Miami Real Estate Liquidators’ stock price tops $1,000 as Miami prepares for foreclosure
A Miami real estate liquidator’s stock price topped $1.000 on Tuesday as the Miami-Dade County Housing Authority prepared to begin foreclosure proceedings against her.
The liquidator, Nicole M. Filippini, said her company, Property Management International, had been trying to sell its assets for years.
Filios attorneys, including John D. Gorman, had also tried to sell the company’s assets.
They also have tried to buy the property, but failed.
But on Tuesday, they said they had received a letter from the county.
The letter said the liquidator had been a member of the board of directors of the county housing authority, the Miami Housing Authority, and that she would not be able to sell her company until she received the order from the court to do so.
The county housing authorities said in a statement that they were working with the liquidators attorneys to resolve their dispute.
Property Management, which has a staff of more than 500, has assets totaling $1 billion.
In addition to the property liquidators liquidators will try to sell property to a developer, to the U.S. Postal Service, and to another company for the purpose of foreclosure.
The U.C.L.A. has issued a subpoena for property records from the liquidations, which will allow the courts to try to determine who owns the property and who is using it for personal use.
Files said her business had been operating in a “very, very good” financial position for years and was only threatened by foreclosure proceedings.
“It’s really frustrating to us that we have no way of knowing what’s going to happen to our assets,” she said.
She said her firm has worked on a number of foreclosure cases and that they are all pending.
Fileos said the foreclosure process was going to take longer than expected because of the amount of foreclosure paperwork.
Property management is a Florida company.