Daily Record Financial News &
Monday, September 7, 2015
Vol. 102, No. 211 • Two Sections
By Max Marbut Staff Writer
Today ends Bragan era with the Suns By Marilyn Young, Editor
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Photo by Fran Ruchalski
You’ll understand if Peter “Pedro” Bragan Jr. is a little more tense than usual. It’s three days before his final game as owner of the Jacksonville Suns and his emotions are all over the place. He’s nervous. He’s emotional. He’s excited. The night before, after a long 10-inning win, Bragan drank a little chocolate milk and ate a couple of cookies before going to bed. An hour later, he was wide awake, thinking about details of the last days of the Bragan era. Nerves usually reserved for opening night are prominent during his final holiday weekend stand. “I think I might get a beer tonight,” he said, half-jokingly. Six months after announcing the sale of the Southern League franchise, Bragan is at his desk in a room busting at the seams with memories. Jerseys, baseballs, newspaper clippings and pennants are among the items that ring the walls in his office, as well as those throughout the team’s administrative suite. continued on
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Kowalski honored for public service
The final innings of a career
Bragan
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Peter Bragan Jr.
Don’t expect to find Jim Kowalski in his office at Jacksonville Area Legal Aid the first week of October. He’ll be back at his alma mater to accept the 2015 Peter E. Haas Public Service Award from the University of California, Berkeley. The medal is given each year to recognize an alumnus who has made a “significant voluntary public contribution to the betterment of society, particularly at the community level.” Kowalski, who graduated from UC Berkeley in 1986 and then from the University of San Francisco School of Law, will be honored for his pro bono service to victims of mortgage fraud and predatory lending and collection practices. The former 4th Judicial Circuit assistant state attorney and private practice litigator has served as executive director of Jacksonville’s legal aid effort since December 2012. Even before he joined JALA, his pro bono work was recognized with the organization’s Pro Kowalski Bono Award in 2006 and 2008. He received the St. Johns County Legal Aid Pro Bono Award four consecutive years (2009-12) and The Florida Bar President’s Pro Bono Service Award in 2009 and 2011. He’s a charter member of the Florida Commission on Access to Civil Justice, which is working to develop ways to make legal representation available to everyone in the state who needs it. “The goal is to help the population,” said Kowalski. “Legal aid is part of the delivery of justice.” He said a major challenge facing legal Kowalski
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Latitude 360 CEO not deterred by losses
Latitude 360 Inc. has reported a string of losses since going public last year, but that’s to be expected, said Chief Executive Officer Brent Brown. “We’re a startup. My focus has not been on the balance sheet. My focus has been on top line growth,” Brown said in an interview last week. The company has basically been in business for four years. Latitude 360 opened its entertainment and restaurant venue on Jacksonville’s Southside in 2011, and followed that with additional venues in Pittsburgh and Indianapolis.
Public
The Jacksonville-based company became public in mid-2014 as it launched plans to grow the concept. It announced agreements for additional venues in Albany, N.Y.; Minneapolis; and Southeastern Massachusetts. However, Latitude 360 dropped those plans and announced a shift in strategy ten days ago. Instead of developing its own venues, Latitude 360 now intends to buy three dining and entertainment venues from Frank Entertainment. Those venues in Syracuse, N.Y.; Bethlehem, Pa.; and Philadelphia will be converted to Latitude 360.
legal notices begin on page
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“We had an opportunity to go a different route for growth this year,” Brown said. Instead of spending cash to build out new venues, the company is using equity to acquire these existing properties, which will be better financially for the fledgling company. “It’s a more positive effect on the balance sheet,” Brown said.
The three venues are somewhat similar to the Latitude 360 concept, which includes entertainment options such as bowling and a live stage. “These really fit the mold for us,” Brown said. “They’re brand new venues. They’re only a couple of years old.” He said the decision to abandon the other three planned venues is not a setback for the company, and he still strongly believes in the concept and expects it to grow. “We are setting a trend in the upscale restaurant entertainment business,” he said. Latitude 360 launched a new
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venture last week called 360 Fantasy Live that will allow customers to play fantasy sports at the venues and also participate online, which Brown hopes will drive additional revenue. Latitude 360 reported a loss of $12.9 million in the first half of this year but net sales rose 10 percent to $9.9 million. Brown said it is normal for a startup company to lose money in its first few years of operations, so instead of worrying about the financial statements, he is more interested in Latitude 360’s growth. Basch continued on Page A-10
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