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Accountant hoping to resolve case soon

Accountant Philip Galanis is hoping to”soon”resolve an issue related to a default judgment for$150,000 entered against him in a Florida court,Guardian Businesscan confirm.

Galanis, themanaging partner of HLB Galanis&Co, was named in the latest OffshoreAlert report for the very same case. He said while the news was”old”regarding the default judgment in regards to a guarantee for real estate construction loans in default, he was about to make some”new”moves on the judgment.

“I’m working on that now and a few other things locally,”he told Guardian Business yesterday, following the release of the financial report.”This is really old news, this goes back to last year.

“But I hope to get this cleared up as quickly as possible[and]at the end of the day, I am absolutely convinced that it is going to get resolved and resolved favorably.”

According to the report, the judgment was entered in favor of plaintiff Cordell Funding LLLP at the U. S. District Court for the Southern District of Florida on October 22, 2010.

The plaintiff claimed damages in excess of$8.2 million regarding two loans totaling$4 million that were made to North Andros Assets Ltd., a Bahamas corporation of which Galanis appears to have been president, director and shareholder, according to the complaint.

“Cordell Funding was initially seeking compensatory damages of$4 million, plus interest at a contracted/default rate of 20 percent per annum from October 10, 2006, a late fee of 5 percent and attorneys’fees and costs, from Galanis in Florida but later reduced the amount to$150,000 due to concerns it would jeopardize related legal action taking that is ongoing at Bahamas Supreme Court”, noted the report.

It also detailed that the Florida complaint was filed on February 16, 2010 and that Galanis initially hired attorney Kenneth Louis Minerley, who specializes in construction law, to represent him. However, Minerley soon successfully petitioned the court to withdraw as Galanis’counsel, citing”irreconcilable differences”between him and his client.

“When granting Cordell Funding’s motion for a default judgment, U. S. District Judge Daniel T. K. Hurley, noted that Galanis had failed to answer the complaint”despite having requested and received an extension of time within which to do so”, noted the report.

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