At the end of last week, I explained how Miami could possibly get back some money from Jeffrey Loria by filing an accounting suit and seeking to freeze the $50 million still escrowed from the sale of the club. On Friday, Miami-Dade County did exactly that, asking for Loria to explain his “fuzzy math” and asking the court to freeze the escrowed monies.
It’s still not terribly likely that Miami-Dade gets back anything close to its investment, although there is a good chance that the County could get something. And depending on what the protective order in this case looks like, it’s possible that Jeffrey Loria could be compelled to open his books.
Sheryl Ring is a litigation attorney and General Counsel at Open Communities, a non-profit legal aid agency in the Chicago suburbs. You can reach her on twitter at @Ring_Sheryl. The opinions expressed here are solely the author's. This post is intended for informational purposes only and is not intended as legal advice.