June 23, 2009 - --The company that owns a St. Petersburg Ramada Inn has filed for bankruptcy protection while facing foreclosure suit. R.A.P Ventures, owned by Ram A. Prasad, made the Chapter 11 filing for reorganization June 18 in the U.S. Bankruptcy Court in Tampa. First State Bank filed a mortgage foreclosure suit against R.A.P. in April. The company owns the Ramada Inn at 5005 34th Street N.

In the bankruptcy filing, R.A.P. reported assets of $6.5 million and liabilities of about $4 million. First State Bank has a secured claim of nearly $3.8 million on a $5.8 million mortgage, and Pinellas Property Appraiser Diane Nelson has a secured claim of $103,000 for property taxes, according to the bankruptcy filing.

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