Make us your home page
Instagram

John's Pass property owners headed in different directions

MADEIRA BEACH — Business is looking up for much of John's Pass as one owner at the retail and entertainment complex is poised to emerge intact from bankruptcy. But the owner of another part of the center has had a bankruptcy case thrown out of court and is headed for a foreclosure sale.

J Pass II, which owns about 5,000 square feet on the waterfront, filed for bankruptcy May 20, six days before a scheduled foreclosure sale. A federal judge recently terminated the bankruptcy and authorized Florida Bank to proceed with a foreclosure sale of 112 Boardwalk Place and 124 Boardwalk Place.

Tenants in the space include Eagle Parasail and John's Pass Waverunners.

"That was the tail end of a hotly disputed matter, a very complicated real estate transaction between Florida Bank and the Hartley entities," said Joel Treuhaft, attorney for J Pass II. "We're evaluating our position right now. We may seek a motion for a rehearing. I can see how it looks as a way of keeping a bank from securing its collateral. I can assure you that viewed in another context that is as far from the truth as it can be."

In the bankruptcy filing the business listed assets of $2.6 million and liabilities of $6.5 million. It listed debts with two secured creditors: Florida Bank and Chicago Group Finance of St. Petersburg.

Florida Bank asserted in its motion to dismiss the bankruptcy that Chicago Group Finance is a related entity to J Pass II and that it should not be a secured creditor. Corporate records filed with the state show a David Hartley as an officer of Chicago Group Finance. Public records also show David Hartley and James Hartley share a post office box in St. Petersburg.

Meanwhile, farther down the boardwalk, the Hubbard family is in better financial shape with the February opening of Hooters and the planned opening of the 12,000-square-foot Marine Discovery Center and Aquarium in December 2012.

"We had a great season," said Patricia Hubbard, who manages the property owned by her family business. She hopes a judge will confirm their plan for emerging from bankruptcy in July. It calls for all creditors to be paid off 100 percent. "We're ready to go, we just needed time."

Katherine Snow Smith can be reached at kssmith@sptimes.com or (727) 893-8785.

John's Pass property owners headed in different directions 06/28/11 [Last modified: Tuesday, June 28, 2011 4:30am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. At Menorah Manor, planning paid off during Irma

    Nursing Homes

    ST. PETERSBURG — Doris Rosenblatt and her husband, Frank, have lived in Florida all of their lives, so they know about hurricanes.

    Raisa Collins, 9, far left, works on a craft project as Certified Nursing Assistant Shuntal Anthony holds Cassidy Merrill, 1, while pouring glue for Quanniyah Brownlee, 9, right, at Menorah Manor in St. Petersburg on Sept. 15. To help keep its patients safe during Hurricane Irma, Menorah Manor allowed employees to shelter their families and pets at the nursing home and also offered daycare through the week. The facility was able to accommodate and feed everyone who weathered the storm there. [LARA CERRI   |   Times]
  2. After Irma, nursing homes scramble to meet a hard deadline

    State Roundup

    TALLAHASSEE — Florida's nursing homes and assisted-living facilities find themselves in an unfamiliar place this week — pushing back against Gov. Rick Scott's administration over new rules that require them to purchase generator capacity by Nov. 15 to keep their residents safe and comfortable in a power …

    In this Sept. 13 photo, a woman is transported from The Rehabilitation Center at Hollywood Hills as patients are evacuated after a loss of air conditioning due to Hurricane Irma in Hollywood. Nine have died and patients had to be moved out of the facility, many of them on stretchers or in wheelchairs. Authorities have launched a criminal investigation to figure out what went wrong and who, if anyone, was to blame. [Amy Beth Bennett | South Florida Sun-Sentinel via AP]
  3. Trigaux: How Moffitt Cancer's M2Gen startup won $75 million from Hearst

    Business

    TAMPA — A Moffitt Cancer Center spin-off that's building a massive genetic data base of individual patient cancer information just caught the attention of a deep-pocketed health care investor.

    Richard P. Malloch is the president of Hearst Business Media, which is announcing a $75 million investment in M2Gen, the for-profit cancer informatics unit spun off by Tampa's Moffitt Cancer Center. Malloch's job is to find innovative investments for the Hearst family fortune. A substantial amount has been invested in health care, financial and the transportation and logistics industries.
  4. Three-hour police standoff ends, thanks to a cigarette

    News

    TAMPA — A man threatening to harm himself was arrested by Tampa police on Tuesday after a three-hour standoff.

  5. Another Hollywood nursing home resident dies. It's the 9th in post-Irma tragedy.

    State Roundup

    The Broward County Medical Examiner's office is investigating another death of a resident of the Rehabilitation Center at Hollywood Hills — the ninth blamed on the failure of a cooling system that became a stifling deathtrap three days after Irma hit.

    Carlos Canal, pictured at 47 years old, came to Miami from Cuba in 1960. Above is his citizenship photo. [Courtesy of Lily Schwartz]