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Fort Lauderdale, Florida Marina Files for Chapter 11

ort Lauderdale Boat Club Ltd. Recently filed for Chapter 11. The Boat Club had in excess of a reported $13 million in assets, with an estimated $10 million in liabilities. Investors purchased the site for $16 million in 2006. Losses of some $3 million in just a few years, much of which likely occurred in or about 2008 when the national economy began to collapse, appear to have been too difficult to overcome.

Fort Lauderdale is home to numerous coastal areas, including many docks and residential slips for personal watercraft. Plans for a new marina there didn’t survive the Great Recession, however. The unemployment rate is at 7.7 percent, and while construction work is picking up, the economy is still stuck in a very slow recovery. Luxury items like leisure craft are not expected to be sold at a rate as in boom times, and docking facilities are finding they are not in high demand.

“It is unfortunate when large construction projects founder, because they have the potential to contribute a great deal to the local economy,” said Brandon bankruptcy attorney O. Reginald Osenton.

Much of what has damaged the national economy was related to issues in the mortgage industry, specifically the issuance of loans to the under-qualified and of loans too large to realistically be repaid. The mortgage-backed security has been an investment vehicle for decades, but the recent explosion in the creation of such investments played a role in many bankruptcies. Construction is a very large part of the Florida economy, and when housing starts slowed drastically, other types of construction, such as marinas, also dried up.

The twelve-acre marina was slated to have 330 dry slips. Such an ambitious construction project probably seemed viable when the economy was booming, but was cast in a much less favorable light post-recession. How the Chapter 11 filing is handled will impact the value of the property in the future. It may turn out that a mixed-use facility is built in the future after the state and national economy has recovered enough to support new construction.

To learn more visit, http://www.brandonlawoffice.com.

Posted on Monday, October 15th, 2012 at 6:44 pm under News and Press.
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Professional Football Player’s Wife Files for Divorce Shortly After Wedding

Chad Johnson (formerly Ochocinco) and Evelyn Lozada are no longer married. Lozada filed for divorce from Johnson some 40 days after their wedding ceremony, after Johnson was arrested for domestic battery outside their Miami home. Johnson was accused of head-butting Lozado during a dispute.

“Allegations of domestic violence are always troubling,” said Brandon divorce lawyer O. Reginald Osenton. “And victims need to stand up for their rights.”

One month after his arrest, Johnson had a plea agreement approved by a Broward domestic violence judge. The six-time Pro Bowl player pled no contest, which means Johnson accepted the punishment for the assault without actually admitting any guilt. As part of the plea agreement, Johnson will pay restitution to Lozada for her medical costs, serve probation for one year and complete a batterers’ intervention program. He also has agreed to have no contact with Lozada. No details of the uncontested divorce have been released, as it is governed by a confidential prenuptial agreement.

At the time of the argument, Johnson was attempting to land a contract with the Miami Dolphins. The Dolphins responded to the news by cutting Johnson. Johnson has stated that he began taking anger management classes to help channel his anger and defuse situations in which he might act impulsively.

It was reported that Johnson had refused to sign Lozada’s divorce papers, and said he wanted to reconcile and win her back. He also had Lozada’s face tattooed on his lower leg. However, in Florida, where Lozado filed for divorce, a party can divorce his or her partner without the other spouse’s signature if it is approved by a judge. Florida has a “no-fault divorce” policy, which means the sole requirement to divorce is to have one spouse declare that their marriage is “irretrievably broken.”

While many celebrity divorce details are high-profile, the couple has kept their agreement out of the press. In large part this may be because they had a prenuptial agreement in place and did not have to go before a judge to decide how to split assets. Additional negotiations may have occurred behind closed doors. And while Florida divorce proceedings are generally a matter of public record, part of pre-divorce agreement negotiation can help keep the majority of financial and other information private.

To learn more visit, http://www.brandonlawoffice.com.

Posted on Monday, October 1st, 2012 at 6:45 pm under News and Press.
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