Outrageous Fortune: Savtira Files For Bankruptcy (Florida)

At first, this just looked like another routine bankruptcy story as reported by the Tampa Bay Business Journal:

Savtira Corp., the promising but troubled technology firm in Ybor City, filed for Chapter 11 bankruptcy reorganization.

The company’s estimated assets are between $1 million and $10 million, and its estimated liabilities are between $10 million and $50 million, according to the filing late Friday in the United States Bankruptcy Court for the Middle District of Florida in Tampa.

Pretty dull stuff, right? Well, it's about to get more interesting:

“We were forced to file Chapter 11,” wrote Timothy Roberts, Savtira chief executive officer, in an e-mail late Sunday to the Tampa Bay Business Journal. “This is actually a protection bubble around the company to ward off this hostile takeover attempt. We have plenty of money circling us and now that the blood is in the water the sharks are all circling. We feel confident we will come out of this quickly and fully funded.

Gee, almost makes you wonder why they had to file for bankruptcy, seeing as how they have money literally falling out of their ass and all. But wait, what's this?

Savtira, a B2B cloud e-commerce firm, is the subject of a U.S. Department of Labor investigation into missed payroll and faces lawsuits from three vendors who said they have not been paid. One of those vendors, Data Sales Co. Inc., repossessed equipment leased to Savtira last week.

That doesn't sound so good. In light of all that, the city and county governments wouldn't be so stupid as to pay this company a bunch of tax break bribes, would they?

Savtira last year qualified for $2.65 million in tax incentives from the city of Tampa, Hillsborough County and the state of Florida. The incentives were contingent on creating 265 high-paying jobs, which to date have not materialized.

Dooh! Well anyway, no other municipal government could possibly be so stupid as to make the same mistake. Right?

Roberts has said the company’s cash-flow problems are short term and he is in discussions with public and private entities in five state and cities that have offered to help with the company’s capital needs if Savtira relocates.

You...have...got...to...be...shitting...me. Tell you what, folks. The next time you here some scumbag politician claim that we have to cut benefits to welfare moochers, kindly inform him or her that you'll be happy to see such parasites as Savtira Corp. be the first ones to get cut off.


From my new You Tube channel: "Watch the baby dance to the welfare music...will she ever stand a chance?"