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Vero Fashion Outlet woes
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Court records show that the troubled Vero Fashion Outlets creditors may go after owner Irwin Tauber's trust.
In early October the outdoor mall filed for bankruptcy in federal court, a move that halted a foreclosure lawsuit filed by the mall’s creditor, LNV Corp. of Nevada, in Indian River Circuit Court. LNV Corp.’s attorney Kenneth Curtin contends the mall defaulted on a $32 million loan for purchase of the 329,000-square-foot mall in 2007.
Now Curtin has filed a lawsuit asking for money from owner Irwin Tauber and his Tauber Family Trust, Tauber, of Bay Harbor, is a principal owner of the mall west of Vero Beach. The trust according to Curtin is the guarantor of the loan. According to Tauber's wife Laura the trust has been affected by the economic conditions but how much is unknown.
In 2008 the trust was worth $158 million. In the past few weeks, the mall announced the addition of a new tenant and the enlargement of one store. The new store is the Coach Factory Outlet. How the new occupancy will help is also unknown.
The mall is just one of many sad financial stories to hit Florida. You would think at least the discount stores would fair better then high end malls but it does not seem to be the case. It will be interesting to watch how this plays out.
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