InnoVida Placed in Receivership

Attorney Kendall Coffey, who is handling Chris Korge’s lawsuit, said receivers have taken over operations of a company as dictated by a court order. The receiver, appointed by Miami-Dade County Circuit Judge Valerie MannoSchurr, comes in response to a request from developer and attorney Chris Korge, who alleges that Osorio fraudulently misappropriated $4 million. The judge appointed Mark Meland, a partner at MelandRussin&Budwick in Miami. Two other investor lawsuits have been filed against Osorio by his neighbors on Miami Beach’s Star Island. Miami Beach businessman Claudio Osorio’s company, InnoVida Holdings, InnoVida and its subsidiary, InnoVida Services, manufacture affordable housing construction components from a fiber composite.InnoVida made headlines last year when it announced it would donate 1,000 small homes to Haiti following the disastrous earthquake in January 2010.

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Receiver asks: Where Are Millions at InnoVida?

Posted on - March 9, 2011

Embattled Miami Beach businessman Claudio Osorio transferred millions of dollars out of his manufacturing company, InnoVida, before it was taken over by a court-appointed receiver, according to a report dated March 9. “InnoVida is not paying its debts as they become due,” receiver Mark Meland said in a court filing. Meland also said millions of dollars from InnoVida were moved to offshore bank accounts in the last few years. He said an InnoVida report in June indicated $37.5 million in funds moved offshore, but he had so far been unable to find out what happened to the money. The report was bad news for investors who have been trying to get money back from Osorio, including Miami Beach developer Chris Korge. “Sadly, almost all of our worst fears have been realized,” said Kendall Coffey, the attorney representing Korge. “We would have much preferred that the receiver had found a healthy company.
Read More: http://www.bizjournals.com/southflorida/news/2011/03/09/receiver-asks-where-are-millions-at.html

Judge Names Receiver For Beach Firm

Posted on Tuesday, 03.01.11

Last year, InnoVida, a company that pledged to build fiber-composite wall panels for low-cost housing in Haiti, the Middle East and other areas of the world, also pledged to build a factory in Haiti and thousands of low-cost homes. This pledge drew a lot of publicity after the January 2010 earthquake. But it now appears that the company may have been deceiving its investors. Miami businessman Chris Korge, who invested $4 million in the company asked the judge to place it in receivership. Korge’s attorney, Kendall Coffey, said that based on the judge’s ruling, he expects the receiver will control the operations of the company, conduct an accounting of its assets and liabilities, and determine how much money is owed angry investors and lenders — a figure that could total tens of millions of dollars, according to suits filed by Korge and others. “It will be of huge interest to investors to see what the receiver can share with them in determining the truth about the company’s finances,” Kendall Coffey said. “There’s been so much stonewalling.”

Read More: http://www.miamiherald.com/2011/03/01/2092635/judge-names-receiver-for-beach.html#ixzz1FjzICtuY