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UNITED STATES BANKRUPTCY COURT 

SOUTHERN DISTRICT OF FLORIDA 

MIAMI DIVISION 

www.flsb.uscourts.gov

In re: Case No. 20-20259-RAM 

 (Jointly Administered) 

It’Sugar FL I LLC, et al., 

 Chapter 11 

 Debtors. 

_______________________________/

AMENDED1 DECLARATION OF TROY TAYLOR IN SUPPORT OF AMENDED 

APPLICATION OF DEBTORS PURSUANT TO 11 U.S.C. §§ 105(A) AND 363(B) TO (I) 

RETAIN ALGON CAPITAL, LLC D/B/A ALGON GROUP TO PROVIDE THE 

DEBTORS A CHIEF RESTRUCTURING OFFICER AND CERTAIN ADDITIONAL 

PERSONNEL AND (II) DESIGNATE TROY TAYLOR AS CHIEF RESTRUCTURING

OFFICER FOR THE DEBTORS ON AN INTERIM BASIS 

NUNC PRO TUNC TO SEPTEMBER 22, 2020 

 

Troy Taylor submits this Declaration pursuant to 28 U.S.C. §1746, states as follows:2

1. I am the president of Algon Capital, LLC d/b/a Algon Group (“Algon”), a 

restructuring and investment banking firm with completed assignments throughout the United 

States and internationally. 

2. I submit this declaration on behalf of Algon (the “Declaration”) in support of the 

Amended Application of Debtors Pursuant to 11 U.S.C. §§ 105(a) and 363(b) to (I) Retain Algon 

Capital, LLC d/b/a Algon Group to Provide the Debtors a Chief Restructuring Officer and Certain 

Additional Personnel and (II) Designate Troy Taylor as Chief Restructuring Officer for the 

Debtors on an Interim Basis nunc pro tunc to September 22, 2020 [ECF No. 27] (the 

“Application”) on the terms and conditions set forth in the Application and the engagement letter, 

1

 Amended to add new ¶15. 

2 Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the 

Application. 

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dated September 22, 2020, entered into between the Debtors and Algon and attached to the 

Application as Exhibit A (the “Engagement Letter”), nunc pro tunc to the Petition Date. Except 

as otherwise noted, I have personal knowledge of the matters set forth herein.3

3. On September 22, 2020, the Debtors engaged Algon to provide restructuring 

management services, including my services as Chief Restructuring Officer as set forth in the 

Engagement Letter. I believe that my and Algon’s experience and expertise will be valuable to the 

Debtors’ efforts to reorganize. 

QUALIFICATIONS 

4. Both Algon and myself personally have extensive experience in providing 

restructuring services in and out of chapter 11 proceedings and have an excellent reputation for the 

services they have rendered on behalf of debtors and creditors throughout the United States. 

5. I am the Founder and President of Algon, and I have over 30 years of experience 

that combines investment banking, restructuring (both in Chapter 11 and out-of-court), and senior 

management. I have served as the Lead Financial Advisor, Chief Restructuring Officer or Chief 

Executive Officer in a broad range of industries including real estate/hospitality, energy, 

manufacturing, and distribution. I recently led the restructuring/recapitalization of Hyperion Bank 

in my capacity as Vice Chairman and acted as the sole Independent Director of the Dress Barn, 

Inc. in connection with the wind down of approximately 650 retail locations around the country. I 

am also a founding investor and the Chairman of the Audit Committee for Big Rock Partners 

Acquisition Corp., a publicly traded company. 

3 Certain of the disclosures herein relate to matters within the personal knowledge of other 

professionals at Algon and are based on information provided by such professionals. 

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6. I have completed various real estate restructurings/sales for high-profile clients 

including The Related Group, Four Season Peninsula Papagayo Resort, One Bal Harbour Resort, 

BlueGreen Vacations Corporation, The Altman Companies, and Cabi Downtown LLC. 

7. Algon is a national, leading financial advisory firm. The following is a 

representative list of Algon’s advisory engagements: 

The Dress Barn, Inc.  Served as sole independent director in 

conjunction with wind-down of retail 

operations 

 Wind-down included 650 stores and 

related lease obligations 

Big Rock Partners, LLC  Financial/Restructuring Advisor in senior 

housing chapter 11 

 Advisor on $69 million acquisition of 500+ 

bed Tampa area CCRC 

Tradition/Port St. Lucie  Advised institutional lender on 8,200-acre 

master planned community 

 Conducted nationwide M&A process to 

maximize value 

 Sold 3,028 acres to Mattamy Homes; 

transferred 1,222 acres to the City

BrightSource Energy, Inc.  International solar thermal developer with 

invested capital in excess of $800 million 

 Appointed Vice Chairman and Board 

Member at the request of the senior lender 

 Debt restructuring/international M&A 

process

Peninsula Papagayo  Advised on a successful operational and 

debt restructuring 

 Increased equity value by approximately 

$100 million 

 Conducted worldwide M&A process 

resulting in the successful sale of the resort

The Related Group  $2+ billion restructuring of senior and 

mezzanine debt across 21 separate loans 

 Completed consensual restructuring with 

40+ domestic and foreign financial 

institutions 

 Restructured Company is once again a 

major successful real estate developer

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Tradition/BFC Corp.  Diversified NYSE holding company 

(NYSE: BBX) 

 CRO for successful restructuring on over 

$370 million of subsidiary level debt

One Bal Harbour  CRO in confirmed Chapter 11 of 

condo/hotel project with $700+ million in 

assets 

 Managed sale process via section 363 sale

Hyperion Bank  As Vice Chairman, led a 

management/financial restructuring 

 Raised $18.3 million through Rights 

Offering and Common Stock Offering

Cabi Downtown, LLC  Financial advisor on $256 million Chapter 

11 Plan for major condominium project 

Altman Companies  Completed global restructuring for leading 

developer and operator of apartments with 

over $475 million of debt 

Agway Liquidating Trust  Advised $400 million trust on the 

disposition of 24 environmentally-tainted 

properties

Synovus Financial Corporation (NYSE: SNV)  Advised in divestiture of 28% equity 

ownership in Aerosonics Corporation 

(AMEX: AIM)

BlueGreen Vacations Corporation (NYSE: 

BXG) 

 Review of strategic alternatives resulting in 

$29 million sale of Developer/Operator of 

timeshare resorts and residential parcels

Advanced Lighting Technologies, Inc. 

(Nasdaq: ADLT) 

 Advised the Official Equity Committee in 

obtaining substantial recovery in $175 

million Chapter 11

Speizman Industries, Inc. (SPZN.OB)  Advised the Special Committee to the 

Board of Directors in connection with a 

chapter 11 petition

Mego Financial (Nasdaq: MEGO)  Advisor to Chapter 11/7 trustee for $185 

million publicly-traded timeshare company 

 Developed strategy and negotiated 

substantial recovery for DIP lender

Village Homes  Restructured approximately $140 million 

of senior debt

Diversified Family Investment Vehicle  Advised on two CMBS debt restructurings 

of retail and office assets 

 Successfully negotiated agreements with 

CW Capital and C3

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Investor group  Advised investor group in purchase of PCX 

Corp., a division of NYSE-listed 

Integrated Electrical Services, Inc.

Southeastern Retirement Associates, LLC  Advised an ad hoc committee of 

subordinated note holders in a $52.3 

million restructuring

NY-based hedge fund  Advised on valuation of $600 million of 

subordinated debt in a publicly-traded 

company

Arlington Ridge, LLC  Advisor to Debtor in Chapter 11 

proceedings Held CRO position 

PsychSolutions Inc.  Financial advisor in sale to Youth & 

Family Centered Services, Inc., a portfolio 

company of TA Associates 

Adama Holdings  Advised major hedge fund investors on 

$500 million eastern European distressed 

investment

SolarReserve, Inc.  Advising senior lender on maximizing 

recovery of $90 million loan 

 Overseeing liquidation of assets located in 

US, South Africa, Chile and Australia

SELAF Waterfall Holding Company  Advised a $175 million private equity firm 

on strategic alternatives for portfolio 

investment

Harmony Information Systems, Inc.  Advised JMI Equity ($1.3+ billion) on the 

recapitalization of a portfolio company

8. Further, as a result of prepetition work performed on behalf of the Debtors, Algon 

and I personally have acquired knowledge of the Debtors and their business and we are familiar 

with the Debtors’ financial affairs, operations and related matters. 

9. Algon will endeavor to coordinate with the other professionals retained in these 

cases to eliminate unnecessary duplication of work. 

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DISINTERESTEDNESS AND ELIGIBILITY 

10. Prior to prepetition work performed in preparation for the filing, neither Algon nor 

myself had any connection with the Debtors. However, we have connections with the Debtors’ 

affiliates as follows: 

a) I served as CRO for Core Communities Inc. with respect to an out-of-court 

debt restructuring. Core Communities was a subsidiary of Woodbridge Holdings 

Corporation, an affiliate of BBX Capital Corp., which in turn is an affiliate of the Debtors. 

The representation ceased in 2014. I do not believe that this relationship affects Algon’s or 

my disinterestedness in these cases. 

b) Algon served as financial advisor to Bluegreen Vacation Corporation 

(“Bluegreen”) with respect to the sale of a division of Bluegreen. The representation 

ceased in 2014. Bluegreen is a public company traded on the New York Stock Exchange. 

BBX is majority shareholder of Bluegreen. Algon refers to the Form 10-Q filed by BBX 

for the quarter ending June 30, 2020 for the details of a proposed spinoff transaction, 

previously announced in June 2020 related by BBX and Bluegreen. I do not believe that 

this relationship affects Algon’s or my disinterestedness in these cases. 

c) Algon served as financial advisor to the Altman Companies, an 

independently owned apartment developer for debt restructuring. The Altman Companies 

are currently 50% owned by BBX Capital Real Estate, an affiliate of the Debtors. The 

representation ceased more than 5 years prior to the Petition Date. I do not believe that this 

relationship affects Algon’s or my disinterestedness in these cases. 

d) I am currently a passive investor, and have been a passive investor in 

numerous partnerships sponsored by Label & Co., a niche real estate developer/home 

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builder. An affiliate of the Debtors, BBX Sky Cove LLC, a wholly owned subsidiary of 

BBX Capital Real Estate, is likewise a passive investor in many of the same projects. I do 

not believe that this relationship affects Algon’s or my disinterestedness in these cases. 

e) Over the last 10 years Mr. Taylor has discussed various business issues 

regarding real estate with senior BBX executives. These discussions included investment 

opportunities, restructuring of debt and/or leases and general real estate market conditions. 

These were all informal conversations and Mr. Taylor was not compensated. 

11. In connection with the preparation of this Declaration, Algon’s professionals 

conducted a review of their contacts with the Debtors, their affiliates, the Debtors’ principals, and 

certain entities and individuals holding large claims against or interests in the Debtors that were 

reasonably known to Algon, and other interested parties that were reasonably known to Algon 

(collectively, the “Conflict Parties”). 

12. Based on the results of Algon’s review, it was determined that, other than set forth 

herein, Algon does not have relationships with any of the Conflict Parties. 

13. In 2014, Mark Meland, Esq. and Meland Budwick, P.A. represented Mr. Taylor in 

connection with an acquisition of a condominium unit in Miami Beach, Florida and ancillary real 

estate related services. That representation has concluded and that matter was unrelated to the 

Debtors. 

14. In the past Meland Budwick, P.A. has represented parties in interest in matters in 

which Algon Capital LLC and/or Troy Taylor have served as a financial advisor and/or chief 

restructuring officer. None of those matters were related to the Debtors. 

15. In connection with my role as vice chairman and director of BrightSource Energy 

(“BrightSource”) I have been tasked with finding ways to maximize the value of the company. In 

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furtherance of that goal, I have conducted negotiations on behalf of the company with several 

parties, and I was recently put in contact with Jennifer Mazin, Managing Partner | Investments 

Renewables of Brookfield Asset Management (“Brookfield”), to explore strategic options. I 

referred Ms. Mazin to the CEO of Bright Source to determine if BrightSource should pursue further 

negotiations with Brookfield. I have had no further communications at this time; however, if the 

CEO of BrightSource determines that further exploration of opportunities with Brookfield is 

warranted, I may have business discussions with representatives of Brookfield in the future. 

However, any discussions I may have with Brookfield are wholly unrelated to the instant cases or 

the Debtors, and pose no actual or potential conflict. 

16. As part of its diverse practice, Algon appears in numerous cases, proceedings and 

transactions that involve many different professionals, including attorneys, accountants and 

restructuring consultants, who may represent claimants and parties-in-interest in these cases. Also, 

Algon has performed in the past, and may perform in the future, consulting services for various 

attorneys and law firms, and has been represented by several attorneys and law firms, some of 

whom may be involved in these proceedings. In addition, Algon has in the past, may currently and 

will likely in the future be working with or against other professionals involved in these cases in 

matters unrelated to the Debtors and these cases. Based on our current knowledge of the 

professionals involved, and to the best of my knowledge, none of these relationships create 

interests materially adverse to the Debtors herein in matters upon which Algon is to be employed, 

and none are in connection with these cases. 

17. Algon is not a “creditor” of the Debtors within the meaning of section 101(10) of 

the Bankruptcy Code. 

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18. Based on the results of the relationship search conducted to date as described above, 

Algon appears to have no connection with the Debtors, their creditors, other parties-in-interest (as 

reasonably known to Algon) or their respective attorneys, except as disclosed in this Declaration. 

Further, no one involved in these cases or in Algon’s business generally has any connection to the 

United States Trustee for the Southern District of Florida (the “U.S. Trustee”) or any person 

employed in the Office of the U.S. Trustee in this District. 

19. Other than as set forth in this Declaration, Algon neither holds nor represents any 

interest adverse to the Debtors and is a “disinterested person” within the scope and meaning of 

section 101(14) of the Bankruptcy Code. 

20. It is Algon’s policy and intent to update and expand its ongoing relationship search 

for additional parties in interest in an expedient manner. If any new relevant facts or relationships 

are discovered or arise, Algon will promptly file a supplemental disclosure in the same manner as 

an estate professional employed pursuant to section 327 of the Bankruptcy Code would file under 

Bankruptcy Rule 2014(a). 

COMPENSATION 

21. Subject to Court approval of the Application and in accordance with the applicable 

provisions of the Bankruptcy Code, the Bankruptcy Rules, applicable U.S. Trustee guidelines, and 

the Local Rules for the United States Bankruptcy Court for the Southern District of Florida, Algon 

will seek from the Debtors payment for compensation on a monthly flat fee for myself as Chief 

Restructuring Officer and on an hourly basis for all other Additional Personnel, and reimbursement 

of actual and necessary expenses incurred by Algon, as described in the Application. Algon’s 

customary hourly rates as charged in bankruptcy and non-bankruptcy matters of this type by the 

professionals assigned to this engagement are outlined in the Application. 

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22. To the best of my knowledge, (i) no commitments have been made or received by 

Algon with respect to compensation or payment in connection with these cases other than in 

accordance with applicable provisions of the Bankruptcy Code and the Bankruptcy Rules, and (ii) 

Algon has no agreement with any other entity to share with such entity any compensation received 

by Algon in connection with these chapter 11 cases. 

23. By reason of the foregoing, I believe Algon will be eligible for retention by the 

Debtors pursuant to sections 105(a) and 363(b) of the Bankruptcy Code and the applicable 

Bankruptcy Rules and Local Rules. 

24. I am authorized to submit this Declaration on behalf of Algon, and if called upon 

to testify, I would testify competently as to the facts set forth herein. 

 [Remainder of page intentionally left blank. Next page is signature page.] 

 

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Pursuant to 28 U.S.C. § 1746, I declare under penalty of perjury that the foregoing is true 

and correct. 

This Declaration is executed by me on this 22nd day of September, 2020. 

 

 ______________________________ 

 Troy Taylor 

 President 

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kuant to Section 1"46. Title 28, of the United States Code. 1 declare under penalty of

the foregoing is true and correct.

?d: September 22, 2020

Troy Taylor

Proposed Chief Restructuring Officer

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