Aventura Hotel Properties & Triptych Miami Holdings Seek to Recover $13 Million Allegedly Paid From Debtor’s Assets To QR Triptych & JQ Real Estate
June 15, 2021, Southern District of Florida – Debtors Aventura Hotel Properties, LLC (“AHP”) and Triptych Miami Holdings, LLC (“TMH”) sued Defendants QR Triptych, LLC and JQ Real Estate, LLC (“JQRE”) to avoid “transfers worth $13 million” according to Section 544 of the Bankruptcy Code and Section 726.105(1)(b), Florida Statutes. Specifically, the Debtors sought the return of :
- $2.2 million allegedly transferred by Debtor AHP to Defendant JQRE (an entity related to QR Triptych and to which the Debtors were supposedly not indebted);
- $3 million allegedly transferred by Debtor AHP to Defendant QR Triptych on account of its equity in Debtor TMH; and
- $8.2 million subordinated mortgage incurred allegedly in favor of Defendant QR Triptych in exchange for nothing of value to Debtor AHP
The Debtors also object to Defendant QR Triptych’s filed proof of claim and seek mandatory and equitable subordination. The Debtors allegedly seek to advance the fair and equitable administration of their bankruptcy estates by avoiding certain “inequitable transactions made for the benefit” of Defendant QR Triptych – a former equity investor in Debtor TMH.
The Debtors/Plaintiffs request entry of judgment against the Defendants determining that the “transfers that occurred within four (4) years of the petition date” are avoidable under § 726.105(1)(B), Florida Statutes. The Plaintiffs argued that the Debtors “did not receive reasonably equivalent value” in exchange for the said transfers. Therefore, the Plaintiffs contend that per 11 U.S.C. §§ 544 and 548, the recovery of the property for the benefit of the estate must be authorized to the extent the respective transfers are avoided under 11 U.S.C. § 548. The Plaintiffs further request the entry of a judgment subordinating Defendant QR Triptych’s allowed claim to the claims of all unsecured creditors and the same priority of claims of equity security holders under section 510(b) of the Bankruptcy Code and for such other and further relief as the Court deems just and proper. Besides, the Debtors urges the Court to enter an order, allowing the return of those amounts in which Defendant was “unjustly enriched” through the process of disgorgement or any other appropriate remedy. The Plaintiffs also seek determination regarding the validity, priority, and extent of liens, security interests, or other claims
Aventura Hotel Properties LLC, along with parent company Triptych Miami Holdings LLC, filed Chapter 11 in U.S. Bankruptcy Court in Miami on March 12, 2021. The case is In re Aventura Hotel Properties, LLC, Triptych Miami Holdings, LLC, jointly administered under Case No. 21-12374-BKC-RAM in the United States Bankruptcy Court for Southern District of Florida. Genovese Joblove & Battista, P.A. is representing the Plaintiffs in the bankruptcy case.