TAMPA, Fla. (WFLA) — New filings in the personal bankruptcy case involving the owner of Olympus Pools, James Staten, and his wife, say Olympus owns a 5% stake in Staycation Pools and Spas, another pool business owned by Staten’s one-time business partner, Jordan Hidalgo.
The new filing, which details claims against the Statens as well as their assets, says Olympus Pools has a “5% Interest in Staycations Pools and Spas” valued at approximately $500,000.
Better Call Behnken reached Hidalgo by phone for comment. Hidalgo confirmed he and Staten had signed an agreement for Staten to have a 5% stake in Staycation, but contends the agreement is no longer valid.
According to their court filing, the Statens claim Staycation Pools and Spas is estimated to have a valuation of $10 million.
“I would sell my company today for a tenth of that stated value,” Hidalgo told Better Call Behnken in a brief phone interview.
The filing shows the Statens owe creditors a total of $5,875,689.31. The couple has a combined monthly income of $7,811, but their monthly expenses total $11,997.03, court records state. A court approved monthly budget allows them to spend $10,874 on expenses.
The document also states their real estate holdings, including their personal home and the office building for Olympus, are valued at $5,525,000. Their personal property is worth $229,993, bringing the total of all their properties to $5,754,933.
The Statens filed for Chapter 11 personal bankruptcy on Oct. 6. The next hearing in their bankruptcy case is currently scheduled for Tues., Oct. 26.