Corporate Report

Corporate Report

Shutts & Bowen opens

first Gulf Coast office

With plans of becoming the go-to law firm in Florida, Shutts & Bowen LLP has opened its first Gulf Coast office in Tampa and recruited bankruptcy specialist Rob Soriano from Carlton Fields PA, where he worked for more than two decades.

The Shutts & Bowen job was too good an opportunity to pass up, says Soriano, who also cited the recent drop in bankruptcy filings as part of the reason for the move. He says he intends to diversify his practice, which is easier to do at Shutts & Bowen.

"The golden age of bankruptcy litigation is over," says Soriano, who was head of the bankruptcy creditors' rights practice at Tampa-based Carlton Fields. Soriano will still specialize in bankruptcy and out-of-court restructurings, but he'll also be involved in other commercial litigation.

Soriano served as primary bankruptcy counsel in the recent $500 million Chapter 11 restructuring of Tampa-based Anchor Glass Container Corp., which emerged from bankruptcy in April. He also represented the secured lenders in the Chapter 11 bankruptcy of General Development Corp. and bank groups in the Chapter 11 cases of Lykes Bros. Steamship Inc., Gardinier Inc., and Prime Motors.

Shutts & Bowen, founded in 1910, now has about 12 lawyers in the Tampa office, with a total of 180 attorneys in Miami, Fort Lauderdale, West Palm Beach, Tampa and Tallahassee, plus locations in Amsterdam and London.

Sarasota insurance provider ordered into rehabilitation

Sarasota-based insurance firm Florida Select Insurance Co. was ordered by the state into rehabilitation as a result of the expiration of its reinsurance, which is insurance for insurance companies; the firm's roughly 70,000 Florida customers won't have their policies cancelled with the process.

Leon County Circuit Court Judge Thomas Bateman ordered the company into rehabilitation June 30. The judge also appointed the Department of Financial Services as receiver for the company. As receiver for a company in rehabilitation, the department steps in to administer the insurer's operations and assets and to help the insurer gain financial strength to continue doing business. The company may continue to write new and renewal business while the department reviews its financial situation.

Yacht Clubs of the Americas

adds more marinas

Fort Myers-based Yacht Clubs of the Americas bought marinas in Tampa, Naples and Key West for about $100 million. The company already owns the Sanibel Harbour Yacht Club. The marinas are being converted to member-owned storage facilities, also known as dockominums or rackominiums.

The company says it will tear down the current facilities and rebuild, a process expected to take about two years.

Yacht Clubs of the Americas founder Steeven Knight calls dockominums the future of the industry. "The mom and pop marina is a thing of the past," Knight says. The best use of the land "dictates that hotels and condominium associations are viable financial uses of the property."

Knight says only a limited number of slips will be offered at each location. Owners will have the use of a full-time dockmaster, 24-hour security and a fuel station, among other amenities.

WCI Communities partners

with Wells Fargo

WCI Communities Inc. and Wells Fargo & Co. have joined together to create WCI Mortgage, a mortgage lender for WCI Communities. The lender will originate, process and fund loans in Florida for the homebuilder's customers. It will also service WCI's Prudential Florida WCI Realty unit, which has more than 58 locations in Florida, including Fort Myers, Naples and Marco Island.

Susan Walker of WCI was named president of the joint venture.

Sykes pays $27 million

for Argentine company

Tampa-based Sykes Enterprises Inc. purchased Centro de Interaccion Multimedia S.A., headquartered in Cordoba, Argentina. Sykes will pay shareholders of the firm, known as Apex, about $27 million, 80% of which will be paid in cash and 20% in stock.

Sykes is a management outsourcing firm, focusing on the communications, technology, financial services, health care and transportation industries.

Apex, which has a similar business strategy, serves clients in Argentina, Mexico, and the United States, with revenues of about $20 million in 2005.

and approximately $25 million for the 12-month period ended June 30. Apex has approximately 2,700 agent workstations providing Spanish and English language support throughout three centers across Argentina.

Chico's FAS hits June

sales record

Fort Myers-based clothing retailer Chico's FAS Inc. reported $153.3 million in sales for June, a company record for the month. Chico's reported $131 million in sales for June 2005, giving the company a 17.1 % increase from a year ago. For the 22 weeks ended July 1, total sales increased 19.3% to $686 million, up from $575 million for the same period a year ago.

JMX opens overseas office

to improve operations

Sarasota-based JMX International Corp. opened an office in Shanghai, China, to monitor the importation of bamboo flooring and molding, along with other products to the United States. JMX recently expanded to the international market by importing bamboo flooring and molding.

JMX International is the parent company of numerous online stores and specializes in handcrafted furniture made by Amish woodworkers in Pennsylvania and Ohio.

Robotics firm teams

up with USF

Fort Myers-based robotics technology firm Innova Holdings signed a deal with the University of South Florida's College of Engineering to work together in research and development projects. The research projects will focus on unmanned ground and aerial robotics, infrared and wireless controls and open-architecture computer systems

ETC...

• Senior Friendship Centers launched a new Web site designed by GravityFree at www.seniorfriendship.com.