Cocoa Expo Sports Center and Its CEO File for Chapter 11 Bankruptcy

by San Antonio Attorney

Cocoa Expo Sports Center and its CEO, Jeff Unnerstall, have filed for Chapter 11 bankruptcy.

Bankruptcy documents show the sports center has $22.8 million debt.  Its two biggest creditors include Bank of Washington, which it owes around $11 million, and Urban Development Fund of Chicago, which it owes $7.2 million.  The loans are secured by Cocoa Expo’s $10 million worth of property.

Unnerstall also said he has investments in an apartment building, which is used as collateral on a bank loan.

Athletic fields in the expo site have been there since 1964.  The CEO took part when it experienced financial troubles in 2010.  Unnerstall claims to have put in $25 million into training facilities, dorms, multiple fields and stadium.

Las August, he told the Brevard Board of County Commissioners that his money is running out.

He was finding new ways to generate income by holding concerts in the venue.  The facility does not have parking space for concert goers but he was thinking of to transport people through a bus from parking lots like Home Depot’s.   In addition, the board decided not to require Unnerstall to make road improvements.

Even though the bankruptcy cases were filed under Chapter 11, the personal bankruptcy statement of Unnerstall said he would sell or liquidate his assets in order to pay his debts.

 

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