From the Asbury Park Press:
Judge orders sold nine properties of failed real estate mogul Solomon Dwek
Solomon Dwek’s creditors came a little bit closer to getting their money back Wednesday.
Eight of the failed real estate mogul’s properties, and a contract to buy a ninth, were ordered sold for $9.4 million.
Until Wednesday’s court action, the seven-month liquidation of Dwek’s assets had resulted in completed sales of one stock account and 25 properties for $37.5 million. The bulk of that money was used to pay bank loans, the expense of managing and selling some 350 properties claimed by Dwek and legal fees
The court-appointed fiscal agent in the case, Donald M. Lomurro, currently has $1.6 million left.
Wednesday’s property sales will pay off $5.2 million more in mortgage debt and, after other expenses, leave Lomurro with almost $3 million. Anything left after the continuing expenses of managing and liquidating Dwek’s estate will go to Dwek’s unsecured creditors.
In May, Superior Court Judge Alexander D. Lehrer took control of Dwek’s assets after PNC Bank accused Dwek of defrauding the bank through a $20 million bounced-check scheme. Dwek has since been charged by the FBI with bank fraud and is free on $10 million bond. Some 80 creditors have claimed they are owed $340 million, and many of them have said in court papers that Dwek defrauded them.
Lehrer wants the properties sold and the creditors repaid by Sept. 1.
Pingback: Anonymous