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. In advertising, marketing diversity needs a boost in Tampa Bay, nationally

    Business

    TAMPA — Trimeka Benjamin was focused on a career in broadcast journalism when she entered Bethune-Cookman University.

    From left, Swim Digital marketing owner Trimeka Benjamin discusses the broad lack of diversity in advertising and marketing with 22 Squared copywriter Luke Sokolewicz, University of Tampa advertising/PR professor Jennifer Whelihan, Rumbo creative director George Zwierko and Nancy Vaughn of the White Book Agency. The group recently met at The Bunker in Ybor City.
  2. Tampa Club president seeks assessment fee from members

    News

    TAMPA — The president of the Tampa Club said he asked members last month to pay an additional assessment fee to provide "additional revenue." However, Ron Licata said Friday that the downtown business group is not in a dire financial situation.

    Ron Licata, president of the Tampa Club in downtown Tampa. [Tampa Club]
  3. Under Republican health care bill, Florida must make up $7.5 billion

    Markets

    If a Senate bill called the Better Care Reconciliation Act of 2017 becomes law, Florida's government would need to make up about $7.5 billion to maintain its current health care system. The bill, which is one of the Republican Party's long-promised answers to the Affordable Care Act imposes a cap on funding per enrollee …

    Florida would need to cover $7.5 billion to keep its health care program under the Republican-proposed Better Care Reconciliation Act of 2017.  [Times file photo]
  4. Amid U.S. real estate buying binge by foreign investors, Florida remains first choice

    Real Estate

    Foreign investment in U.S. residential real estate recently skyrocketed to a new high with nearly half of all foreign sales happening in Florida, California and Texas.

    A National Association of Realtors annual survey found record volume and activity by foreign buyers of U.S. real estate. Florida had the highest foreign investment activity, followed by California and Texas. [National Association of Realtors]
  5. Trigaux: Tampa Bay health care leaders wary of getting too far ahead in disruptive times

    Business

    Are attempts to repeal Obamacare dead for the foreseeable future? Might the Affordable Care Act (ACA), now in dire limbo, be revived? Will Medicaid coverage for the most in need be gutted? Can Republicans now in charge of the White House, Senate and House ever agree to deliver a substitute health care plan that people …

    Natalia Ricabal of Lutz, 12 years old, joined other pediatric cancer patients in Washington in July to urge Congress to protect Medicaid coverage that helped patients like Ricabal fight cancer. She was diagnosed with Ewing's sarcoma in 2013 and has undergone extensive treatments at BayCare's St. Joseph's Children's Hospital in Tampa. [Courtesy of BayCare]