Antaramian in the Battle of the Bulge | James Pat Guerréro

The continuing saga of Jack Antaramian involving Naples Bay Resort in Naples, Florida, is as follows. The new picture captures Regions Bank, which had foreclosed on the resort in February 2011; Fifth Third Bank, which recently lent Antaramian a loan during the economic downturn; and Basil Street Partners LLC, which were his partners in the project.

Both Basil Street Partners and Fifth Third Bank filed lawsuits in Collier County Court against Antaramian for bank fraud. Recently, Antaramian had foreclosed on the 20-acre property. Apparently, this foreclosure action led to a claim by Fifth Third that he “cheated other investors out of millions of dollars.”

Fifth Third claims that Antaramian falsely misrepresented that the clubhouse used as collateral for a $4 million loan had no liens or claims on it by other creditors.

Last year the lead lender, Regions Bank, foreclosed on the western and eastern Naples Bay Resort properties after Antaramian and his partners defaulted on a $36 million mortgage.

But Antaramian purchased the note from Regions Bank for a discounted $8.7 million to settle the foreclosure. Then he returned to foreclose on the properties to collect from his partners.

But Fifth Third claims that its mortgage has superiority on the note now owned by Antaramian, and he has no right to foreclose on it.

Antaramian’s partners who formed Basil Street Partners LLC are “Fred Pezeshkan, president and CEO of Manhattan Kraft Construction, a general contractor in Naples, and foreign investors Iraj Zand and Raymond Sehayek.”

Iraj Zand and Raymond Sehayek have filed separate lawsuits in Collier County Court against Antaramian over other projects including the Naples Bay Resort. They paid $1 million “entry fee” as part of investment into his projects. Most of their allegations include breach of fiduciary duties, breach of contract, unjust enrichment, fraud and civil theft.

To make a long story short, the mortgage by Regions Bank was paid off too early to satisfy the other investors. There were other delays with regard to the condominium documents. Antaramian appears to be in the battle of the bulge in a combination of bank and investor mishandling of funds and fraud.

Read More: Fraud alleged in court cases involving Naples Bay Resort, Jack Antaramian » Naples Daily News.

Antaramian’s Forclosed Resort Development | James Pat Guerréro

Naples, FL: The question arises. Jack Antaramian, a Naples resort developer, sued Manhattan Kraft Construction, Inc., the contractor, to audit the accounting records on the Naples Bay Resort project that came in over budget and over time and, finally, went into foreclosure. The question is what is Jack Antaramian’s family partnership, Antaramian Family LLC, have to do with this demand.

The defense attorney claims that Antaramian Family LLC is not a party to the contract. Who were the parties to the contract? Yet, Antaramian gets to audit the records by an outside agreement?

The two parties in the lawsuit were set for a hearing before a Collier County Circuit Court judge, but it was cancelled. Antaramian said right away he’s hiring PricewaterhouseCoopers LLP to review and audit the financial records.

According to the lawsuit, the guaranteed maximum price was $58.9 million but $64.9 million was paid. That equates to $6 million in change orders according to the defense attorney.

Antaramian seeks answers from the audit to determine whether the lawsuit should proceed to claim for damages due to a breach of contract for not completing the project on time.

Meanwile, another Naples development goes down under in an unstimulated construction economy.

Read More: Antaramian wins battle to see accounting records on Naples Bay Resort project » Naples Daily News.