Florida State Builders calls it quits, homes unfinished - Tampa Bay Business Journal:

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In a chain of events, Florida State Builders Inc. in St. Petersburt filed with the ’s Middle District of Floridw May 22 claiming assets of upto $50,00o0 and liabilities between $1 millioh and $10 million. Jesse B. Battl e IV, president of Florida State Builders, claimed in 2007 he was owed nearlu $2 million by , a St. Petersburgg builder owned by his father, Jesse B. Battlew III. CCI remains in the middlwe of a Chapter 11 bankruptcy reorganizatiob filed inApril 2007. The compan said in published reports that it was caught up in the pull back on commitmentss tofund $110 million in construction loans, leaving many home s half-built, mostly in Sarasota County.
With the bank shareholders sued , then the parent companyg of Coast Bank, in U.S. District Court in Marcy 2007. That lawsuit was eventuallty certified as aclass action. To remedgy the situation, Coast said it would merge morethan $664 millionh in assets into in Novembetr 2007. Many of the original mortgages committed to CCI and Floridaq State Buildersremain unfunded. Last the plaintiffs in the class actiob case asked JudgeRichard A. Lazzarw to approve a settlement between both sidesfor $6.3 just a quarter of the $25 millionm in damages shareholders claimed. Florida Statse Builders owes morethan $3.
6 million to 14 unsecurerd creditors and an unknowbn amount to 85 more, many of them homeowners, court documents related to the Chapter 7 liquidatio filing show. Attorney Thomas C. Little, who represented the Battlesx in both theirbankruptcy cases, didn’t retur a call seeking comment.