Freehold, NJ – A federal judge appointed a broadly experienced trustee to oversee the bankruptcy reorganization of Solomon Dwek's half-billion dollar property empire.
Charles A. Stanziale Jr., who is currently representing Trump Hotels & Casino Resorts in its own $2 billion bankruptcy reorganization, will manage and sell off Dwek's holdings for the U.S. Bankruptcy Court.
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Dwek owns some 350 properties in seven states. His assets were frozen last May by a state Superior Court judge upon the request of PNC Bank, which had allowed Dwek to deposit a bogus $25 million check in its Eatontown branch.
But because Dwek has not been judged or convicted of fraud in court, Ferguson appointed the trustee under a statute that allows a trustee merely because it is in the interest of Dwek's creditors.
"He's got a lot of experience, and he's capable of doing this job," said PNC lawyer Peter A. Forgosh.
"I think he's a great choice," said Dwek's lawyer, Timothy P. Neumann. [APP]