Tampa Business & Commercial Law Blog

Last week, TLO LLC filed for Chapter 11 bankruptcy. The data company, which is based in Boca Raton, was founded by Hank Asher and has seen its share of ups and downs. The bankruptcy filing cited $46 million in assets and $109 million in liabilities.

Asher passed away in January and his two daughters took over as co-CEOs. The current president of the company said at the time that TLO was in a "turnaround" stage. Shortly thereafter, the co-CEOs announced in a news release that a financial restructuring was needed.

The 2012 Kelly Cup Champions, The Florida Everblades, are on the market. Peter Karmanos, Jr., the majority owner, will also put the Germain Arena, which is where the Everblades play their home games, up for sale. The team and the arena are expected to sell together instead of in separate sales.

The Everblades were founded in 1994 by Karmanos and a business partner, who passed away in 2008. Every year, the team has been in the playoffs, but last year was the first time they won the championship. The Everblades have had a strong fan base, with home game attendance numbers at the top of the league; however, in the past few years, those numbers have declined.

Officials at Gibraltar Private Bank & Trust, based in Florida, are looking to sell off its business. It is possible that a multiple set of buyers may actually step up to purchase the bank. Gibraltar was originally purchased in 2008 for $93 million. The bank is said to have $1.7 billion in assets.

However, the bank apparently lost $12.6 million in 2011 and $3.9 million in 2012. It is claimed that the bank suffered setbacks due to a number of legal setbacks that have occurred since 2010. Much of the bank's business consists of home mortgages, but it's unclear if problems in the housing market may also have contributed to its losses in recent years.

Atlantic Coast Financial Corp. plan to merge with Bond Street Holdings Inc. will create what is described as the fourth biggest back in Florida. It will have $4 billion in assets, and will open 53 branches along the Florida coast and into Georgia.

It is anticipated that the merger will allow for it to do additional business outside of the South Florida area. The hope is that the merger will bring in additional capital, and that the new bank will provide financing to customers in the Northeast Florida area.