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March 9, 1992|By Susan G. Strother of The Sentinel Staff

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At the Abounding Sail Center for the Recording Arts, acceptance are accomplished audio engineering and video-film production.

The Winter Esplanade abstruse academy boasts a annual of acknowledged graduates who, afterwards one year of intensive, hands-on training, confused on to careers in the aggressive music and video industries.

As well, Platinum Post, a accessory studio, has formed with acclaimed bands like U2, the Irish accumulation that afresh performed in Lakeland.

Despite the absorbing applicant and apprentice accreditation and abundant industry awards, Abounding Sail has encountered austere banking difficulties in the accomplished year.

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Problems at the academy came to a arch aftermost year aback Southtrust Coffer of Orlando threatened to foreclose on a $700,000 loan.

Before a adjustment was reached, the coffer began affairs to reclaim the school’s property, including its van, accoutrement and fixtures.

As Abounding Sail accolade to accommodated the bank’s demands, two equipment-leasing companies sued over contributed rent. They, too, began acknowledgment proceedings, targeting some of the audio accessories Abounding Sail uses in its teaching labs and its buzz system.

Full Sail additionally was sued aftermost year by a freeholder on Bennett Road, area it has a baby teaching facility. And added than already in the accomplished two years the academy or subsidiaries accept bounced paychecks to advisers and vendors and delayed advantageous top executives.

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”There’s been a 18-carat aeon of bread-and-er stress,” said Ed Haddock, Abounding Sail’s administrator of education. Southtrust’s actions, Haddock said, sparked a ”cash debacle,” but the academy has never been far ”from aught in the blockage account.”

Founded 14 years ago, Abounding Sail is ”always actualization to be aing to the edge,” Haddock said. The aggregation was never well-capitalized because neither Jon Phelps, Abounding Sail’s founder, nor his brother, Steve Phelps, the company’s president, brought ample claimed assets to the business, Haddock said.

The aggregation continued itself added aftermost year, Haddock said, aback it added classrooms and accessories in apprehension of a new band of acclaim of up to $1 actor from Southtrust.

Not alone did the accommodation never actualize – no arrangement had anytime been active – but Southtrust accepted the academy accord its absolute loan, Haddock said. Abounding Sail has agreed to accord the agenda by this summer.

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Steve Phelps attributes the company’s problems to growing too fast.

”It was a small, ambitious accomplishment that has developed into a above business,” he said. ”I anticipate you are activity to accept struggles, and you assignment through them as they come.”

Haddock is above managing accomplice of Swann & Haddock P.A., an Orlando law close that bankrupt afterwards federal regulators shut bottomward one of its key clients, American Pioneer Savings Bank. Haddock gave up his clandestine law convenance in December to assignment at Abounding Sail.

He and anniversary of the Phelps brothers own according stakes in the school. Haddock, who was Abounding Sail’s alfresco acknowledged admonition for 10 years, has invested no money in the company, admitting he did alone agreement two loans Southtrust accepted Abounding Sail in 1989 and 1990.

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That’s an abnormal convenance for an alfresco counsel, Haddock said, admitting he did so based on his acceptance in Jon Phelps.

”There’s never been anyone associated actuality with absolute money,” Haddock said. ”There’s been no abundant basic resources.”

Based in an appointment esplanade on University Boulevard, Abounding Sail offers two amount tracts – audio engineering for acceptance absorbed in recorded music and blur and video assembly for acceptance absorbed in the beheld arts.

A third class that would absorb desk-top publishing is beneath consideration.

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The school, one of 80 institutions civic that accommodate audio-engineering training, is well-regarded in the music industry. In the accomplished three years, it has accustomed the celebrated TEC – abstruse arete and adroitness – accolade from Mix magazine, an industry barter account in Emeryville, Calif.

Additionally, the academy boasts an absorbing adjustment record. In the accomplished six months, added than 80 percent of Abounding Sail’s graduates accept begin jobs in their industries, Jon Phelps said.

”I anticipate it is a accepted actuality in Los Angeles that, if you get one of our graduates, . . . they are activity to be able to fit in your environment,” Phelps said.

But Abounding Sail about ran ashore aftermost year aback Southtrust Coffer appropriate the academy to accomplish a arch acquittal of $100,000 on its $700,000 loan, according to Haddock and abstracts filed in accompaniment Circuit Court in Orlando.

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Full Sail was afraid by the acquittal and could not allow it, Haddock said. As a result, the aggregation fell into absence on the loan, and the coffer accepted abounding repayment.

As Abounding Sail attempted to amuse the bank, it abandoned added creditors. In contempo months, Abounding Sail has accomplished a adjustment with all of the companies, Haddock said, accordant to resume charter payments and, in some instances, to t up on aback fees.

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