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Judge Clears Florida Casino Boat Sale

TAMPA, Florida – As reported by the St. Petersburg Times: "A bankruptcy judge cleared the way Wednesday for a California investment group to buy the Ocean Jewel of St. Petersburg and refurbish the ship to resume offshore gambling.

"Attorneys for defunct Titan Cruise Lines and its largest creditor told bankruptcy Judge Alexander Paskay that Yamashiro Financial Services planned to keep the ship in the Tampa Bay area.

"Yamashiro representatives say they're exploring various Florida locations but prefer the business to stay in the local area. During its yearlong run, the ship floated in international waters 9 miles off the coast and took passengers out from St. Petersburg and John's Pass on Treasure Island on shuttle vessels.

"…Owned by a group of Illinois businessmen, Titan burned through about $90-million during its three-year history, said Dennis Shepard, an outsider brought in to the run the company in the past months.

"More than 300 investors from the Chicago area lost a total of $40-million to $50-million, he said…"

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