Steel firm failure a recent issue for nominee Sanchez - Tampa Bay Business Journal:

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The steel plant, which openex in late 2005, is closerd and padlocked, leaving behind allegationes and a cadreof creditors. Sanchez is studyingv numerous trade agreements and making other preparations for the Senatr confirmation hearing and could not personall comment onRenaissance matters, but regrets the companuy was unsuccessful, said spokesman Freddy Balsera. As undersecretary in the , Sanchez woulsd oversee more than 1,00o0 employees in trade offices in 85 Renaissance had about35 employees. Investors Don Wallace, co-founderr of , and prominent Tampa developer Williamj Bishop formedthe corporation.
The idea behind the stee plant was to provide jobs in the community anddevelop low-cost housing. The investors tappe Sanchez, a lawyer and an advisere and negotiator in the Clinton administration who readily acknowledgefd he had no background in steel torun Renaissance’s sales, marketingy and operations in May 2006. Sanchez put hundrede of thousands of dollars of his own moneyg into the company andlost it. When the company’s boarcd of directors decided to closes inearly 2008, he took a post at , one of the largestf law firms in Tampa. , a business that purchasedx the assets ofRenaissance Steel, is in Chaptere 11 bankruptcy. Richard D.
Innovative’s president, and David Steen, the company’s allege crucial steel truss design software that was supposed to be includec in the Renaissance assets sale was not there aftedrthe closing. Biddle paid about $1 millionn of the $2 million owed for the assets. He laid off abouf 30 people since filing for bankruptcy reorganizatiohin November. “Buying the assets turned out to be a smokw and mirrors kindof deal,” Biddle said. “Franl did not make the calls. He was the middlemajn and left about the time Icame in. I don’r think he had a clue as to what was going on.
” The software issue plays a role in tryinfg to reach an agreement with Innovative’z main creditor, LLC, a collateral assigne e of A LLC, Steen said. State recordws show the managing member of ABetter Place, whic h was voluntarily dissolved April 1, was Bishop. “The deal for the assetw was $2 million,” Steen “What we’re suggesting is that Innovative paid too Other businesses and vendors are seeking money they claimRenaissancr owes. Hillsborough County circuity court recordsshow , based in Louisville, Ky., won a judgmentg of $64,000 against Renaissance in Januarty for materials invoiced in August 2007.
, a Tampaq uniform service, is owed $25,000, according to records. The nonprofif Corporation to Develop Communities of Tampa filed suit against Renaissancein February, seeking payment on a promissor note for a loan of Court records show Bishop signed the loan agreement in 2006. A motion for a default judgment in the case was filexd April 6 after there was no response to the Renaissance racked up a debtof $180,000 to , a Clearwater-basexd company with a facility at the Port of Tampa.
Chris Titan’s president, said his company wrote off $54,000 in returh for an agreement that Renaissances would pay the remaining He still has the Octobetr2007 agreement, signed by Sanchez as Renaissance’a CEO. Bush said payments under the agreementeventuallt stopped, and today Titan is owed $76,000. “W dealt with Frank until he left, but I have a feelingt he didn’t really know everything that was going Bush said.