Income: $14,000 a year ... or $50,000 a month?
Paul W. Nochumowitz declared in his bankruptcy filing that he made $14,000 a year. Bankruptcy trustee George Liebmann said that sounded a bit off to him. He alleged that the ground rent owner was actually making $50,000 -- a month.
Fred Schulte reports today the newest twist in the saga that started with ground rent: that Nochumowitz "has agreed to a $1.53 million settlement of a lawsuit that accused him of living lavishly from ground-rent income while claiming he was too poor to compensate former tenants harmed by exposure to lead paint."
Liebmann said most of the money would be divided among more than a dozen families suing Nochumowitz and a business partner, alleging lead paint poisoning of their children during the 1990s. The money will be paid by Nochumowitz, the business partner, and members of their families.
