Meland Budwick serves as special litigation counsel to bankruptcy trustee Christina Lovato in Nevada in connection with the $1 billion Ponzi scheme orchestrated by DC Solar Solutions’ founder, Jeffrey Carpoff. The firm is prosecuting all litigation claims held by the trustee and has recovered over $130 million to date, with several actions pending.

Notable settlements include $20 million from DC Solar’s outside legal counsel Nixon Peabody LLP, $19 million from the United States of America, $12 million from Ahern Rentals, $11.6 million from KeyBank, N.A., $11.25 million from DC Solar’s outside accountants, $9 million from DC Solar’s depository bank Heritage Bank, $7.65 million from Alvarez & Marsal, and $5.75 million from a NASCAR affiliate.

Represented the bankruptcy trustee for two South Florida hedge funds that lost $650 million in the $2 billion Ponzi scheme perpetrated by Thomas J. Petters in Minneapolis – then the third-largest financial fraud in U.S. history. Prosecuted over 140 adversary proceedings, including aiding and abetting, conspiracy, professional malpractice, and fraudulent transfer claims. Recovered $235 million for the estates of the two hedge funds, including $49 million from GE Capital Corporation and $16.7 million from BMO Harris Bank. Also served as special litigation counsel to the Petters Liquidating Trust Committee managing hundreds of millions in actions brought by the estate of Petters Company, Inc.

Represented the largest investor in a Ponzi scheme orchestrated by Fort Lauderdale attorney Scott Rothstein and his law firm, Rothstein Rosenfeldt Adler, P.A.

Represented the largest creditor in the Evergreen Securities bankruptcy involving a $214 million Ponzi scheme in Orlando, Florida.

Represented the Official Committee of Unsecured Creditors and then the Plan Administrator for Puig, Inc. and 25 affiliates. Prosecuted a range of claims including a $5.4 million recovery from Ocean Bank alleging various tort claims.

Represented Chapter 7 trustee and served as court-appointed receiver in $19 million Ponzi scheme by Thomas Abrams; reached a multi-million dollar settlement with Fidelity Federal Bank & Trust.

Represented a group of clawback defendants in the Lancer Partners hedge fund financial fraud case.

Served as receiver and later Chapter 11 trustee in the Innovida Holdings fraud case tied to Claudio Osorio. Uncovered $50 million fraud and led liquidation and litigation efforts to recover funds for investors.

Represented the Chapter 7 bankruptcy trustee of an entity used by its principal to operate a $40+ million Ponzi scheme. The principal was sentenced to more than 15 years in prison.

Represented the Chapter 11 Trustee for Premium Sales Corporation, which perpetrated what at the time was the largest Ponzi scheme in the United States.

Represented EMI Resorts and 20 related defendants in a $170 million RICO action alleging wire fraud and money laundering—ultimately obtaining full dismissal.

Represented a California-based fund in bankruptcy proceedings and related litigation, recovering a $60 million judgment and a $17.5 million nondischargeable judgment against the fraud’s principal.

Represent a victim and clawback defendant in Mirror Trading, an alleged massive financial fraud perpetrated from South Africa.

A Florida State Court appointed Mark Meland as Receiver over entities controlled by Claudio Osorio, including Innovida Holdings, Inc. The firm represented Mr. Meland in his efforts as Receiver.

The U.S. District Court for the S.D. of Florida appointed Michael Budwick as Receiver over Thomas Abrams who perpetrated a $19 million Ponzi scheme. The firm represented Mr. Budwick in his efforts as Receiver, including obtaining a seven-figure recovery against a depository institution which was then the largest financial institution in Palm Beach County.

New Florida Properties, Inc. (Blue and Green Diamond) – representation of the equity holder and its affiliates in connection with the 630 unit landmark Blue and Green Diamond condominium projects on Miami Beach. Prosecuted tort claims against the senior secured participating lenders, including Union Planters and Ocean Bank. MRB raised claims against the lenders for equitable subordination and lender liability resulting in the bank group waiving over $6 million in debt and agreeing to permit the equity holder to retain control over the disposition of the units.

Represented the owner of Grand Bay Hotel in Coconut Grove in a successful workout with the lender.

Served as Chapter 11 counsel to IT’SUGAR LLC, a specialty candy retailer with approximately 100 stores and over 700 employees across 28 states. Through extensive negotiations with dozens of landlords, IT’SUGAR was able to obtain millions of dollars in pre and post-petition rent relief, restructure vendor debt, and successfully confirm a Chapter 11 plan of reorganization.

Confirmed Chapter 11 Plan for upscale South Beach restaurant.

Representation of affiliate of BBX Capital in connection with protecting its interests as a secured creditor Chapter 11 bankruptcy of Robovault high tech storage facility in Fort Lauderdale.

Represented the successful purchaser of Pan American hospital, a landmark operating hospital, for $34 million through a Chapter 11 Section 363 sale.

Represented the Official Committee of Unsecured Creditors in the Falcon Air bankruptcy.

Represented Creditors Committee in Cabi Downtown, LLC (Everglades by the Bay) twin 49 story downtown Miami condominium towers with over $200 million in debt.

Represented the official committee of unsecured creditors in a Chapter 11 case of sugar processing and retail business.

Supra Telecommunications & Systems, Inc. – represented the largest CLEC in the Southeastern United States in its Chapter 11 Reorganization, litigating numerous contentious matters with Bellsouth and successfully reducing Bellsouth’s claim from approximately $170 million to approximately $37.5 million and ultimately confirming a plan.

New World Network International Ltd. – represented a group of minority shareholders in a telecommunications Chapter 15 bankruptcy pending in the Southern District of New York and litigated whether a foreign proceeding in Bermuda should be recognized as a main proceeding as well as other venue issues.

Represented shareholders of a close corporation in eight-figure settlement of lender liability claims against a consortium of financial institutions.

Represented minority shareholders in derivative action related to corporation holding real estate investments with tens of millions of dollars in equity.

Represented the principal of a large South Florida based company accused of breach of fiduciary duty and negligence by the company’s creditors.

Represented multiple individual and corporate plaintiffs, including Berjaya Group (Cayman) Limited and Prime Gaming Philippines, Inc. in litigation against Duffy’s Holdings, Inc. involving allegations of breaches of a stock purchase agreement regarding the multi-national restaurant chain of Roadhouse Grill, Inc.

Represented a leading real estate brokerage firm in its claims for malpractice, fraud, and breach of fiduciary duty against separate accounting firms and individual accountants. The matter resolved pursuit for a confidential amount paid to our client.