Latest News
2008 – FIRM CONTINUES TO REPRESENT NUMEROUS REAL ESTATE ENTITIES IN ATTEMPTING TO RESTRUCTURE LOAN OBLIGATIONS OUTSIDE OF COURT
Faced with the continuing problems confronting the real estate segment of the economy, Stichter Riedel continues to represent numerous home builders, developers, and land owners involved in many different types of real estate development, from the construction of single family houses to condominium developments to land development. The firm continues to seek creative solutions that will maximize the value of the real estate holdings for the benefit of all parties while addressing liquidity and cash flow issues that are frequently prevalent in these matters.
SCOTT A. STICHTER RECEIVES THE FLORIDA BAR PRESIDENT'S PRO BONO SERVICE AWARD FOR 2009 - November 26, 2008
The Florida Bar has awarded Scott A. Stichter the Florida Bar President's Pro Bono Service Award for 2009 from the Thirteenth Judicial Circuit. Each year, the Florida Supreme Court and The Florida Bar give special recognition to lawyers who have freely given their time and expertise in making legal services available to the poor. Mr. Stichter was recognized for the time and professional expertise he contributed in making legal representation available to those otherwise unable to afford it. The Florida Bar and the Justices of the Supreme Court of Florida will personally honor all recipients of the award in a ceremony held at on Thursday January 29, 2009 at the Supreme Court Building in Tallahassee.
PUBLICLY TRADED BIO-PHARMACEUTICAL COMPANIES FILE FOR RELIEF UNDER CHAPTER 11 – November 10, 2008
On November 10, 2008, Stichter Riedel filed Chapter 11 Petitions for Accentia Biopharmaceuticals, Inc. and nine subsidiaries, including Biovest International, Inc. Accentia and Biovest are both publicly traded corporations. Accentia has three operating divisions: (i) the Drug Development Division, (ii) the Pharmaceutical Product Consulting Division, and (iii) the Instruments and Cell Production Division.
BANKRUPTCY COURT ENTERS ORDERS APPROVING POST-PETITION FINANCING IN ARLINGTON RIDGE CASES – October 31, 2008
Following a number of hearings, the United States Bankruptcy Court, Tampa Division, entered orders approving two separate post-petition financing facilities sought by the four Debtors in the Arlington Ridge case. The Court approved a $1 million non-priming facility extended by equity holders to provide working capital for the Debtors. The Court also approved a $900,000 priming facility from Wachovia Bank, one of the Debtors’ prepetition lenders, to enable the Debtors to complete construction of approximately twelve homes presently under construction. Wachovia Bank extended the offer as a competing proposal to an independent priming facility obtained by the Debtors.
STEPHEN R. LESLIE LEADS INTERACTIVE DISCUSSION AT TAMPA BAY BANKRUPTCY BAR MEETING - October 15, 2008
Shareholder Stephen R. Leslie led an interactive discussion centered around several factual scenarios at the October 15, 2008 luncheon of the Tampa Bay Bankruptcy Bar Association that was attended by Judges Paskay, Williamson, and McEwen, as well as by numerous members of the Association. His discussion was titled "Hands-on Bankruptcy: Real Problems and Real Solutions."
ATTORNEY ELENA PARAS KETCHUM RECEIVES AV RATING FROM MARTINDALE-HUBBELL - Oct 10,2008
Elena Paras Ketchum, a shareholder with Stichter, Riedel, Blain & Prosser, was awarded an AV Peer Review Rating by Martindale-Hubbell Law Directory. Martindale-Hubbell has published ratings of lawyers continuously since 1868. The AV Peer Review Rating identifies a lawyer with "very high to preeminent" legal ability and "very high" ethical standards. It is the highest rating issued by Martindale-Hubbell.

Martindale-Hubbell's ratings are derived from interviews with members of the bar and the judiciary. The ratings reflect a lawyer’s expertise, experience, integrity and overall professional excellence. The "AV" rating requires a minimum of ten years in the practice of law, and it is a reflection of the high regard in which Ms Ketchum is held by the bench and bar that she received this rating in only her eleventh year of practice. She joins eight other shareholders at Stichter, Riedel who are also "AV" Rated, Don M. Stichter, Harley E. Riedel, Russell M. Blain, Richard C. Prosser, Wanda H. Golson, Charles A. Postler, Scott A. Stichter and Stephen R. Leslie. Thus, nine of Stichter, Riedel's thirteen lawyers, and all who have practiced for at least ten years, have been awarded the highest Martindale-Hubbell rating.
DEVELOPERS OF NORTH FLORIDA ACTIVE RETIREMENT COMMUNITY FILE FOR CHAPTER 11 RELIEF – October 8, 2008
On October 8, 2008, Stichter Riedel filed Chapter 11 Petitions for four entities involved in the development of the Arlington Ridge development consisting of approximately 492 acres of real property located in Lake County, Florida, approximately seven (7) miles south of downtown Leesburg. The Arlington Ridge development is a planned unit development (“PUD”) that will upon completion contain 1,036 residential units (942 single family homes and 94 attached townhouses and villas). The development includes certain amenities, including a 6,289 square foot clubhouse, a 10,189 multi purpose hall, a 1,829 square foot administration building, a 5,133 square foot fitness center, two pools, an 18 hole golf course, a restaurant, a tavern, and an ice cream and coffee shop. All of the Amenities other than the golf course and the pro shop are owned and operated by the Arlington Ridge Community Development District, a public entity created pursuant to the Florida Statutes. The Debtors owed in excess of $40 million to various lenders, including bondholders of the CDD, at the time of filing.
EDWARD PETERSON SPEAKS ON TROUBLED REAL ESTATE AT THE CUMBERLAND SCHOOL OF LAW BANKRUPTCY LAW SEMINAR - October 3, 2008
 Shareholder Edward J. Peterson spoke at the 19th-Annual Bankruptcy Law Seminar sponsored by the Cumberland School Of Law in Birmingham, Alabama, on the subject of "News from the War Zone: Bankruptcy Issues on the Front Lines of the Real Estate Crisis." Other speakers included Bankruptcy Judges Jack Caddell, Benjamin G. Cohen, James J. Robinson, Dwight H. Williams, Jr., Margaret A. Mahoney, Tamara O. Mitchell & C. Michael Stilson. Mr. Peterson was one of four practiticing lawyers selected to speak at the seminar.
BANKRUPTCY COURT CONFIRMS CHAPTER 11 PLAN FOR TAMPA CHANNELSIDE CONDOMINIUM PROJECT– October 1, 2008
On October 1, 2008, the United States Bankruptcy Court for the Middle District of Florida entered an order confirming the plan of reorganization of Towers of Channelside, LLC. The Debtor had filed for Chapter 11 protection in February 2008. The plan featured a restructuring of obligations to a bank group led by Wachovia Bank, which was owed approximately $58 million on the petition date, and to unsecured creditors with claims of approximately $32 million. Harley E. Riedel and Edward J. Peterson led the firm’s representation in this case. Read more in the Tampa Bay Business Journal.
SALE OF COMMUNITY ORGANIC GROCERY STORE CONCLUDED – SEPTEMBER 25, 2008
On September 25, 2008, Nature’s Harvest Market and Deli, Inc. and Taylor Brothers, LLC closed the sales of all of their assets to a third party purchaser, which currently owns and operates an organic grocery store in St. Petersburg, Florida. The sale of Nature’s Harvest preserves one of the oldest organic grocery stores in the Tampa Bay area. The store will be renamed "Rollin’ Oats." It is further expected that a majority of the employees will retain their jobs. The sales involved negotiating and ultimately reaching out-of-court workouts with the secured creditors of both Nature’s Harvest and Taylor Brothers. Elena Paras Ketchum was primarily responsible for handling these cases for the firm.

PLAN OF REORGANIZATION CONFIRMED FOR FLOORING COMPANY – SEPTEMBER 24, 2008
On September 24, 2008, the United States Bankruptcy Court for the Middle District of Florida, Tampa Division, entered an order confirming the Plan of Reorganization of Royal Floors, Inc. under which Royal Floors, Inc. will continue as a going concern under its prepetiton management and with the same equity ownership structure that existed prepetition. Royal Floors is in the business of selling and installing quality flooring in both residential and commercial properties. Stichter, Riedel promulgated the plan on behalf of Royal Floors and has represented Royal Floors as a debtor-in-possession since the case was filed in May 2008. Elena Paras Ketchum served as lead counsel for the debtor throughout the case.

TAMPA-BASED SEAFOOD RESTAURANT CHAIN FILES FOR RELIEF UNDER CHAPTER 11 – September 2, 2008
On September 2, 2008, Stichter Riedel filed a Chapter 11 Petition for Shells Seafood Restaurants, Inc. Shells was founded in 1985 and went public in 1993. On the Petition Date, the Debtor operated twenty- three casual dining restaurants in Florida. Simultaneously with the filing, the Debtor closed eight of these restaurants, leaving it with a core group of fifteen restaurants.

HARLEY E. RIEDEL PARTICIPATES IN NATIONAL ASSOCIATION OF HOMEBUILDERS SEMINAR - AUGUST 21, 2008
Shareholder Harley E. Riedel participated as one of four panelists in a national web seminar sponsored by the National Association of Homebuilders on August 21, 2008. Mr. Riedel and the other panelists spoke on the topic of "Coping With Financial Distress" addressing the variety of issues facing homebuilders in the current economic environment.

More Firm News and Honors
Articles
Practical Issues Surrounding Section 363 Sales by Harley E. Riedel and Edward J. Peterson, 19 U. Fla. J. of Law and Public Policy 75, April 2008 (Read Full Text...)
Spoliation of Electronic Information: In re Quintus Corp. by Daniel J. Fogarty April 2007 (Read Full Text...)
Joint Check Agreements in Florida Bankruptcy Cases by Edward J.Peterson April 13, 2007 (Read Full Text...)