The Real Deal Miami

Bankruptcy judge rejects Osorio plan

December 16, 2011 12:15PM

U.S. Bankruptcy Judge Robert Mark has rejected a plan by Claudio Osorio
to reorganize construction firm InnoVida, according to the South Florida
Business Journal. The plan, which would have reorganized Innovida as a
new company, was opposed by several investors. “This plan is not based
on honest information,” said Steven Schneiderman, a lawyer representing
the U.S Trustee’s office. “It is based on what is shown to be a house of
cards.” The ruling came after an SEC attorney said Osorio was under
investigation for potential securities violations. [SFBJ]