Fox TV Studios chief Emiliano Calemzuk loses foreclosure suit [Updated]
Emiliano Calemzuk, the president of News Corp.'s Fox Television Studios, and his father Carlos, have lost a foreclosure suit regarding a property the two had bought in Miami Beach.
According to a judgment from a Miami-Dade County Circuit Court, the Calemzuks are on the hook to U.S. Century Bank for about $1.8 million. That figure includes the mortgage and interest still owed on the 12-unit apartment building as well as court costs and attorney fees.
The Calemzuks bought the building in April 2005 and, according to the law firm that acted on behalf of the bank, were looking to convert it into condominiums. If the Calemzuks don't settle up, the property will be auctioned off on May 19.
[Updated at 3:16 p.m.: Calemzuk disputed the bank's interpretation of what the court said. In a statement, he said that a hearing date has been set for a reorganization plan that he and his father will submit.
Said Calemzuk: "Today, U.S. Judge Robert A. Mark set a June 30 hearing to review the project's disclosure statement and plan of reorganization. Judge Mark set the hearing date after declining the bank's request that the judge stop the project from operating. It's clear that Century's Bank's lawyers are trying to make up for their losses in the courts by attacking me. They will not succeed in either forum."
He added that he and his father look forward to a "restructuring and continuity of this business, which has had a very positive impact in an economically depressed community."]
-- Joe Flint