The original dispute was over two loans, totaling $36.5 million, issued to PGA Flyover Corporate Park by BankAtlantic in 2005 and 2006 and guaranteed by Catalfumo, according to court documents. BBX inherited the loans as a successor to BankAtlantic.
Three days before one of the loans was set to mature, Catalfumo established an offshore trust and transferred $25 million there, BBX claimed. Over the next year, while litigation over the unpaid loans was proceeding in Florida state court, he transferred additional funds for a total of $64 million, according to BBX.
I bet Levan threw something across the room when he was first told about this...........you guys may not realize it but any money at a bank that you have any loan with is fair game for the bank to grab when a loan is coming due
you know what is funny about this, it just hit me......Levan demanded his 25M back now plus the property and another 5M down the road...........Catalfumo will settle because Levan will dropped his fraudlent transfer claims which will unfreeze his other 40M that is stashed