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Published: Saturday, 9/27/2008

Former crayon factory owner files bankruptcy

SANDUSKY The owner of the former Dixon Ticonderoga crayon factory has filed for protection from creditors in U.S. Bankruptcy Court in Toledo.

Hayes Avenue Development Co. LLC is one of three firms linked to Sandusky developer Joseph Yost III that is seeking to reorganize under Chapter 11 of the bankruptcy code. The largest of the firms, Westgate Properties Ltd., listed between $1 million and $10 million in debt. The firm owns a Sandusky shopping center, according to Jonathan Blakely, an Akron attorney who represents the businesses.

Mr. Yost is also a partner in the Cold Creek residential development, but it is not involved in the bankruptcy, the attorney said.

This week's filing became necessary after a Youngstown bank cut off credit to the two firms and Westgate Development Co., LLC., the lawyer said. The firms expect to continue normal operations, he added. An initial meeting of creditors is set for 11 a.m. Nov. 20 at the Ohio Building in Toledo.

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