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09-23-2019 10:11 AM
A petition has been filed with the United States Bankruptcy Court, Middle District of Florida to put Suncoast Arcade Inc., the sister company to Suncoast Pinball, into voluntary Chapter 11 bankruptcy protection following a summons for unpaid rent on two industrial units.
Suncoast Arcade, trading as Suncoast Arcade & Pinball, rents two units (#202 & #204) in the ElectraLED Center at 12722 62nd St, Largo, Florida. The company signed the lease for unit #204 on 28th June, 2017 and expanded into the adjoining unit #202 in May 2018, around the time the Suncoast Pinball division started ramping up their facilities to build their first title, Cosmic Carnival.
Units #202 & #204 – home of Suncoast Arcade and Suncoast Pinball
(photo: Google Maps)
The owner of the building, Thomas 62nd LLC, alleges Suncoast Arcade owes back rent of $7,176.96 on each of these units and is seeking repossession plus damages for loss of future income and legal fees.
Some of the documents filed in the civil case against Suncoast Arcade
It also appears a personal guarantee for the rental fees was given by Suncoast Arcade’s owner, Jonathan (Jon) Weaver, so he is personally being sued for a sum in excess of $15,000 for each of the units.
Chapter 11 gives a company protection from its creditors while it attempts to reorganise its finances and debts. If this proves successful then the company can come out of Chapter 11 and continue trading. Alternatively, if there is no agreement with creditors and no prospect of a financial turnaround, the company can be declared bankrupt, closed down and any assets liquidated to help pay its creditors.
According to court filings, a summons for the unpaid rent and repossession was served on Suncoast Arcade on 9th September, 2019 on behalf of the building’s owners.
The document stating the summons for unpaid rent, costs and damages was served on 9th September (personal details redacted)
Suncoast Pinball was set up as an offshoot of video game manufacturer Suncoast Arcade to design and build full-size arcade pinball machines. Their first title was Cosmic Carnival which featured highly-stylised artwork by ‘Dirty’ Donny Gillies.
Suncoast Pinball’s first title, Cosmic CarnivalWhile the distinctive appearance of the game received positive reviews, response to the playfield layout and gameplay was much less enthusiastic. The first unit shipped on 28th June, 2019 but it is not known how many have been produced so far, nor how many orders are pending.
Both Suncoast Pinball and Suncoast Arcade are currently both still active companies, but it is believed manufacturing has been suspended at the Suncoast facilities pending resolution of the legal and financial issues facing the businesses.
Pinball News will update you with more information on Suncoast Arcade and Suncoast Pinball just as soon as we get it. You can read the court filings for yourself on the Sixth Judicial Circuit of Pinellas County, Florida’s website.
More...
A petition has been filed with the United States Bankruptcy Court, Middle District of Florida to put Suncoast Arcade Inc., the sister company to Suncoast Pinball, into voluntary Chapter 11 bankruptcy protection following a summons for unpaid rent on two industrial units.
Suncoast Arcade, trading as Suncoast Arcade & Pinball, rents two units (#202 & #204) in the ElectraLED Center at 12722 62nd St, Largo, Florida. The company signed the lease for unit #204 on 28th June, 2017 and expanded into the adjoining unit #202 in May 2018, around the time the Suncoast Pinball division started ramping up their facilities to build their first title, Cosmic Carnival.
Units #202 & #204 – home of Suncoast Arcade and Suncoast Pinball(photo: Google Maps)
The owner of the building, Thomas 62nd LLC, alleges Suncoast Arcade owes back rent of $7,176.96 on each of these units and is seeking repossession plus damages for loss of future income and legal fees.
Some of the documents filed in the civil case against Suncoast ArcadeIt also appears a personal guarantee for the rental fees was given by Suncoast Arcade’s owner, Jonathan (Jon) Weaver, so he is personally being sued for a sum in excess of $15,000 for each of the units.
Chapter 11 gives a company protection from its creditors while it attempts to reorganise its finances and debts. If this proves successful then the company can come out of Chapter 11 and continue trading. Alternatively, if there is no agreement with creditors and no prospect of a financial turnaround, the company can be declared bankrupt, closed down and any assets liquidated to help pay its creditors.
According to court filings, a summons for the unpaid rent and repossession was served on Suncoast Arcade on 9th September, 2019 on behalf of the building’s owners.
The document stating the summons for unpaid rent, costs and damages was served on 9th September (personal details redacted)Suncoast Pinball was set up as an offshoot of video game manufacturer Suncoast Arcade to design and build full-size arcade pinball machines. Their first title was Cosmic Carnival which featured highly-stylised artwork by ‘Dirty’ Donny Gillies.
Both Suncoast Pinball and Suncoast Arcade are currently both still active companies, but it is believed manufacturing has been suspended at the Suncoast facilities pending resolution of the legal and financial issues facing the businesses.
Pinball News will update you with more information on Suncoast Arcade and Suncoast Pinball just as soon as we get it. You can read the court filings for yourself on the Sixth Judicial Circuit of Pinellas County, Florida’s website.
More...
