary residence and fair game to be sold (but insured in the meantime).

Giuliani may have little choice in coming weeks. The U.S. bankruptcy code and guidelines require that the debtor “maintain appropriate insurance coverage” equal to the fair-market value of the condo. Otherwise, the court must convert the property or dismiss the Chapter 11 filing, the creditors argued in their motion.

“As property of the estate, the value of the Florida Condo ultimately will be distributed to the Debtor’s creditors,” the filing notes. “As a result, it is merely a matter of when, not if, the Debtor will have to sell the Florida Condo in order to distribute the proceeds thereof to creditors in satisfaction of their claims.”

Besides taxes, Giuliani owes millions to his attorneys, accountants, plaintiffs in lawsuits against him, including voting machine companies that he allegedly defamed, and others, court documents show.

Advertisement

Photo: Giuliani’s condo building in Palm Beach (Google Streetview)

Topics
Florida
New York

Interested in Condominium?

Get automatic alerts for this topic.

Advertisement



Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Florida

Is there a sunken nuclear bomb near Florida? Here’s what to know

Published

on

Is there a sunken nuclear bomb near Florida? Here’s what to know


TYBEE ISLAND, Ga. – Off the coast of Georgia, a massive bomb potentially sits in the water after having been flown out from Florida decades prior.

According to NPR, the whole incident began in 1958 when a B-47 bomber plane took off from Homestead AFB in Florida with the 7,600-pound nuclear bomb in tow, heading out to meet up with another bomber for a training exercise.

During an open house at Boeing Plant 2 in Seattle, Washington, people walk around to view the lineup of Boeing bomber planes. This lineup at the northend of Boeing Field includes the B-29, B-47 “Stratojet,” and the B-52 “Superfortress.” (Photo by © Museum of Flight/CORBIS/Corbis via Getty Images) (Museum of Flight/Getty Images)

HOW DID IT HAPPEN?

The plan was to reportedly simulate an attack on the Soviet Union as part of the exercise, and everything was going well — until another training mission mistakenly crashed into the B-47 carrying the bomb.

Advertisement

As a result, the pilot chose to let loose the bomb over the water off Tybee Island in Georgia before making an emergency landing in a nearby swamp.

Tybee Island Lighthouse (Photo by J. Miers via Wikimedia/Creative Commons)

The bomb didn’t go off even after dropping into the ocean below, though that could be because the nuclear material needed to set such bombs off was typically kept separate from the weapon until it was needed, the BBC reports.

DID THEY FIND IT?

Federal officials spent over two weeks searching for the bomb in the aftermath, but it was ultimately determined to be irretrievable.

While a receipt written by the pilot shows that the necessary capsule wasn’t added to the bomb before the training exercise — meaning it wouldn’t be at a huge risk of detonation — other federal officials have claimed otherwise, such as a former Assistant Secretary of Defense W.J. Howard, who claimed that the bomb was “complete.”

Advertisement

“He concluded that despite our best efforts, the possibility of an accidental nuclear explosion still existed,” a declassified report reads.

Nowadays, the bomb is thought to be covered by several feet of silt on the seabed, but if the explosives within are still intact, it could pose a major hazard to the environment. As such, federal officials have determined that it should be left undisturbed — even by further recovery attempts.

CAN AN ATOMIC BOMB GO OFF UNDERWATER?

If it’s actually off the coast of Tybee Island, then yes: the bomb can still detonate, even underwater.

In 1946, the U.S. tested an atomic bomb at the Bikini Atoll — in the Pacific Ocean far southwest of Hawaii — by suspending it below several ships filled with pigs and rats.

Advertisement

After it was set off underwater, nearly all of the animals died, either thanks to the initial explosion or from the radiation poisoning afterward. And the area is still irradiated to this day.

The Baker test during Operation Crossroads, a series of two nuclear weapons tests conducted by the United States at Bikini Atoll. 25th July 1946. The purpose of the operation, which included two shots, ABLE and BAKER, was to investigate the effect of nuclear weapons on naval warships. Mushroom-shaped cloud and water column from the underwater Baker nuclear explosion. Photo taken from a tower on Bikini Island, 3.5 miles (5.6 km) away. Marshall Islands, Pacific. (PHoto by Galerie Bilderwelt/Getty Images) (2015 Galerie Bilderwelt/Getty Images)

WHAT HAPPENS IF IT DETONATES?

For starters: it doesn’t appear as likely that the bomb will explode.

While Howard initially claimed the bomb was complete, a military spokesman told The Atlantic in 2001 that they’d spoken with him, and “he agreed that his memo was in error.”

But if the bomb did manage to get outfitted with a plutonium trigger and detonated, it would erupt into an explosion with a mile-wide radius — and thermal radiation reaching 10 times that distance, according to the Savannah Morning News.

Advertisement

That would no doubt cause havoc within the immediate proximity, but on the bright side, Tybee Island is well over 100 miles (roughly a two-hour drive) from Florida’s border. This means Florida residents have little to fear from the direct impacts of such an explosion.

So you can sleep tight knowing you’re not likely to find yourself on the worse end of a nuclear weapon.

That being said, there are still plenty of other scary things in Florida to keep you up at night.


Get today’s headlines in minutes with Your Florida Daily:

Copyright 2024 by WKMG ClickOrlando – All rights reserved.

Advertisement



Source link

Continue Reading

Florida

Trulieve adds $5M to recreational marijuana campaign in Florida

Published

on

Trulieve adds M to recreational marijuana campaign in Florida


Stream FOX 35 News

The medical cannabis company Trulieve has contributed another $5 million to a campaign to allow recreational marijuana in Florida, according to a newly filed finance report. 

The company made the contribution on July 15 to the Smart & Safe Florida political committee, which is leading efforts to pass a recreational marijuana initiative on the November ballot. 

Advertisement

MORE HEADLINES: 

According to a state Division of Elections database, Trulieve had contributed about $60.39 million to the committee as of July 19. 

The committee raised a total of $66.475 million in cash and nearly $129,000 in in-kind contributions, and it spent $53.963 million. 

Advertisement

The initiative, which will appear on the ballot as Amendment 3, says, in part, that it would allow “adults 21 years or older to possess, purchase, or use marijuana products and marijuana accessories for nonmedical personal consumption by smoking, ingestion, or otherwise.” 

Voters in 2016 passed a constitutional amendment that allowed medical marijuana.



Source link

Advertisement
Continue Reading

Florida

A deadly disease is attacking Florida mangroves. UCF researchers think they have a solution

Published

on

A deadly disease is attacking Florida mangroves. UCF researchers think they have a solution


ORANGE COUNTY, Fla. – Florida’s mangroves act as a shield for our coasts against potential storm damage, while also serving as a home for wildlife like various types of fish and other sea creatures.

Researchers at UCF are finding ways to protect this natural barrier from a deadly disease that’s attacking them.

Melissa Deinys, an undergraduate student and researcher at the University of Central Florida, along with Jorge Pereira, a graduate research assistant are the main people behind this project.

The disease that is harming these trees is not named but scientists have been calling it “Mangrove CNP.” It’s caused by fungi pathogens that become deadly when activated.

Advertisement

The researchers are working on a “nutritional cocktail” made up of nanoparticles that would be used to strengthen the tree as well as fight off the pathogens that are causing harm.

It is estimated that there are over 600,000 acres of mangrove forests that help protect Florida’s southern coastal zone and other areas around the state, according to the Florida Department of Environmental Protection.

There are three main types of mangroves found in Florida with the most well-known being the red mangrove (Rhizophora mangle).

Deinys was in Miami in 2019 when she first identified that Mangrove CNP was causing mangrove trees to start dying.

The Marine Research Council later tested her theory and verified her findings, according to UCF.

Advertisement

Deinys and other groups started testing more mangroves and found that around 80% of the mangroves they sampled had tested positive for one or more of the fungi pathogens that were affecting these trees.

Most of these Fungi are dormant but get activated when the trees are exposed to certain environmental factors such as temperature changes, various insects, and other types of diseases that attack other trees and plants.

The research for this project is taking place over at the Materials Innovation for Sustainable Agriculture (MISA) center at UCF through UCF Professor Swadeshmukul Santra.

As of right now, there is no cure for Mangrove CNP, but researchers say the special nutritional cocktail is one of the best ways to help combat the disease killing off the trees.

You can listen to every episode of Florida’s Fourth Estate in the media player below:

Advertisement

Copyright 2024 by WKMG ClickOrlando – All rights reserved.



Source link

Continue Reading
Advertisement

Trending