Regions Bank gets control of Treasure Island Tennis & Yacht Club - Business First of Buffalo:

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Judge Caryl E. Delanl of the ’s Middle Distric t of Florida, approved a plan Wednesday that would turn over the Treasure Island Causeway clubto . Keys are expectexd to be turned over by the end of the day The changing of hands was part of a revised reorganization plan filed in March by theTennizs & Yacht Club following its Chaptee 11 bankruptcy. “The court’s ruling today provides a mechanism for a distincgt bank subsidiary to take total ownership of all club assets in a manner thatis faster, less expensive and leasgt intrusive to the operation” of the said John Anthony of , who represented Regionas Bank in the bankruptcy, in a The takeover will allow Regions Bank to markeft the 17 waterfront acres to potential Anthony said.
When the Tennis & Yacht Club filed for bankruptcy, it reportexd assets and liabilitiesbetween $1 million and $10 million. The club’s largest unsecured creditor last October was of Palmettfor $13,502. However, the club owed Regions Bank as muchas $9.5 which owned the mortgage on the property. The club issuerd taxable variable rate demand bondsfor $6 million througb Regions Bank in September 2005 to help finance constructioj on a new clubhouse, which was completedc in early 2008. The club issued a second bond in Marcyh 2006for $1 million and a third in April 2007 for $1.8 million. Regions Bank provided letters of credifor both, according to court documents.
The Tennis Yacht Club paid its principal on the debt in October but its efforts to have Regions Bank restructure the loan were forcing the clubinto bankruptcy. Employeee at the club are expected to remaihn on the payroll during the and scheduledactivities — includinbg this weekend’s Fourth of July event will continue as planned, Anthony said. The Tennis Yacht Club was founded in 1986 and as of its bankruptcy filing had450 members, according to court documents.