Lauderdale marina files for bankruptcy protection - Trade Only Today

Lauderdale marina files for bankruptcy protection

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Plans for a dockominium at a Fort Lauderdale marina are now in bankruptcy court.

The Fort Lauderdale BoatClub Ltd. filed Thursday for Chapter 11 bankruptcy protection, declaring $13.5 million in assets and $10.3 million in liabilities, according to the South Florida Business Journal.

The marina, formerly known as Jackson Marine, was bought by a group of investors for $16 million in 2006 with the idea of selling the boat spaces.

The project is in receivership after Jacksonville-based EverBank filed a foreclosure lawsuit in August 2011 over a mortgage last modified at $11 million.

Edward Ruff, the principal of the borrower and Naples, Fla.-based BoatclubsAmerica, signed the bankruptcy petition.

The bankruptcy attorney is Barry P. Gruher of Genovese Joblove & Battista.

Among the local creditors is the Miami-based law firm Bilzin Sumberg Baena Price & Axelrod, with a disputed claim of $150,023, the newspaper reported.

The 12-acre site was approved for 330 dry slips, 14 executive offices, 14 garages for storage and a boatyard. National Liquidators, which seizes boats from delinquent owners and auctions them, has since used the site.

Gross income for the project, as listed on the bankruptcy filing, was $2.1 million in 2010; $2 million in 2011; and $1.1 million in 2012 to date.

The receiver is Margaret Smith, a Miami-based principal at the GlassRatner Advisory & Capital Group.

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