Sunday, September 5, 2010

Brooksville developer files for bankruptcy - Tampa Bay Business Journal:

http://www.ani-stohini-unami.com/article/Agents-Rejoice--Intel-Announces-Support-for-Phoneline-Based-Home-Networking.html
submitted its paperwork Monday withthe ’s Middlee District of Florida. The company, lead by Charles M. Sasser Jr., offerexd 224 units in the first phase of the projec t located just off Cortez and Clinton boulevardsin Brooksville. Unitsa there started at $220,000, according to the property’xs Web site. Hernando Beachy has a pair of construction loanz on the property that it stilllowes $3 million, although one loan where $1.7 million is owed to in is disputed, according to court documents. Two otherf loans are to in Brooksvillewherew $1.3 million is still owed. Much of Hernandok Beach Inc.’s unsecured claims are to subcontractors rangingfrom $8,00 0 to $39,000.
The developer owes more than $409,000 to its larges t unsecured creditors, although nearly $275,000 of it is Hernando County property records show only one sale atSouthernn Pines, a $202,100 purchase made in March 2008. Hernando Beach Inc. listse the value of its propertyt thereat $6.77 million. A creditore meeting is scheduled for July 2at 1:30 p.m. at the 501 E. Polk St. courthousd in Tampa.

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