"Following the acquisition of a property, the debtors would use their own personnel to refurbish the

But his $60 million in deals to convert motels rooms and apartments greece car rental company from Manasota Key to Anna Maria Island was child's play compared with the more than $200 million in apartment building conversions that Hialeah businessman Juan Puig became involved in during the real estate boom of 2004-06.
Both believed that the market for converted condos would remain strong long after Florida's speculator-driven real estate market began its nose-dive in July 2005. Both kept spending greece car rental company tens of millions to buy apartment complexes for conversion to condos well into 2006.
But the vision the two men held was soon confronted by the reality of vanishing real estate investors, who at one point represented 50 percent of the market for converted condos, and the sub-prime mortgage greece car rental company crisis, which removed another large supply of potential buyers.
Unlike Hickernell, however, lawsuits filed against Puig allege that the Hialeah businessman never kept adequate financial records and that he spent lavishly on himself and his top executives during greece car rental company his frenetic quest to buy apartment complexes across the state.
One lawsuit filed by Buckhead Capital Corp. accuses Puig and his associates of extracting greece car rental company funds from their various properties and then "squandering those funds in a lavish lifestyle, excessive bonuses, personal investments, houses, cars trips and other improper purposes."
By the time he filed for bankruptcy protection on May 29, Puig and his affiliates owned and controlled about 2,900 units, greece car rental company of which 980 had been converted to condominiums and 1,920 were being operated as rental units.
In an effort to address his problems, Puig hired OneAccord, an independent financial advisory firm to implement accounting controls and develop a system of financial reporting commensurate with a rapidly growing company, bankruptcy court documents show.
"When I came on board in March 2007, Puig's companies were involved in approximately 26 projects," greece car rental company Glass said during a telephone interview. "The projects ranged from apartment greece car rental company complexes in which only a few of the units had been converted and sold, to projects in which only one or two condos remained to be sold."
"By way of example, there were no records maintained for activity prior to 2006," Glass wrote in his initial report to the bankruptcy court. "Further, the 2006 and 2007 books and records commingled transactions between various corporate entities, and it appears greece car rental company that the debtors never performed the necessary bookkeeping to track the inter-company transactions."
"Following the acquisition greece car rental company of a property, the debtors would use their own personnel greece car rental company to refurbish the units by, among other things, remodeling the kitchens and baths, installing washers and dryers and other new appliances," Glass said in his report. "It appears in certain instances, the debtors' personnel did not obtain applicable permits prior to doing these improvements. As a result, certain units sold by the debtors may not be in compliance with applicable building codes."
By late May, it became clear to Glass that the only way to solve Puig's problems was to file for bankruptcy protection. As a result, Glass took 14 of Puig's apartment complexes and three of his management companies into bankruptcy.
greece car rental company On July 10, a deal was struck whereby Miami investor Allen R. Greenwald, one of the largest creditors in the bankruptcy case, would assume ownership of unsold units in three apartment complexes, including greece car rental company Sienna Park in Sarasota, in return for $900,000 in cash and the assumption of $3.6 million in unpaid debt.
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