Latitude 360, Posts Dear John Letter

[Dapperdan]

Where did their money go? It obviously wasn't going to the business.

[spuwho]

It's amazing as to how shady some of these seemingly healthy businesses are ran, ala this and the former Whisky River at SJTC.

Lat360 was just ineptness. Whisky River was intentional.

Whisky River was run by a series of contracted outfits by a set of tertiary LLC's. They knew what they were doing when they stopped paying the rent. They intended to close it but pocketed the unpaid rent to make up for the losses they incurred.

Lat360 made a huge error by setting up the Indianapolis location as an extension of his Jacksonville agreement. Which meant when Indy failed, it would take Jacksonville with it.

It seems they got the drift for the Pittsburgh location as it still runs (barely).

I found out that the Alleghany County Tax Collector put a closure notice on the site and Brown had to fly to Pittsburgh with cashiers checks in hand. He literally met the Alleghany County Sheriff at the front as they were getting ready to put lock and chains on the doors.

[TheCat]

[spuwho]

Here are the pictures of the unfinished Lat360 in Albany.

http://xjockalbanyny.com/2015/08/31/photos-of-the-unfinished-latitude-360-at-crossgates-mall-in-albany/

It had everything done except the bowling lanes and tech.

I found out yesterday that they owe the media firm that does the TV's a bunch of dough and they wanted cash up front to finish the site.

Reading the Albany Times Union, Lat360 had a local office, was taking party reservations and had local advertising.

All I can say is its a good thing that idea to have them take over the Burns Library fell through. Can you imagine?

[spuwho]

I guess the Indiana Dept. Of Revenue shut Lat360 down for 2 weeks due to unpaid sales tax. It reopened, but shut down with Jax due to the Federal lawsuit.

  http://www.indystar.com/story/money/2016/01/07/latitude-360-shuts-down-indy-location/78404710/

[spuwho]

http://www.bizjournals.com/pittsburgh/blog/the-next-move/2015/12/latitude-360-to-be-closed-for-failure-to-pay.html

Latitude 360 pays county drink tax, avoids closure order

Latitude 360 on Wednesday paid $46,857.83 toward the Allegheny County Alcoholic Beverage Tax after the county said it would padlock the Robinson location due to nonpayment.
"Allegheny County Sheriff Deputies were prepared to padlock the establishment when the owner made a last minute payment to stop the closure," read a statement from the county. "[Sheriff] Deputies were met at the establishment's front door when the owner handed over three cashier checks totaling $46,857.83 dollars. The last minute payment by 'Latitude 360's' owner satisfies the judgement issued by the court for their delinquent drink taxes."

[FSBA]

All I can say is its a good thing that idea to have them take over the Burns Library fell through. Can you imagine?

It certainly would've cracked the Top 5 list for Biggest Downtown Revitalization Fails, which is no small feat in this town.

[Tacachale]

Here are the pictures of the unfinished Lat360 in Albany.

http://xjockalbanyny.com/2015/08/31/photos-of-the-unfinished-latitude-360-at-crossgates-mall-in-albany/

It had everything done except the bowling lanes and tech.

I found out yesterday that they owe the media firm that does the TV's a bunch of dough and they wanted cash up front to finish the site.

Reading the Albany Times Union, Lat360 had a local office, was taking party reservations and had local advertising.

All I can say is its a good thing that idea to have them take over the Burns Library fell through. Can you imagine?

Oh man, that would have been bad.

[ProjectMaximus]

Here are the pictures of the unfinished Lat360 in Albany.

http://xjockalbanyny.com/2015/08/31/photos-of-the-unfinished-latitude-360-at-crossgates-mall-in-albany/

It had everything done except the bowling lanes and tech.

I found out yesterday that they owe the media firm that does the TV's a bunch of dough and they wanted cash up front to finish the site.

Reading the Albany Times Union, Lat360 had a local office, was taking party reservations and had local advertising.

All I can say is its a good thing that idea to have them take over the Burns Library fell through. Can you imagine?

Oh man, that would have been bad.

It's all hypothetical of course, but I feel like a renovated Haydon Burns built for Lat 30 and just missing TVs and bowling lanes would easily find an investor to swoop in and take over after bankruptcy proceedings. Obviously nice to have what we have now, but I don't think it would have been total disaster otherwise. Their concept seemed very profitable as everyone in this thread has acknowledged.

[BenderRodriguez]

So who do I talk to about the future auctioning of all of their equipment?

[thelakelander]

When it rains, it pours....

Lawsuit accuses Latitude 360 owner of swindling neighbor's son out of Aston Martin

A lawsuit was filed Thursday against the CEO of Latitude 360 and his wife that accuses the couple of swindling their then neighbor's 22-year-old son out of a Aston Martin.

The suit was filed by Aaron Riley against Brent Brown, Antonia Brown and several companies associated with the failed Jacksonville entertainment business.

http://www.bizjournals.com/jacksonville/news/2016/02/05/lawsuit-accuses-latitude-360-owner-of-swindling.html

[spuwho]

When it rains, it pours....

Lawsuit accuses Latitude 360 owner of swindling neighbor's son out of Aston Martin

A lawsuit was filed Thursday against the CEO of Latitude 360 and his wife that accuses the couple of swindling their then neighbor's 22-year-old son out of a Aston Martin.

The suit was filed by Aaron Riley against Brent Brown, Antonia Brown and several companies associated with the failed Jacksonville entertainment business.

http://www.bizjournals.com/jacksonville/news/2016/02/05/lawsuit-accuses-latitude-360-owner-of-swindling.html

Took advantage of the neighbor's kid, yeah.

Swindle?  That depends I guess.

In 2013, when the deed was done, Lat360 was doing visibly well in Jacksonville. There was no reason to believe (at the time) that the company would go sideways.

But if it had been public in 2013 that the CEO was throwing restricted stock around to acquire and cash out AM's, that is a different story.

I wonder how many 10-K's Brown filed showing he had restricted stock holders and how much they held.

Never sign a deal for a speculative restricted stock unless it has an exit plan.

I wonder if the kid even had an attorney or financial advisor sign off on it. Judging by the suit, it appears not.

[Tacachale]

A 22 year old had an Aston Martin? Sounds like he learned a valuable lesson about the real costs of lavish purchases.