August 15, 2014 will be a day Frank and Amy Taddeo will celebrate for a long time. Their cheap condo investment in Meridian Condos paid them millions in the courtroom, thanks to the stupidity of American Invsco and Koval Flamingo!
The two companies converted apartments into condos and spiffed them up. But the floor tiles they used illegally exceeded the load bearing limits of the structure. Lawsuits for breach of contract have been flying. Fortunately, there haven’t been any building collapses.
But where were the city engineers? City inspectors? Heck, even an interior designer would have questioned that much weight being added to the flooring.
It’s a rare court victory. But whether this family will collect has to be up in the air. There are 200 units in Meridian. If each owner won 2.4 million dollars in court that adds up to 480 million dollars.
It may be hard to collect, since Invsco filed bankruptcy http://www.chicagobusiness.com/realestate/20130918/CRED03/130919791/gouletas-grapples-with-aftermath-of-failed-apartment-deal#
Thanks for investigating and posting that link Deborah. This is the good side of the internet…nobody can hide anything for too long.
It looks like even the candy man got taken in this scam. 50% interest is a pretty good return on an investment, I’d say. LOL They were smart to get a personal guarantee for the money, but they may still have to wait a long time to see it.
The condo owners that won this case…where does this leave them other than with a legal bill to pay? Do they now sue the city for letting it pass the planning and inspection stages? Or do they just walk away and realize when something sounds like it is too good to be true it usually is?