1 

LAW OFFICES OF MELAND RUSSIN & BUDWICK, P.A. 

3200 SOUTHEAST FINANCIAL CENTER, 200 SOUTH BISCAYNE BOULEVARD, MIAMI, FLORIDA 33131 • TELEPHONE (305) 358-6363 

UNITED STATES BANKRUPTCY COURT 

SOUTHERN DISTRICT OF FLORIDA 

FORT LAUDERDALE DIVISION 

www.flsb.uscourts.gov

In re: Chapter 11 

COSTA HOLLYWOOD PROPERTY OWNER, LLC1

 Case No. 19-22483-RBR 

 

 Debtor. 

 _________/ 

CHAPTER 11 CASE MANAGEMENT SUMMARY 

In compliance with Local Rule 2081-1(B), the Debtor-in-Possession, Costa Hollywood 

Property Owner, LLC, (the “Debtor”), files this Chapter 11 Case Management Summary and 

states: 

The following data represents approximations for background information only and the 

information represents the Debtor's best estimate in response to some of the ensuing questions. 

1. Date of Order for Relief under chapter 11 (filing date of petition if voluntary 

chapter 11 petition): September 19, 2019. 

2. Names, case numbers and dates of filing of related debtors: None. 

3. Description of debtor's business: The Debtor is a Delaware limited liability 

company authorized to do business in Florida which developed a condominium hotel project 

commonly known as “Costa Hollywood Beach Resort” located at 777 North Ocean Drive, in 

Hollywood, Florida (the “Condo-Hotel”). The Condo-Hotel contains 307 residential units, 15 

commercial units, and 1 Shared Facilities Unit and related improvements. The Debtor (i) owns 

43 residential units, 9 commercial units and 1 Shared Facilities Unit (ii) controls the 

 

1

 The Debtor’s current mailing address is 777 North Ocean Drive, Hollywood, FL 33019. The Debtor’s EIN is 47-

4883778. 

Case 19-22483-SMG Doc 16 Filed 09/26/19 Page 1 of 11
2 

LAW OFFICES OF MELAND RUSSIN & BUDWICK, P.A. 

3200 SOUTHEAST FINANCIAL CENTER, 200 SOUTH BISCAYNE BOULEVARD, MIAMI, FLORIDA 33131 • TELEPHONE (305) 358-6363 

Condominium Association2 and shares common operating expenses with the Condominium 

Association,3

 and (iii) has established a rental management program pursuant to which the 

Debtor acts as the rental agent for “Third Party Controlled Units”4

 that are under contract for the 

“Rental Management Program” from time to time, and for the Owner Controlled Units. All units 

within the Rental Management Program are operated as hotel rooms in the Costa Hollywood 

Beach Resort.

4. Locations of debtor’s operations and whether the business premises are leased 

or owned: The real property known as the Costa Hollywood Beach Resort is located at 777 North 

Ocean Drive, Hollywood, FL 33019. The Debtor owns 43 residential units, 9 commercial units 

and 1 Shared Facilities Unit. Certain third party owners participate in the Rental Management 

Program which the Debtor manages. 

5. Reasons for filing chapter 11: The Debtor filed this Chapter 11 proceeding to 

effectively and efficiently facilitate a sale of substantially all of the Debtor’s assets in order 

maximize the return to creditors through a bankruptcy plan of liquidation.

6. List of officers and directors, if applicable, and their salaries and benefits at the 

time of filing and during the 1 year prior to filing: None. 

7. Debtor's fiscal or calendar year to date gross income and the debtor's gross income 

for the calendar or fiscal year prior to the filing of this petition: 

a) 2019 Hotel Revenue: $4,623,144 plus 

b) 2019 Shared Facilities Revenue: $2,119,770.64 and 

 

2

 Costa Hollywood Condominium Association, Inc. The Debtor is the developer, and the Condominium Association 

has not been turned over to the condominium owners. 

3

 The Condominium Association has its own budget that is paid for by all condominium unit owners, including the 

Debtor as developer. Debtor allows the owners the right to use the “Shared Facilities,” and condominium unit 

owners pay an assessment to use the Shared Facilities. 

4

 The condominium units owned or controlled by third parties (and which are not owned by Owner), from time to 

time. 

Case 19-22483-SMG Doc 16 Filed 09/26/19 Page 2 of 11
3 

LAW OFFICES OF MELAND RUSSIN & BUDWICK, P.A. 

3200 SOUTHEAST FINANCIAL CENTER, 200 SOUTH BISCAYNE BOULEVARD, MIAMI, FLORIDA 33131 • TELEPHONE (305) 358-6363 

c) 2018 Hotel Revenue: $962,210.00 plus 

d) 2018 Shared Facilities Revenue $2,097,892.58. 

8. Amounts owed to various creditors: 

a) Obligations owed to priority creditors including priority tax obligations: 

ad valorem taxes totaling approximately $243,082 and any outstanding Florida 

Department of Revenue sales taxes relating to the operation of the hotel. 

b) With respect to creditors holding secured claims, the name of and amounts 

owed to such creditors and a description and estimated value of all collateral of the 

debtor securing their claims: 

i) 777 N. Ocean Drive, LLC (“Secured Lender”), lien on real 

property, accounts receivable, cash and cash equivalents, owed approximately 

$47,098,757.81 plus interest, collateral value is approximated at $50,525,000; 

ii) Various construction liens on real property described in filed 

Claims of Lien, owed approximately $4MM. 

c) Amount of unsecured claims: approximately $7.3MM including disputed 

claims. 

9. General description and approximate value of the debtor's assets: The Debtor’s 

assets include, among other things, 43 residential units, 9 commercial units and 1 Shared 

Facilities Unit, cash, various personal property, and accounts receivable, with an approximate 

value of $50,525,000. 

10. List of all insurance policies, the property covered under the policy, the name of the 

insurer, the policy number, amount of coverage, whether the premium is current, the date the next 

premium is due and date the policy expires: see attached Exhibit A. 

Case 19-22483-SMG Doc 16 Filed 09/26/19 Page 3 of 11
4 

LAW OFFICES OF MELAND RUSSIN & BUDWICK, P.A. 

3200 SOUTHEAST FINANCIAL CENTER, 200 SOUTH BISCAYNE BOULEVARD, MIAMI, FLORIDA 33131 • TELEPHONE (305) 358-6363 

11. Number of employees and amounts of wages owed as of petition date: None. 

12. Status of debtor's payroll and sales tax obligations, if applicable. This does 

not eliminate the obligation of chapter 11 debtors (other than individuals not engaged in business) 

to provide the more detailed payroll tax information required by Local Rule 2081-1(A): For 

August 2019, sales taxes are estimated to be $19,163.68, and the occupancy tax is estimated to 

be $15,199.48. Both sales taxes and occupancy taxes are due on September 15, 2019. 

13. Anticipated emergency relief to be requested within a few days (First Day 

Motions): 

a) Debtor’s Expedited Motion for Interim (1 Month) Use of Cash Collateral 

Nunc Pro Tunc to September 19, 2019; 

b) Debtor’s Expedited Motion for (A) Authority to (I) Maintain Certain Ban 

Accounts and Continue to Use Existing Business Forms and Checks, and (II) Continue to 

Use Existing Cash Management System, and (A) Waiver of Certain Investment and 

Deposit Guidelines; 

c) Debtor’s Expedited Motion Pursuant to Sections 105(a), 363(b), and 

503(b)(1) of the Bankruptcy Code for Authorization to Honor Certain Prepetition 

Customer Programs; 

d) Debtor’s Expedited Motion for Authorization to (I) Continue Insurance 

Programs and (II) Pay All Insurance Obligations; and 

e) Application of the Debtor for an Order, on an Interim Basis, Authorizing 

the Employment and Retention of Meland Russin & Budwick, P.A. as Attorneys for the 

Debtor and Debtor-In-Possession Nunc Pro Tunc to the Petition Date. 

Case 19-22483-SMG Doc 16 Filed 09/26/19 Page 4 of 11
5 

LAW OFFICES OF MELAND RUSSIN & BUDWICK, P.A. 

3200 SOUTHEAST FINANCIAL CENTER, 200 SOUTH BISCAYNE BOULEVARD, MIAMI, FLORIDA 33131 • TELEPHONE (305) 358-6363 

Dated: September 26, 2019. 

Costa Hollywood Property Owner LLC, 

a Delaware limited liability company 

 By: Costa Hollywood Development Holdings LLC, 

a Delaware limited liability company 

 Its: Manager and Sole Member 

 By: Liberty Grande, LLC 

a Florida limited liability company 

 Its: Sole Member 

By: /s/ Moses Bensusan (e-filed with consent) 

Moses Bensusan 

Its: Manager and Sole Member 

E-filed by: s/ Peter D. Russin 

Peter D. Russin, Esquire 

Florida Bar No. 765902 

prussin@melandrussin.com

MELAND RUSSIN & BUDWICK, P.A. 

200 South Biscayne Boulevard, Suite 3200 

Miami, Florida 33131 

Telephone: (305) 358-6363 -- Fax: (305) 358-1221 

 Proposed Attorneys for Debtor-in-Possession

Case 19-22483-SMG Doc 16 Filed 09/26/19 Page 5 of 11
6 

LAW OFFICES OF MELAND RUSSIN & BUDWICK, P.A. 

3200 SOUTHEAST FINANCIAL CENTER, 200 SOUTH BISCAYNE BOULEVARD, MIAMI, FLORIDA 33131 • TELEPHONE (305) 358-6363 

CERTIFICATE OF SERVICE

I HEREBY CERTIFY that a true and correct copy of the foregoing was served on 

September 26, 2019, via the Court's Notice of Electronic Filing upon Registered Users set forth 

on the attached Exhibit 1 and via U.S. Mail upon the Master Service List, pursuant to Local 

Rule 2002-1 (H), Designation of Master Service List in Chapter 11 Cases, attached as Exhibit 2. 

s/ Peter D. Russin 

Peter D. Russin, Esquire 

Case 19-22483-SMG Doc 16 Filed 09/26/19 Page 6 of 11
Named Insured Type of Insurance Insurance Carrier Policy Number Policy coverages and limits of liability Term

Costa Hollywood Condominium Association Inc Crime Philadelphia Insurance Companies PCAC001943‐0118 1,000,000 12/19/18 ‐ 12/19/19Cost Hollywood Property Owners LLC Crime Philadelphia Insurance Companies PCAC001945‐0118 1,000,000 12/19/18 ‐ 12/19/19Cost Hollywood Property Owners LLC Directors and officers Philadelphia Insurance Companies PCAP018136‐0118 1,000,000 12/19/18 ‐ 12/19/19Costa Hollywood Condominium Association Inc Directors and officers Philadelphia Insurance Companies PCAP018132‐0118 1,000,000 12/19/18 ‐ 12/19/19Costa Hollywood Condominium Association Inc Equipment Breakdown Travelers BME1‐6N629663‐TIL‐19 100,000,000 05/15/19 ‐ 12/19/19Costa Hollywood Condominium Association Inc Flood National General 0000267661 76,750,000 12/19/18 ‐ 12/19/19Cost Hollywood Property Owners LLC GL Northfield Insurance Company WS150365 2,000,000 (Agg) 1,000,000 Per Oc 12/19/18 ‐ 12/19/19

Cost Hollywood Property Owners LLC Umbrella Allied World National Assurance Company 0311‐5253‐858415 25,000,000 12/19/18 ‐ 12/19/19

Cost Hollywood Property Owners LLC WC PMA Companies 2018010959288Y 500,000 12/19/18 ‐ 12/19/19

Costa Hollywood Condominium Association Inc WC PMA Companies 2018010959296Y 500,000 12/19/18 ‐ 12/19/19

25,000,000 Limit Below

Cost Hollywood Property Owners LLC Property 1 Lloyds LWH002261 5,000,000 12/19/18 ‐ 12/19/19

Cost Hollywood Property Owners LLC Property 1 Lloyds LWH002261 3,000,000 12/19/18 ‐ 12/19/19

Cost Hollywood Property Owners LLC Property 1 Safety Specialty Ins Co SSW001044 6,000,000 12/19/18 ‐ 12/19/19

Cost Hollywood Property Owners LLC Property 1 Lloyds LWH002261 5,000,000 12/19/18 ‐ 12/19/19

Cost Hollywood Property Owners LLC Property 1 GuideOne National Ins Co 550001459 6,000,000 12/19/18 ‐ 12/19/19

25,000,000 in Excess of 25,000,000 below

Cost Hollywood Property Owners LLC Property 2 Lloyds AQS‐181284 18,852,281 12/19/18 ‐ 12/19/19

Cost Hollywood Property Owners LLC Property 2 International Insurance Company of Hannover SE HAQS‐181284 1,772,719 12/19/18 ‐ 12/19/19Cost Hollywood Property Owners LLC Property 2 General Security Indemnity Company of Arizona TR00093911801284 4,375,000 12/19/18 ‐ 12/19/19

32,556,699 in Excess of 50,000,000 below

Cost Hollywood Property Owners LLC Property 3 QBE Specialty Insurance Company AHAR10830‐00 14,417,524 12/19/18 ‐ 12/19/19Cost Hollywood Property Owners LLC Property 3 General Security Indemnity Company of Arizona TR00202181600825 8,139,175 12/19/18 ‐ 12/19/19Cost Hollywood Property Owners LLC Property 3 HDI Global Specialty SE B1180D181015125 10,000,000 12/19/18 ‐ 12/19/19

column, each for its own layer.property coverage layers are those noted in the in the deductible column. The premiums for the deductible for the property coverage is the one noted covered by different insurance companies. The to the full coverage of 82,5556,699. Each layer is Property coverages are divided in 3 layers that add up 

EXHIBIT A

Case 19-22483-SMG Doc 16 Filed 09/26/19 Page 7 of 11
Deductible Debtor's Premium (Incl Taxes and Fees)

2,500 77,831.811,250 78,194.005,000 1,635.001,000 4,863.001,000 2,210.001,000 1,298.001,000 1,298.00

0 9,375.00

706706

10000 AOP 5% CYHD 198,819.16

38,883.2376,719.00

Case 19-22483-SMG Doc 16 Filed 09/26/19 Page 8 of 11
EXHIBIT 1 

Electronic Mail Notice List

The following is the list of parties who are currently on the list to receive email notice/service 

for this case. 

 Michael P Dunn michael.dunn@dunnlawpa.com, 

rbasnueva@dunnlawpa.com;joel.knee@dunnlawpa.com;mzucker@dunnlawpa.com 

 Jerold C Feuerstein jfeuerstein@kandfllp.com, 

litigation@kandfllp.com;rcappiello@kandfllp.com;skossar@kandfllp.com 

 Andrew V Layden alayden@bakerlaw.com, 

orlbankruptcy@bakerlaw.com;cmartin@bakerlaw.com 

 Office of the US Trustee USTPRegion21.MM.ECF@usdoj.gov 

 Alexis S Read alexis.read@dunnlawpa.com, asr@alexisreadlaw.com 

 Humberto E Rivera humberto@hriveralaw.com, 

G61034@notify.cincompass.com;humberto@ecf.courtdrive.com;documents@prodoxpre

p.com 

 Victor K Rones vrones@victorkronespa.com, jrones@victorkronespa.com 

 Peter D. Russin prussin@melandrussin.com, 

ltannenbaum@melandrussin.com;mrbnefs@yahoo.com;prussin@ecf.courtdrive.com;ltan

nenbaum@ecf.courtdrive.com;phornia@ecf.courtdrive.com 

Case 19-22483-SMG Doc 16 Filed 09/26/19 Page 9 of 11
Office of The United States Trustee 

51 SW First Avenue 

Room 1204 

Miami, FL 33130 

HVAC Associates, Inc. 

PO Box 1355 

Pompano Beach, FL 33061 

Costa Hollywood Property Owner, LLC 

777 North Ocean Drive 

Hollywood, FL 33019 

Italkraft LLC 

2900 NW 77 Ct 

Doral, FL 33122 

Lenny's Cleaning, Painting 

& Waterproofing, Inc. 

10040 NW 46 St 

Fort Lauderdale, FL 33351 

Tropic Fire Protection, Inc. 

922 SW 36th Ave 

Boynton Beach, FL 33435 

United Leasing, Inc. 

PO Box 5089 

Evansville, IN 47715 

777 N. Ocean Drive, LLC 

520 Madison Ave 

New York, NY 10022 

777 N. Ocean Drive, LLC 

c/o Jerold C. Feuerstein 

Kriss & Feuerstein LLP 

360 Lexington Ave #6502 

New York, NY 10017 

Baker Concrete Construction, Inc. 

5555 Anglers Ave, Suite 1A 

Fort Lauderdale, FL 33312 

Beauchamp Construction Co Inc. 

c/o Benjamin K. Artzt 

2100 Ponce de Leon Blvd, Ste 825 

Coral Gables, FL 33134 

Design Engineering Group, LLC 

c/o Harvey, F William, Esq. 

5402 Red Cypress Lane 

Fort Lauderdale, FL 33319 

Internal Revenue Service 

P.O. Box 7346 

Philadelphia, PA 19101-7346 

Internal Revenue Services 

Insolvency Unit 

7850 S.W. 6th Court 

Mail Stop 5730 

Plantation, FL 33324 

Victor K. Rones, Esq. 

Attorney for Costa Investors LLC, Creditor 

16105 NE 18th Avenue 

North Miami Beach, FL 33162 

La Cuisine Intl Distributors, Inc. 

2005 NW 115 Ave 

Miami, FL 33172 

Centrada Solutions, LLC 

5010 Riverside Drive 

# 300 

Irving, TX 75039 

Cielo Restaurant LLC 

777 N Ocean Dr 

# SF 

Hollywood, FL 33019 

Mr. Glass Doors & Windows Inc. 

8120 NW 84 St. 

Miami, FL 33166 

National Fire Protection, LLC 

3125 W Commercial Blvd 

# 200 

Ft Lauderdale, FL 33309 

Pablo Haeffner & Rita Cassia DaSilva 

c/o Alexander M. Turner, Esq. 

Law Offices of Alexander M. Turner 

317 Seventy First St 

Miami Beach, FL 33141 

D-Essentials Inc. 

218 S Dixie Hwy 

Hallandale, FL 33009 

FA Development and Real Estate 

343 Commercial Street 

#212 

Boston, MA 02109 

General Caulking & Coatings Co., Inc. 

101 NW 176 St 

Mami, FL 33169 

Gustavo Carlos Lescovich Ramos 

Parada 6 de la Brava 

Edif Icon Bravia Depto #707 

Punta del Este 

URUGUAY 

Hyvac, Inc. 

312 S Military Trail 

Deerfield Beach, FL 33442 

JM Plastering, Inc. 

16333 NW 84 Ave 

Hialeah, FL 33015 

Poma Construction Corp. 

2049 SW Poma Dr 

Bldg#1 

Palm City, FL 34990 

Renacer LLC 

444 Brickell Ave 

Suite 828 

Miami, FL 33131 

Ruben Eduardo Reyes Herrera 

c/o Thomas R. Shahady 

Shahady & Wurtenberger, P.A. 

7900 Peters Rd, Ste B-200 

Fort Lauderdale, FL 33324 

EXHIBIT 2

Case 19-22483-SMG Doc 16 Filed 09/26/19 Page 10 of 11
SOS Security LLC 

PO Box 6373 

Parsippany, NJ 07054 

Stones Unlimited, LLC 

2114 SW 60 Way 

Miramar, FL 33023 

Unlimited Electrical Contractors 

3500 Park Central Blvd N 

Pompano Beach, FL 33064 

Andrew V. Layden, Esq. 

Baker & Hostetler LLP 

200 S. Orange Ave. 

SunTrust Center, Suite 2300 

Orlando, FL 32801-3432 

KRISS & FEUERSTEIN LLP 

Jerold C. Feuerstein, Esq. 

360 Lexington Avenue, Suite 1200 

New York, New York 10017 

Michael P. Dunn, Esq. 

Alexis S. Read, Esq. 

Dunn Law P.A. 

66 W. Flagler Street, Ste. 400 

Miami, FL 33130 

Case 19-22483-SMG Doc 16 Filed 09/26/19 Page 11 of 11