“Crane King” James Lomma given 11-day deadline to pay $1.5M

He will face $10K in daily fines if he doesn’t make the payment: Bankruptcy judge

New York /
May.May 30, 2017 10:30 AM

James Lomma, whose crane collapsed at an Upper East Side condominium development and killed two people in 2008, was ordered to pay $1.5 million into an escrow account or face fines for breaching a bankruptcy-court order.

Lomma — the self-described “King of Cranes” — filed for Chapter 11 Bankruptcy in January last year, days after he was ordered to pay $96 million to the families of men killed at the Azure condo construction site. The machine’s operator, Donald Leo and laborer Ramadan Kurtaj, 27, both died when the crane collapsed. A Manhattan jury found Lomma 61 percent liable and his firm 39 percent liable for the 2008 accident.

Lomma Had Been Ordered By Brooklyn Bankruptcy Court judge Carla Craig to put the earnings from renting out his hundreds of cranes into an escrow account until an appeal of the verdict was final, the New York Post reported. However, according to the newspaper, Lomma was caught funneling the money back into the company. He now must put $1.5 million into the account by June 9, or will face paying $10,000 in daily fines.

At the hearing last week, Lomma claimed he didn’t realize the money was going back into the firm until it was too late. However, Craig said there was “ample records” to support he was in contempt of the confirmation order.

“Whether he knew what was happening when the money came in or not, it was his business to keep on top of that,” she said, according to the Post.

Last year, Lomma refused to sell his $4.6 million airplane to pay a portion of the $96 million verdict against him.
[NYP]Miriam Hall


Related Articles

arrow_forward_ios
Joan Collins and 110 East 57th Street #8EFG (Getty, BHS)

Soap star Joan Collins lists longtime Midtown pied-à-terre

Soap star Joan Collins lists longtime Midtown pied-à-terre
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
Nir Meir Asks Court to Stop Eviction (Google Maps)

Nir Meir seeks to throw out Hamptons ejection suit

Nir Meir seeks to throw out Hamptons ejection suit
Robert Frank with 1021 Park Avenue and Ben Lambert with 28 Laight Street (Getty, Google Maps)

Who’s buying and selling Manhattan homes? Last month’s notable deals

Who’s buying and selling Manhattan homes? Last month’s notable deals
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...