Quote:
Originally Posted by john70t
Agreed.
$150 million....initially...sez the judge...and the math doesn't add up.
Where do the rest come from? Taxpayers?
There is only $50 m of insurance.
Does the other $100 m come from a theoretical sale of the lot?
And the banks are still owed their past-due mortgages, insurance or not.
|
no not from tax payers.
$50M of insurance
if it pays.
Yes the rest could come from the sale of the property. Not sure the judge has the ability at this point to force a sale.
If not enough proceeds form insurance/sale or wherever money comes from then the association declares bankruptcy just like any other corporation would.