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Today RT America is running a segment "MIAMI BUILDING COLLAPSE 'Surveyors fearful of lawsuits over housing prices'", that relies on some D-list British "expert" (who apparently escaped Grenfell scrutiny) in US liability law or wtf. I'm not listening closely, because litigation is the NEW! retirement plan for decades...
Lawsuit seeking $5 million says victims of Florida condominium collapse deserve compensation, 25 June
A class-action lawsuit on behalf of Manuel Drezner, a nearby property owner, and other victims was filed at 11:29 p.m. against the Champlain Towers South Condominium Association Inc., Local10 first reported. ... The court filing alleges the condominium  did not provide adequate protection for residents and visitors to the building, did not repair structural problems and failed to prevent the "catastrophic" collapse of the building.
Condo [association] board [president] warned of worsening damage before collapse, 30 June
The April 9 "Dear Neighbors" letter from Champlain Towers South Condominium President Jean Wodnicki hinted at an ongoing debate over the repairs and a reluctance by some condo owners to pay for major work that would cost at least $15.5 million.
[...]
The condominium association pegged the total repair and restoration cost at $16.2 million -- counting items added since the 2018 Morabito inspection -- that would be defrayed in part with about $707,000 the association had in cash on hand. That left the owners with a bill of $15.5 million, with individual assessments ranging from $80,000 for a one-bedroom unit to more than $300,000 for a penthouse.
[...]
"A lot of people were complaining, especially the old people living there," said condo owner Rosalia Cordaro, who was in New York when the building collapsed. "It was a lot of money. I was complaining."

Another owner said the assessment was the talk of the pool when she last visited a week before the collapse.

"It was the theme of most of our conversations," said Nieves Aguero. "`Are you going to pay it? Are you going to refinance?'"

"The number kept getting bigger, bigger and bigger," said owner Alfredo Lopez, adding that the board did a good job of communicating and keeping the process transparent.

... but incorporation is not well understood. Soon shareholders will be suing themselves.
by Cat on Thu Jul 1st, 2021 at 01:52:52 PM EST
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