Loading…
Friday, April 25, 2014
Current Weather
Loading Current Weather....
HomeNewsCourts
Published: Saturday, 9/3/2011 - Updated: 2 years ago

New bidder emerges in Packo case

Receiver picks from among 5 bidders who should buy firm’s assets

BY SHEENA HARRISON
BLADE BUSINESS WRITER

The court-appointed receiver in the Tony Packo’s Inc. case submitted to court Friday a recommendation for a buyer for the assets of the firm, but the filing was sealed and its contents are unknown to the public.

The filing, submitted in Lucas County Common Pleas Court by Skutch Co. Ltd., was filed under seal because of a pending motion from one of the five bidders to extend the time to examine the offers. Details of the filing, such as the names of entities who have offered to buy the company, were not available.

In a court hearing Monday in front of Judge Gene Zmuda, Skutch Co. said it had received five bids from parties wishing to purchase the assets of the famed Toledo restaurant chain. Steve Skutch of Skutch Co. declined to comment Friday.

Previous court filings show Robin Horvath, the company’s chief operating officer, submitted an offer for the company under the name Nancy Packo LLC, which is his late mother’s name. A separate bid for the firm had been submitted under the name Front Ballpark Operations LLC, which includes Executive Vice President Tony Packo III, the restaurant-owning Mancy family, and other investors.

A third bidder, dubbed TP Foods LLC, submitted a court filing yesterday opposing a motion by Mr. Horvath to delay the receiver’s sale recommendation. The names of investors involved in TP Foods were not included in the filing, which says the entity’s representatives have “not participated in this litigation” and “have immeasurable experience operating restaurants.”

The filing from TP Foods says its bid is set to expire at 5 p.m. on Sept. 12 if a sale is not approved before then, although the entity “might agree to extend that deadline for a brief period.”

Mr. Horvath has sued to take control of the company from Mr. Packo III and Tony Packo, Jr., the company’s president. Mr. Horvath owns 50 percent of the firm; the Packos jointly own the other half.

A hearing in the case is set for 1:30 p.m. Friday.

Contact Sheena Harrison at: sharrison@theblade.com or 419-724-6103.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.