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Real estate-backed loans trigger Chapter 11 filing by investor group
By Mark Albright,
St. Petersburg Times
Published: Oct 27, 2009

An investor group that owns four stores housing Hudson's Furniture Showroom has filed for Chapter 11 bankruptcy to head off foreclosure on a $12.8 million loan secured by the real estate. The stores are located in Brandon, Tampa, Ocoee and Altamonte Springs. C. Fred Hudson, owner of the 14-store furniture chain based in Sanford, controls the real estate investment group. But he said the case has no effect on his privately-held retail furniture chain which remains open and is not part of the bankruptcy case. Hudson said his partners withheld payments after the economy soured and attempts failed at restructuring loan terms with Park National Bank in Chicago.



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