When bankruptcy trustee Barry Mukamal took over administration of Majorca Isles in 2012, the Miami Gardens homeowners’ association was in such dire financial straits that its board struggled to fund trash collection. The community had no cash, no system for collecting association fees and attorneys say the developer had misled owners about their accounts receivables.
This month, a 180-degree turnaround: A hard-fought suit against Majorca Isles developer D.R. Horton Inc. yielded an $11 million settlement that will fully repay all creditors, bolster the association’s financial reserves and fund repairs.
