Greenspoon Marder Team Obtains $15,000,000 Judgement in Highly Contested Case Heard Before Ninth Judicial Circuit Business Litigation Court

Jan 13, 2016

Orlando, Fla. – January 12, 2016 – Greenspoon Marder is pleased to announce that Edmund Loos III represented Fairview Grande of Orlando, LLC in a judgement of more than $15,000,000 in a heavily litigated case heard before Orange County’s Circuit Court of the Ninth Judicial Circuit Business Litigation Court.

Mr. Loos served as counsel for Plaintiff Fairview Grande of Orlando LLC for a Deficiency Judgement of Damages against Defendant Lake Fairview Development, LLC and for a Judgment for Damages on Guaranty Agreements against Albert Kodsi and A.V.Y. Investment, LLC. In the action, the Plaintiff sought a deficiency judgment and a judgment for damages on the Guaranty Agreements owned and held by the plaintiff. The court previously granted a Final Judgment of Foreclosure. Following a bench trial in the post-foreclosure deficiency and guaranty enforcement proceedings, the Court found that the borrower was liable for a deficiency judgment in the amount of the difference between the Plaintiff’s Foreclosure Judgement and the value of the mortgaged property and that the guarantors were liable under the guaranty agreements to the Plaintiff for the deficiency, and entered a judgment against Defendants Lake Fairview Development, LLC, Albert Kodsi and A.V.Y. Investment, LLC, jointly and severally. In the judgment, the court awarded the Plaintiff a sum of more than $15,000,000.00 representing the difference between the amount previously determined by the court’s foreclosure judgment as due and owed to the Plaintiff and the fair market value of the mortgaged property as of the date the foreclosure sale took place. David Glassman served as opposing counsel for A.V.Y. Investment LLC, Albert Kodsi, and Lake Fairview Development, LLC.

“This was a great outcome and huge victory for our client. We are very proud of Ed and what he brings to our firm on a daily basis,” said Co-managing Director, Michael Marder.

Assisting with litigation support on the case was shareholder, Chad Tamaroff, who is based out of the firm’s downtown Fort Lauderdale office and senior associate, Brent Kimball, who is based out of the firm’s Orlando Office. Eventually, the trio was able to hire an expert who was able to opine and testify as to the fair market value of the property on the date of the foreclosure sale, which is standard procedure for the state of Florida.

Edmund O. Loos III is a shareholder in Greenspoon Marder Law’s Litigation Group, where he concentrates his practice in the areas of Complex Commercial and Civil Litigation, Title Insurance Litigation, Real Estate Litigation Lender Liability Litigation, Business Litigation, Probate and Trust Litigation, and Trial Practice and Appellate Law. For over 25 years, Mr. Loos has represented the interests of banks, insurance companies and its insureds, businesses, real estate developers, homeowner’s associations, and individuals in a wide range of real estate, commercial and business litigation matters.

Mr. Tamaroff is a shareholder in the firm’s Litigation department, where he concentrates his practice in the areas of commercial, banking, and real estate litigation. His client base is diverse and includes banks, investors, servicers, developers, insurance companies and landlords.

Mr. Kimball is a member of the firm’s Litigation department, where he concentrates his practice in the areas of Complex Commercial and Civil Litigation, Title Insurance Litigation, Real Estate Litigation, Lender Liability Litigation, Business Litigation, and Trial Practice.

About Greenspoon Marder

Greenspoon Marder LLP is a full-service law firm with over 225 attorneys and more than 20 office locations across the United States. With operations from Miami to New York and from Denver to Los Angeles, our firm attracts some of the nation’s top talent in key markets and innovation hubs. Our core practice areas include Real Estate, Litigation, and Transactional Services, complemented by the capabilities of a full-service firm. Greenspoon Marder has maintained a spot on The American Lawyer’s Am Law 200 as one of the top law firms in the U.S. since 2015, and our goal is to provide exceptional client service by developing a thorough understanding of each client’s business needs and objectives in order to provide strategic, cost-effective solutions.

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This Greenspoon Marder LLP Client Alert is issued for informational purposes only and is not intended to be construed or used as general legal advice nor a solicitation of any type. Please contact the author(s) or your Greenspoon Marder LLP contact if you have any questions regarding the currency of this information. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer’s legal qualifications and experience.

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Greenspoon Marder Team Obtains $15,000,000 Judgement in Highly Contested Case Heard Before Ninth Judicial Circuit Business Litigation Court

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