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Friday, May 7, 2010

Fox TV executive in bankruptcy over Miami Beach condos project

Emiliano Calemzuk, president of Fox Television Studios, and his father are in bankruptcy due to a failed attempt to convert an Miami Beach multifamily property into Miami Beach condos.

A June 30 hearing was set by a bankruptcy judge, for the corporation formed by Calemzuk and his father, to hear how they plan to come out from bankruptcy by May 27.

U.S. Century Bank could move forward with a foreclosure sale in July, if no plan is reached or approved, the bank for the failed Miami Beach condos project.

In 2005, father and son bought the Miami Beach multifamily property at 8118 Harding Avenue as a planned Miami Beach condos conversion. They owe nearly $1.8 million in principal, interest, taxes and other fees, according to a foreclosure ruling dated February 11.

Julie Hough, an attorney for the corporation, an attorney for the corporation said they were working on a reorganizational plan they believe is in the best interest of all creditors. She also said that they expect that it will be approved by the bankruptcy court.

Miami-based attorney, Alfonso Perez of Rasco Klock Reininger Perez Esquenazi Vigil and Nieto is representing U.S. Century Bank and said he found it “amazing” that this had gone so far without a settlement with such a high-profile person like Calemzuk involved.
He also said, ”You've got to pay your debts.”


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