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Jiffy Lube owner files for bankruptcy

South Bay Lube Inc., a Sarasota company that operates 26 Jiffy Lube stores from Tampa Bay to Naples, has filed for Chapter 11 bankruptcy protection. The company owns or leases four locations in Sarasota and two in Bradenton. It employs 200 people statewide. All 26 locations remain open.

The company, headed by Leif Oskarsson, has not yet filed a complete accounting of its assets and liabilities. But it listed its top 20 creditors, which are collectively owed more than $11 million.

The largest single creditor is GE Capital Commercial Inc., which is owed $9.2 million. Bankruptcy documents show South Bay entered a forbearance agreement with GE Capital six months ago, but the agreement expired May 1 and GE filed a request for a receiver to take charge of the chain.

In response, South Bay Lube filed for bankruptcy protection with the intention of preserving the value of its assets for the benefit of creditors.

Court documents show Oskarsson receives weekly compensation of $4,738.46, Jason C. Thomas, vice-president and treasurer, received $3,942.31 and Cynthia Oskarsson, vice-president and secretary, received $2,596.16. They also received reimbursement of business- related fuel expenses and medical insurance coverage.

South Bay's gross revenues in 2011 totaled $14.2 million.- Michael Braga

Investor files for bankruptcy

Venice investor Myron Gay has filed for bankruptcy protection three years after failing to get the massive Villages of Manasota Beach development out of the ground.

Gay was one of 30 investors in the project who borrowed $34 million from the now defunct Orion Bank to develop 785 acres of land in Englewood.

The group defaulted on the loan and got slapped with a $43 million foreclosure judgment in October 2009.

Other members include real estate agent Mark P. Riley, Sarasota attorney Kevin Drake, well known land excavator James McCleod and Venice businessman Dale Desjardins.

Gay's bankruptcy petition lists $44.9 million in assets and $48.8 million in liabilities. His biggest creditor is Iberia Bank, which bought the assets of the defunct Orion.

The report also says Gay's only income in 2011 was the $20,592 he received from Social Security. So far this year, he has received $6,864 from the same source.

His wife earns about $1,700 a month and their monthly expenses exceed their monthly income by nearly $1,500. …

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