Diamond Joe and His Money – Bankrutpcy? Well… it’s Certainly Imaginative…
The following is an article from the Herald Sun of Australia. It is by subscription only and while it has been posted online, we are going to post only a portion.
In pertinent part, Diamond Joe Gutnick sold a home he owned without advising his brother who had been living there for more than a decade. There are allegations that Gutnick still has an interest in the property which we are inclined to agree with. We have and continued to believe that Gutnick is feigning bankruptcy by siphoning off money to other sources, in which he has indirect interests.
It is, in our view, unfortunate that while he was generous to his brother over the last many years, he is leaving his brother homeless to rid himself of assets.
Joe Gutnick taking court action to remove his brother from his home
Abraham Gutnick is fighting eviction from the $1.85m St Kilda East home he has been living in since 2003 with his wife, five children, and 83-year-old mother in law.
The home was owned by Joe who let Abraham live there rent free for more than a decade.
But he sold the home to developers last year without telling Abraham who was then issued with a string of eviction notices.
Questions have been raised about the sale of the property with Joseph now denying any stake in it.
Joe Gutnick launches his campaign for re-election to the Melbourne Football Club board in 2001.
Sources close to Abraham, who broke down in tears in court, say he is on the verge of homelessness.
On Monday, the Victorian Civil and Administrative Tribunal awarded a warrant of possession over the property to Balaclava Heights, a company run by real estate agent David Besser and Renato Spinosa.
Mr Gutnick, who was once worth $300 million, filed for bankruptcy last month.
He claims he has just $16,087 in cash and cash bank deposits, and doesn’t own a car or home, documents filed in support of his bankruptcy state.
He currently has debts of more than $275 million, after a legal dispute with former business partner Indian Farmers Fertiliser Cooperative (IFFCO).