With two low bids tossed out as insufficient to pay off a bank loan, the three remaining bidders seeking to buy the assets of Tony Packo’s Inc. Thursday were given until Tuesday to modify their bids.
Lucas County Common Pleas Judge Gene Zmuda set another hearing in the case for 1:30 p.m. Sept. 29.
That will allow Bob Bennett, who owns a chain of Burger King restaurants in the Toledo, to up his bid, which was deemed “competitive” last week with a purchase offer submitted by Tony Packo III and outside investors. Also in the running was a bid submitted by Robin Horvath and outside investors.
Tony Packo III and his father, Tony Jr., own half of the company now, and Mr. Horvath, a cousin, owns the other half. Mr. Horvath last year sued the Packos into what has become a battle for control of the firm known for its Hungarian hot dogs and chili sauce.
Judge Zmuda heard from the three bidders in a hearing Thursday, at which the idea of modifying their bids arose.