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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">According
</span><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">to this piece, Creative Recycling Systems will be closing its 2 Tampa electronics recycling facilities.
<br>
<br>
<a href="http://www.bizjournals.com/tampabay/news/2014/05/29/creative-recycling-systems-in-tampa-warns-of.html"><span style="color:#0082BF">http://www.bizjournals.com/tampabay/news/2014/05/29/creative-recycling-systems-in-tampa-warns-of.html</span></a>
<br>
<br>
<span style="color:#1F497D">Here’s some more:</span></span><span style="color:#1F497D">
<a href="http://www.bizjournals.com/tampabay/news/2014/05/30/regions-sues-creative-recycling-for-12m-files.html">
http://www.bizjournals.com/tampabay/news/2014/05/30/regions-sues-creative-recycling-for-12m-files.html</a></span><span style="font-size:11.0pt;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN"><a href="http://www.bizjournals.com/profiles/company/us/al/birmingham/regions_bank/8399">Regions</a> Bank has filed a lawsuit in Tampa against Creative Recycling
Systems LLC and a slew of related LLCs for more than $18 million it says it's owed by the company, and has filed a motion to appoint a receiver in the case.
<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN">The lawsuit was filed in the U.S. District Court Middle District of Florida on May 27, just one day before Creative Recycling warned the State of Florida
<a href="http://www.bizjournals.com/tampabay/news/2014/05/29/creative-recycling-systems-in-tampa-warns-of.html">
it would be laying off more than 70 employees in Tampa and closing two local facilities.
</a><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN">Last year, Alabama-based Regions and Creative entered into a forbearance agreement, the suit says, providing the borrower more time. That move failed to remedy the
problem. Regions contends in the suit that Creative Recycling does not have the funds to make the payments, which "weighs very heavily" in favor of appointing a receiver.<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN">Creative was once owned by Intersection LLC in Connecticut, which is named in the suit. However, when reached on Thursday about the layoffs,
<a href="http://www.bizjournals.com/tampabay/search/results?q=Richie%20Rakowski">
Richie Rakowski</a>, principal and co-founder, said his company is no longer involved with Creative. He declined to say when their involvement ended.<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN">The suit asks that the receiver be given the power to "potentially wind up the affairs of and dissolve [Creative Recycling]." Additionally, the suit says the "Borrowers'
management is deadlocked, resulting in an inability to cure the defaults or prevent waste of corporate property and assets."<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN">The motion for receivership states the borrowers owe more than $18.7 million in principal, plus interest and related fees and costs.
<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN">The
<i>Tampa Bay Business Journal</i> previously reported that Creative Recycling had 2012 revenue of $33.78 million. State documents show
<a href="http://www.bizjournals.com/tampabay/search/results?q=Richard%20Cochrane">
Richard Cochrane</a> is the company president. He replaced <a href="http://www.bizjournals.com/tampabay/search/results?q=Jonathan%20Yob">
Jonathan Yob</a>, who was president for close to 18 years, according to his <a href="http://www.bizjournals.com/profiles/company/us/ca/mountain_view/linkedin_corp/406059">
LinkedIn</a> profile. <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN">Neither Creative nor Regions would comment on the lawsuit.
<a href="http://www.bizjournals.com/profiles/company/us/fl/tampa/holland_%26_knight_llp/3232949">
Holland & Knight</a> in Tampa is representing the bank in the lawsuit and also declined comment.
<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Jack</span><span style="font-size:11.0pt">
</span><br>
<span style="font-size:10.0pt;font-family:"Calibri","sans-serif""> </span> <br>
<span style="font-size:10.0pt;color:#004080">John L. (Jack) Price</span> <br>
<span style="font-size:10.0pt;color:#004080">Environmental Consultant</span> <br>
<span style="font-size:10.0pt;color:#004080">Waste Reduction MS 4555</span> <br>
<span style="font-size:10.0pt;color:#004080">Florida Department of Environmental Protection</span>
<br>
<span style="font-size:10.0pt;color:#004080">2600 Blair Stone Road</span> <br>
<span style="font-size:10.0pt;color:#004080">Tallahassee, FL 32399-2400</span> <br>
<span style="font-size:10.0pt;color:#004080">Phone:850.245.8751</span> <br>
<span style="font-size:10.0pt;color:#004080">Fax: 850.412.0627</span> <br>
<a href="mailto:john.l.price@dep.state.fl.us"><span style="font-size:10.0pt;color:#A16252">john.l.price@dep.state.fl.us</span></a>
<br>
<a href="http://www.dep.state.fl.us/waste"><span style="font-size:10.0pt;color:#A16252">www.dep.state.fl.us/waste</span></a>
<br>
<span style="font-size:7.5pt;font-family:"Arial","sans-serif"">Please Note: Florida has a very broad public records law. Most written communications to or from state officials regarding state business are public records available to the public and media upon
request. Your e-mail is communications and may therefore be subject to public disclosure.</span>
<br>
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