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GunnAllen files for Chapter 11 bankruptcy protection

Shuttered Tampa brokerage firm GunnAllen Financial on Monday filed for Chapter 11 bankruptcy protection.

The filing in U.S. Bankruptcy Court in Tampa lists 595 creditors owed in the range of $10 million to $50 million. GunnAllen also lists estimated assets of between $10 million and $50 million.

The vast majority of creditors are individuals, many of them in Coral Springs. A limited partnership called 5002 West Waters LLC set up in 2004 by GunnAllen's initial principals was by far the largest unsecured creditor, owed $23 million.

The bankruptcy filing had been widely anticipated after GunnAllen was forced to close in March when it couldn't raise enough capital to appease regulators.

For years, GunnAllen had cultivated a reputation as a fast-growing financial firm, aggressively recruiting independent brokers around the country. It was founded in 1996 when Donald Gunn and Richard "Allen" Frueh teamed up to buy and rename Napex Financial Corp.

Tampa entrepreneur John Sykes bought a controlling stake in the company in 2008.

He left in December, later acquiring a slice of GunnAllen called Pointe Capital as the launching pad for a new financial services firm.

GunnAllen files for Chapter 11 bankruptcy protection 04/26/10 [Last modified: Monday, April 26, 2010 9:30pm]
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