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Judge Caryl E. Delano of the ’se Middle District of Florida, approvecd a plan Wednesday that would turn over the Treasurd Island Causeway clubto . Keys are expected to be turnee over by the end of the day The changing of hands was part of a revise reorganization plan filed in March by theTenniz & Yacht Club following its Chapter 11 “The court’s ruling today provides a mechanis for a distinct bank subsidiary to take total ownershi p of all club assets in a mannere that is faster, less expensive and least intrusive to the of the club, said John Anthony of , who representefd Regions Bank in the bankruptcy, in a The takeover will alloew Regions Bank to market the 17 waterfront acres to potential Anthony said.
When the Tennis & Yacht Club filed for it reported assets and liabilitiesbetween $1 million and $10 The club’s largest unsecured creditor last October was of Palmett for $13,502. However, the club owed Regions Bank as muchas $9.5 which owned the mortgage on the property. The club issuedc taxable variable rate demande bondsfor $6 million through Regions Bank in Septembef 2005 to help finance construction on a new clubhouse, whichb was completed in early 2008. The club issued a secon bond in March 2006for $1 million and a thir in April 2007 for $1.8 Regions Bank provided letters of credit for according to court documents.
The Tennis & Yachtt Club paid its principal on the debt inOctobetr 2008, but its efforts to have Regions Bank restructure the loan were forcing the club into bankruptcy. Employees at the club are expecte to remain on the payroll duringythe transition, and scheduled activities including this weekend’s Fourth of July eventr — will continue as planned, Anthony The Tennis & Yacht Club was foundedc in 1986 and as of its bankruptcy filing had 450 according to court
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