The Anna Maria Island Sun Newspaper

Vol. 15 No. 47 - September 23, 2015

BUSINESS

Food and fun at The Freckled Fin

LaPensee Plumbing Pools Air

LOUISE BOLGER | sun

From left, manager Steve Shannon and owner Scott Lubore
serve drinks under the Flying Cloud Angel.

Spotting a fin in the waters around Anna Maria Island doesn’t take very long, but spotting a freckled fin could take a little more time unless you make your way to the Bridge Street Circle.

On St. Patrick’s Day, March 17, the Legend of The Freckled Fin began on Bridge Street when Eileen and Scott Lubore opened their restaurant and public house named after their daughter.

Like so many other Anna Maria transplants, the Lubores and their two children were done with the cold winters and stress of living near a big city. They sold their furniture business in Maryland and found themselves on the shores of Anna Maria Island two years ago and unpacked.

They loved the Island vibe and the friendly walk able street that Bridge Street offered and wanted to be part of that. So when the opportunity presented itself they dove into the restaurant business on one of Bradenton Beach’s prime corners and even inherited the wooden angel figurehead that flies over the bar.

The Lubores hired two of Anna Maria’s best to help them run The Fin, Chef Pete Barreda and manager Steve Shannon both with years of restaurant experience, both on and off the Island.

The outside of the The Freckled Fin with its lime green paint and colorful patio umbrellas fits perfectly into the Key West feel of Bridge Street. Inside the aqua walls, the interesting bar, and of course, the the Flying Cloud Angel will put you in the mood for a fun night.

There are high top tables in the bar area, four cozy booths and a larger dining room with regular tables. The Lubores have a daily happy hour this time of year starting at 11 a.m. and ending at 7 p.m. with half off gourmet pizzas and well spirits. There is also entertainment on the outside patio most nights; check their Website for the live music schedule.

The Freckled Fin has a full bar and 16 beers on tap as well as a mid range wine list and house wine by the glass. Their menu ranges from burgers and wraps to full dinner entrees like crab cakes, grouper, jumbo shrimp, grouper tacos and more, as well as daily specials starting soon. There are lots of appetizers and starters including wings, peel and eat shrimp, coconut shrimp, chicken tenders and one of the restaurant’s specialties –12-inch, thin crust, gourmet pizzas made in their brick ovens.

The Freckled Fin also offers Sunday brunch, a kids’ menu, take out service available all day and can cater private parties in the restaurant. And one very important thing, The Freckled Fin has its own parking lot behind the restaurant, a rarity on Bridge Street.

On Sept. 19 The Freckled Fin will be hosting a half way to St. Patty’s Day party with Irish bands, Irish dancers, the Bradenton Bagpipers, corned beef and drink specials. Watch for the ad in this paper for details about the day’s events.

The Freckled Fin mermaid crossed the ocean from Ireland and found her way to Anna Maria Island like so many of us. She saved many sailors during her trip and earned the gratitude of one captain who honored her with a winged angel on the stern of his ship. As they say at The Freckled Fin, “Let the ‘Fin’ begin and the legend continue.”

THE FRECKLED FIN

101 Bridge Street, Bradenton Beach
941-251-3930

Sunday – Thursday: 11 a.m. – 11 p.m.

Friday & Saturday: 11 a.m. – 12 a.m.

www.thefreckledfin.com

All major credit cards accepted

Anna Maria Island Sun News Story

Business development companies for income

Investment Corner

Business development companies (BDCs) were authorized by an act of Congress in 1980 to promote funding for small and mid-size businesses. Similar to mutual funds, BDCs pool investors’ capital and then invest through loans to private companies.

The loans made by BDCs are generally floating rate loans, which are usually secured by assets of the borrowing corporation. This is important for the security of the investment. By having a contractual agreement which is at the top of the capital structure of a corporation, a return of a good portion of the loaned funds is likely, even in the event of a bankruptcy.

Keep in mind that stockholders generally lose their entire investment in a bankruptcy, while lenders like BDCs may come out whole at best, but with at least 50 to 70 percent, if the loan was secured properly. At times, it may also be possible for the BDC to gain equity interest in the business entity as part of the loan negotiation, which increases the chance for profit, assuming the borrowing firm prospers.

At present, BDCs offer an interesting opportunity after some significant regulatory changes. Following the 2008 financial crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed by Congress to try to prevent a repeat of the serious event which endangered the economy, and retirement savings of citizens. The act changes the capital requirements for banks, which formerly were the major source of loans to small and mid-size businesses. It is now harder for banks to create and hold these loans on their books following Dodd-Frank.

BDCs, already around for decades, now have the opportunity to step in to be the lender of choice and with less competition from banks, demand higher rates of interest on the loans. Today, yields on BDCs range from 6 to 9 percent, and are based largely on floating rate loans which will pay more when interest rates rise.

Many business development companies are publicly traded on an exchange, meaning you can buy shares in your brokerage account just like buying shares of any stock. The prices of traded BDCs will also fluctuate like stocks as supply and demand for the shares come and go.

Other BDCs are non-traded. Non-traded BDCs have a lot less price fluctuation because they are not priced by investors buying and selling activity. Rather, the price is determined by the value of the loans in the portfolio. Non-traded BDCs are less liquid, meaning that you can only request to redeem your shares during certain windows of time, usually once a quarter.

Buyers of non-traded BDCs should also be careful how the shares are purchased. Many have high levels of commission and organizational fees built in, which benefit the broker and firm which are selling the shares. It is possible to purchase non-traded BDCs through registered investment advisors and avoid these up-front charges.

In summary, while BDCs still carry risk, they may be worth considering for a portion of your portfolio, based on the following considerations:

• Attractive yields that will rise if the general level of interest rates rise in the future;

• Majority of holdings are secured by corporate assets, making them less risky than stocks;

• Opportunity to profit from the 97 percent of companies in the U.S. which are not publicly traded.

As always, we suggest conferring with your advisor on whether business development companies are appropriate for a portion of your portfolio.

Tom Breiter is president of Breiter Capital Management, Inc., an Anna Maria based investment advisor. He can be reached at 778-1900. Some of the investment concepts highlighted in this column may carry the risk of loss of principal, and investors should determine appropriateness for their personal situation before investing. Visit www.breitercapital.com.

 


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