Claudio Osorio and his Wife file Chapter 11 bankruptcy
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Miami Beach businessman files bankruptcy


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Miami Beach businessman files bankruptcy

Following multiple lawsuits related to their failed business venture, Miami Beach businessman Claudio Osorio and his wife have filed for Chapter 11 bankruptcy.

According to the Miami Herald, the couple lists $35 million in assets and $13.5 million in liabilities on their bankruptcy petition. They also claim to have no steady income and monthly bills totaling $71,000.

InnoVida, the business venture that prompted many lawsuits against the couple, was launched in 2005 as a manufacturer of prefabricated resin walls for affordable housing, the news provider reports. Osorio lost control of his company earlier this month, the South Florida Business Journal reports, amid allegations that he and his wife misappropriated investor funds to finance their extravagant lifestyle.

Some lawyers behind the civil complaints against the couple have claimed that the assets listed in the couple's petition may not have the stated value - some claim that the $20 million in InnoVida stock listed as an asset on the petition is actually worthless, as the company is no longer in operation and has few assets itself. Their home, listed as an asset worth $12 million, is actually heavily mortgaged and has been assessed to be worth much less than that, public records reportedly indicate.

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