Three creditors of Latitude 360 Inc., which closed down its dining and entertainment venues last year, filed an involuntary Chapter 11 bankruptcy petition against the company this week seeking to recover money owed.
Jacksonville-based Latitude 360 has been basically out of business since closing its venues in Jacksonville and Indianapolis in January 2016 and its Pittsburgh venue in March.
The petition was filed on behalf of TBF Financial LLC, which said in court documents it is owed $68,955; Dex Imaging Inc., owed $207,292; and the N. Robert Ellison trust, owed $33,698.
Documents also said there are eight pending court judgments against Latitude 360, including claims by the three petitioners.
The petition was filed in U.S. Bankruptcy Court for the Middle District of Florida in Jacksonville by H. Timothy Gillis of Gillis Way & Campbell, representing TBF and Dex, and Allen Wulbern of Smith Hulsey & Busey, representing the trust.
The creditors filed a motion to appoint a trustee to oversee the Chapter 11 to take control of the business, but that motion acknowledges there is little left of the company.
“Upon information and belief, there remains no personal property of the Debtor left to liquidate and the assets of the estate shall consist of a derivative action the Trustee is entitled to bring against Debtor’s board of directors for breach of their fiduciary duties to Debtor’s shareholders and creditors,” it said.
A Texas-based company called Main Event Entertainment filed plans in September to renovate and move into the former Latitude 360 venue at 10370 Philips Highway, near The Avenues mall.
The city issued a permit for $4 million in renovations to the 46,000-square-foot structure. The building is owned by an affiliate of EPR Properties, of Kansas City, Mo.
EPR evicted Latitude 360 from the property last year and is one of the eight creditors with judgments pending against the company, owed $5.938 million.
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