A year long struggle just got the happy ending it deserved. After going through a year long chapter 11 bankruptcy process over seen by Bruner Wright P.A., Larry and Caroline Maddren, owners of popular Apalachicola landmarks Boss Oyster, Apalachicola River Inn, and Caroline’s River Dining finally got the best case scenario they deserved! In a five page order passed down June 25 by the chief bankruptcy Judge for the Northern District of Florida, the businesses were sold in a deal that benefits everyone involved. The Judge allowed an investment group, Preferred Coastal Properties headed by realtor Zach Ferral to purchase the group of properties from the couple and as a result resolve them of the mortgage debt as well.
The properties combined totaled a sales price of around $1.7 million, which also includes prime waterfront space between the purchased properties as well. The $1.7 million helps to cover the properties combined, overall debt of $1.6 million, as well as satisfying $952,000 in debt owed by Boss Oyster Inc plus back owed taxes as well. The remaining funds were able to be allocated to attorney costs, unsecured debts, and trustee’s fees, taking a gigantic load and stress off of Larry and Caroline and giving them room to breath again without the constant worry of debt!
The couple also received a number of other positive benefits from having Bruner Wright P.A. handle their case! The buyer of the commercial properties is a local with strong links to the community. Already there is news of planned renovations across all the properties which will no doubt help to bring business and tourism to the area! On top of this, Larry and Caroline were kept on to help with the renovations and breath new life back into the area! Thanks to Bruner Wright P.A.’s experience and knowledge of the area, the chapter 11 bankruptcy process had a best case scenario result! This is a common trend when working with Bruner Wright, allow our firm the opportunity to bring similar results for you! Contact us today, we believe a communicative, accessible attorney should be the norm! We would love to answer all and any questions!