Receiver halts request to OK bid for Packo's
Other purchase offers, auction dispute cited
7/7/2011A court-appointed receiver in the Tony Packo's Inc. case has withdrawn a motion to accept an auction bid to buy the Toledo area restaurant chain.
Steven Skutch of Skutch Co. Ltd. had asked Lucas County Common Pleas Judge Gene Zmuda for the authority to approve the purchase bid submitted during a closed auction in December by company Executive Vice President Tony Packo III and other investors, including Toledo's restaurant-owning Mancy family.
In a withdrawal filing last week, the court-appointed receiver noted other offers have been submitted to buy the company, and a dispute about the December auction proceedings has led to "ongoing expense" for parties involved in the Tony Packo's receivership case, which began nearly a year ago.
An attorney for Mr. Packo declined to comment. An attorney for Mr. Skutch and Skutch Co. Ltd. couldn't be reached for comment.
Mr. Packo jointly owns 50 percent of the company with his father, President Tony Packo, Jr. They are fighting for control of the business against the company's chief operating officer, Robin Horvath, a family member who owns the other half of Tony Packo's Inc.
Mr. Horvath submitted a purchase offer in March to buy the assets of Tony Packo's Inc. He did not participate in the December auction, arguing that outside investors should not have been allowed in the auction and that he has not had full access to all financial records to prepare a fair bid.