Mukamal Agrees to Horton’s $11 Million Settlement Offer
As reported in the Law360 on June 12, 2017, “A bankruptcy trustee for a Miami Gardens, Florida, homeowners association has reached an $11 million settlement with D.R. Horton, In. to resolve claims over the residential developer’s alleged shady business practices after a bankruptcy judge ruled against it last year.”
Barry Mukamal, Chapter 11 trustee for Majorca Isles Master Association had secured a $16.3 million judgement in an earlier 2016 ruling by Judge A. Jay Cristol against Horton, but he said “I put a pencil to paper and figured out the settlement would be sufficient to put the community back into the position it would have been in if not for the developer’s misdeeds.”
The settlement will provide the resources to ensure Majorca Isles Association’s continued viability, establish reserves and make needed physical restorations. It will also pave the way for a 100% distribution to all creditors, with interest said attorney Glenn D. Moses of Genovese Joblove & Battista, which represented trustee Mukamal in the case.