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