Statewide bankruptcy involves condo [South Florida]
In Southwest Florida, Warren Hickernell was the king of condo conversions.
But his $60 million in deals to convert motels rooms and apartments from Manasota Key to Anna Maria Island was child’s play compared with the more than $200 million in apartment building conversions that Hialeah businessman Juan Puig became involved in during the real estate boom of 2004-06.
Like Hickernell, Puig is now mired in bankruptcy. Fifteen of his companies filed for Chapter 11 protection from creditors in May, citing $91 million in assets and $113 million in liabilities.
Though Puig’s unpaid debts are about five times higher than those claimed by Hickernell in bankruptcy filings and foreclosure suits, the two men have a lot in common.