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Attorney Camille Iurillo recently concluded a complex workout for a group of 11 tenants-in-common owners of a Pinellas County property being leased by a senior care facility operator that had filed for Chapter 11 bankruptcy.
The owners had invested in the property several years ago, expecting a substantial return on their investment. Instead, the owners found themselves confronted with multiple lawsuits and eventually, the tenant’s Chapter 11 bankruptcy. During the process, the tenant operator of the senior care facility tried to force a bankruptcy plan on the owners and even entered into a contract for the sale of the property without the owners’ consent.
This unique challenge began with facilitating the finding of common ground among the 11 tenants in common, which included trusts, probate estates, individuals, and limited liability companies from all over the United States. Next, Camille navigated litigation of various issues in federal bankruptcy court and leveraged her clients’ ownership interest into a multi-million-dollar portion of a global settlement for her clients. Camille guided the owners through the Chapter 11 process and negotiated a settlement despite the objections of various creditors and creditor committees. What initially looked like a potential significant loss to the owners ended with a sale that netted the owners a strong return on their investment.
If you have questions regarding real estate and bankruptcy issues – or both, like the 11 tenants-in-common owners – please contact us.