SURFSIDE, Fla. – A compromise agreement was announced Friday between the condo owners who survived and the families of those who lost loved ones, but there is still a long way to go.
During Champlain Towers South Collapse litigation status, Attorney Judd Rosen said the agreement, which was announced, is between those who have a property claim and those who have a wrongful death claim.
“We have agreed to an $83-million payment to the property owners as full and final payment of any property associated claim on this matter that would constitute their full payment and the property owners would be out of the case,” Rosen said.
Staggered payments – that’s $83 million broken down into $50 million from the first $100 million and $33 million from the second $100 million, Rosen said.
“Recovered either through insurance proceeds or the sale of the property or any settlements in this case,” Rosen said.
Any other funds recovered in this case after the $83 million would go to the wrongful death claimants.
In exchange, property claimants avoid liability assessment exposure and have the money needed to move forward.
Judge Michael Hanzman said that from the beginning he has expressed optimism that the lawyers involved could reach an agreement.
“That would allow the condominium owners to be paid a fair amount and equitable amount for their property losses, move on from this tragedy in an effort to try to rebuild their lives and replace their family’s dwellings with the families of those who perished being able to participate in the value of these recoveries including the insurance, the land sale, and litigation recoveries,” Hanzman said.
There are still many unanswered questions: Can property owners opt out of the agreement? And what about the people who were renting at the time and who are facing economic fallout from the collapse?
These and many other details still need ironing out. The next step will be a formal submission to the court, which is expected to happen next week. Once that is filed, the judge will set a hearing date so that all involved can weigh in.
Also, on Friday there was an update on the upcoming land auction. The property receiver told the court an independent expert on-site this week conducted tests and surveys and explained that the work will continue next week.
Hanzman asked if it seemed that the land sale auction would be on track for the later part of April.
Michael Goldberg, the receiver, answered: “It appears on track for that, ‘yes.’ "