Tony Packo's to close??

• Fab1b

  

  Would be sad, love the place!
  
  http://news.yahoo.com/sale-m-h-hot-dog-chain-falls-apart-224031784.html

  TOLEDO, Ohio (Reuters) - The court-supervised sale of a financially troubled Ohio hot dog restaurant chain made famous in the TV series "M*A*S*H" has collapsed after the buyer withdrew his offer, saying a bank suddenly increased the interest on a loan central to the deal.
  The complication left the future of Tony Packo's restaurants unclear, though a judge said on Wednesday he was committed to finding a buyer for the five-restaurant chain and keeping it open.
  Tony Packo's, in its 80th year, rose to fame in the 1970s when Toledo native Jamie Farr played a Korean War soldier who frequently talked about home and his favorite hot dog on the hit TV show.
  Packo's has been under duress since August 2010, when the company's co-owner, Robin Horvath, alleged misappropriation of corporate funds in a lawsuit against his cousin, Tony Packo III, Packo's executive vice president. Packo's then defaulted on a Fifth Third Bank loan and Horvath sued to gain control of the company from co-owner Tony Packo, Jr., Tony III's father.
  The case ended up in Lucas County Common Pleas Court, where Judge Gene Zmuda was charged with finding a buyer. Five entities submitted bids, including separate offers from Horvath and the two Packos and one from Bob Bennett's Ohio-based TP Foods LLC.
  On December 19, Zmuda approved the sale of TP Foods for $5.5 million.
  Bennett said the deal fell apart when Fifth Third Bank suddenly increased the interest rate on a $2.6 million loan made to Tony Packo's from 2.5 percent to 6 percent. Bennett had agreed to pay off the loan as part of the purchase price.
  Bennett also said Fifth Third wanted to assume control of the deal and told Bennett he would have to regularly report to bank officials, terms he found unacceptable.
  "In the end, the management and financial risks of going forward were too great to bear," Bennett said.
  A Fifth Third spokesman declined to comment.
  (Reporting by George J. Tanber; Editing by Mary Wisniewski and Daniel Trotta)
  
  

• Sonofanump

  Fuck.
• karen lotz

  

  Damn
• ernest_t_bass

  

  Shit
• Curly J

  

  I just had Tony Paco's Supercharged Chili on Monday. That would suck if they did close.
• Rotinaj

  

  Going to the one on front st(I think that's the street it's on?) tomorrow. Awesome place, hopefully they find a way to keep it open.
• Belly35

  

  NO! I've had some great times there ....
• Tobias Fünke

  

  I highly doubt it closes. It's still a popular destination, no? Is the business failing or are the owners just a bunch of fucks?
• Sonofanump

  Tobias Fünke;1039188 wrote:...or are the owners just a bunch of ****s?

  A family fued.
• dwccrew

  

  Tobias Fünke;1039188 wrote:I highly doubt it closes. It's still a popular destination, no? Is the business failing or are the owners just a bunch of ****s?

  Both. They are not servicing their debt and it went into court ordered receivership. An accepted offer of $5.5 million was to service the debt and the two owning parties, Tony Packo Jr./Tony Packo III(50%) and Robin Horvath (50%, son of the late Nancy Packo) were to receive what was leftover after debts were settled; appx. $300k to each 50% share. There was a feud between both parties about inappropriate funds being paid out blah, blah, blah and they ran a profitable business into the ground.
  
  Now the winning bidder on the closed bid auction, Bob Bennett, is withdrawing his offer. Bye bye Packo's.
• password

  

  Maybe the Japanese will buy it.
• Laley23

  

  password;1039420 wrote:Maybe the Japanese will buy it.

  Its the Chinese in Toledo.
• believer

  

  Laley23;1039422 wrote:Its the Chinese in Toledo.

  Naw....it'll be the Mooooslims.
• Scarlet_Buckeye

  

  I've always thought Tony Packo's is Toledo's most overrated restaurant.
• Iliketurtles

  

  Scarlet_Buckeye;1039772 wrote:I've always thought Tony Packo's is Toledo's most overrated restaurant.

  This.. I went there once before a Mud Hens game and I won't ever go back... it was terrible food.
• Fab4Runner

  

  Scarlet_Buckeye;1039772 wrote:I've always thought Tony Packo's is Toledo's most overrated restaurant.

  I am not a huge fan, either. But I can appreciate the history and I do know a lot of people that love it.
• gut

  I love me some Packo's....I can see the complaints about it as far as a "restaurant", but that's one damn good "hotdog".
• dwccrew

  

  Scarlet_Buckeye;1039772 wrote:I've always thought Tony Packo's is Toledo's most overrated restaurant.

  This. I've lived in Toledo my entire life and have always thought that Packo's was garbage. It is just "the thing" because it was made famous on MASH. The food is shit and that is exactly what you will do after eating it, unless you vomit it up first.
• dwccrew

  

  believer;1039511 wrote:Naw....it'll be the Mooooslims.

  LOL....wut????
• Laley23

  

  Dont seek out Packos. But I think its a pretty good hotdog. Certainly not the best compared to what people say though.
• dwccrew

  

  Laley23;1040572 wrote:Dont seek out Packos. But I think its a pretty good hotdog. Certainly not the best compared to what people say though.

  Rudy's Hot Dog is much better than Packo's IMO. Hell, it was good enough for the President when he came to Toledo. Rudy's>Packo's
• Laley23

  

  dwccrew;1040590 wrote:Rudy's Hot Dog is much better than Packo's IMO. Hell, it was good enough for the President when he came to Toledo. Rudy's>Packo's

  I agree. My favorite might be Jans on Central (and Reynolds). Nettys is overrated, but the igloo on Monroe and Douglas is good eatin. Helps is right by my Apt so I can walk lol.
• Rotinaj

  

  Packos was pretty awesome last night. Had quite a few good lookin chicks working too.
• Scarlet_Buckeye

  

  Laley23;1040630 wrote:I agree. My favorite might be Jans on Central (and Reynolds).

  This!