Olympus Pools owner claims his company owns a stake in former business partner’s business
TAMPA, Fla. (WFLA) – New filings in personal bankruptcy case involving Olympus Pools owner James Staten and his wife indicate Olympus has a 5% stake in Staycation Pools and Spas, another Pool company owned by Staten’s one- time business partner, Jordan Hidalgo.
Olympus Pools closed in July after a series of investigative reports from Better Call Behnken.
The new filing, which details the claims against the Statens as well as their assets, indicates that Olympus Pools holds a “5% interest in Staycations pools and spas” valued at approximately $ 500,000.
Better Call Behnken reached out to Hidalgo by phone for comment. Hidalgo has confirmed that he and Staten signed an agreement for Staten to own a 5% stake in Staycation, but maintains the deal is no longer valid.
According to their court records, the Statens claim that Staycation Pools and Spas is valued at $ 10 million.
“I would sell my business today for a tenth of that declared value,” Hidalgo told Better Call Behnken in a brief telephone interview.
The record shows that the Statens owe creditors a total of $ 5,875,689.31. The couple have a combined monthly income of $ 7,811, but their monthly expenses total $ 11,997.03, according to court records. A monthly court-approved budget allows them to spend $ 10,874 on expenses.
The document also states that their real estate, including their personal home and the Olympus office building, is valued at $ 5,525,000. Their personal assets are worth $ 229,993, bringing the total of all their properties to $ 5,754,933.
The Statens filed for Chapter 11 personal bankruptcy on October 6. The next hearing in their bankruptcy case is currently scheduled for Tuesday, October 26.