Can Twitter and Facebook save a tortilla business?

“Taco Tammy” Young is about to find out. Her bank, however, is far from pleased.

Young is harnessing the word-of-mouth power of those social media sites, as well as Flickr, YouTube and Digg, to boost support nationwide for her Tampa tortilla company, La Bonita Ole’, which is in the midst of a Chapter 11 bankruptcy reorganization.

The Save the Tortillas campaign, spearheaded online by Julia Gorzka of BrandTampa.com, tells the story of “Taco Tammy.” Visitors at SaveTheTortillas.com are urged to sign a petition, buy the company’s Tam-X-ico’s tortillas and Wrap-itz wraps and e-mail stores asking them to stock the products. Young’s mom, Ali Davenport, even stars in a video clip.

The site begs SunTrust bank, to which La Bonita Ole’ owes $1.9 million in loans, to “be a hero” by allowing Young to remain as CEO and president and by extending the length of payments instead of selling the company. “We want people to invite our tortillas to be the life of the party,” Young says.

One problem: SunTrust doesn’t like Young’s multimedia party.

SaveTheTortillas.com contains misinformation and violates federal regulations by soliciting creditors before they can learn about SunTrust’s reorganization plan, the bank’s attorneys say.

SunTrust declined in July 2008 to extend financing for two loans, despite Young’s good payment history. On July 10, both sides will submit separate plans to creditors for a vote on which repayment strategy to follow. If creditors choose SunTrust, Young will lose the company and be divested of stock.

Worried the social media campaign will taint the process, the bank on Friday asked federal judge Michael G. Williamson in Tampa to shut down SaveTheTortillas.com and stop La Bonita Ole’ from using the likes of Twitter to sway creditors’ opinions before the vote.

On Monday, Williamson heard three hours of arguments during what he described as a “once-in-a-career” case. Legal precedents exist for using Web sites to influence bankruptcy court outcomes, but social media has yet to have its day in court.

Attorney Lynn Welter Sherman, representing SunTrust, said Young would have an unfair advantage because anyone with a computer could find the pitch for public support.

“It sure smells like a solicitation to me,” she said.

Sherman also attacked the site’s depiction of company financial information, description of Young’s debt payment history and the claim that 40 employees would lose their jobs if she was not in charge.

Williamson agreed with SunTrust Monday afternoon, ordering a rewrite of the Web site’s text by midnight Wednesday. He declined to close the site or order the media campaign stopped.

“This has been an interesting day,” Williamson said before leaving the bench.