The judge gave everyone 14 days to work out their differences on what's called the 'disclosure statement' laying out MCM's plan. The trustee is appointed by the court to investigate the operation of the business in bankruptcy and make sure those owed money by the company recover as much as possible. there simply isn't enough money left for people.' But, he added, another possibility us the plan 'is the best that can be done. 'If this is a dirty deal and bad faith,' then the plan could not be ultimately be approved, Cristol said. Jay Cristol said he sensed 'a bad smell' lingering over the plan, because creditors 'would get nothing. MCM was the general contractor on the FIU pedestrian bridge project, but was stripped of its FDOT certification after it collapsed in March 2018, essentially preventing it from doing transportation projects and getting bonding for other work. Guso said MCM having 'no money available' to pay unsecured creditors would not be 'bad faith,' adding 'regrettably there is no money' and 'no future contracts at present' in what was once a $200 million pipeline of potential business. He said they have 'contributed, or caused to be contributed' another $11.5 million in value to MCM by pledging real estate interests as collateral for financing that has kept the business operating while seeking bankruptcy reorganization. ‘Thank God we're OK': Miami Gardens couple survives violent home invasion on Christmas 'The second generation of Munillas is essentially doubling down on this business,' Guso said during Tuesday's hearing. He said the owners of the companies that would inherit MCM's assets were not part of MCM and would contribute $2 million in equity to the company that emerges. Jordi Guso, attorney for Magnum Construction Management (renamed from Munilla Construction Management after the FIU bridge collapsed), rejected that claim. The new company, Frigate Holdings LLC, is composed of family members of the five Munilla brothers who own MCM, including the wife of one brother and three children.Īrmengol called the plan a thinly veiled attempt at 'estate planning,' passing control of whatever emerges from bankruptcy to relatives. In objecting to MCM's statement summarizing its plan for Chapter 11 reorganization, trustee attorney Johanna Armengol said the purported separation between MCM and the 'new equity holder' would be 'illusory,' adding the assets 'ultimately reap to the benefit of the family.' (Guso, Jordi)Ĭlaims Register (ALPHABETICAL AND NUMERICAL) Filed by Noticing / Claims Agent Stretto.The trustee overseeing the bankruptcy of FIU bridge contractor MCM Tuesday accused the company of acting in 'bad faith,' by seeking to transfer any remaining assets to companies owned by the current owners' children and a wife. Motion to Convert Chapter 11 Case to Chapter 7. Courthouse, 299 E Broward Blvd Courtroom 301 (PDR), Fort Lauderdale, FL. Filed by Debtor Bang Energy Canada, Inc.) Hearing scheduled for at 10:00 AM U.S. Notice of Hearing (Re: 32 Motion to Convert Chapter 11 Case to Chapter 7. (Re: 32 Motion to Convert Chapter 11 Case to Chapter 7).

Notice to Withdraw Document Filed by Debtor Bang Energy Canada, Inc. Claims Register (ALPHABETICAL AND NUMERICAL) Filed by Noticing / Claims Agent Stretto.

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