Majorca Isles Master Association, Inc.
Barry E. Mukamal was appointed Chapter 11 trustee tasked with the oversight of a troubled 355 unit master homeowner association. Duties entailed operational stabilization suffering from crippling collection shortfalls and management litigation with the departed developer in order to recover on behalf of the community and creditors.
In 2016, Mr. Mukamal secured a $16.3 million judgement againat the developer D. R. Horton, Inc. in a ruling by Judge A. Jay Cristol. In July, 2017, Mukamal agreed to settle with D. R. Horton for $11 million. He said “I put a pen to paper and figured out the settlement would be sufficient to put the community back into the position it would have been if not for the developer’s misdeeds. The settlement will provide the resources to ensure Majorca Isles Association’s continued vitality, establish reserved and make needed physical restorations and pave the way for a 100% distribution to all creditors, with interest.