Bennett places high bid for Tony Packo's
Thu, 15 Sep 2011 17:36:40 GMT —
Robert G. Bennett is the current highest bidder to purchase Tony Packo TMs Inc.
Bennett Management Corp. runs 60 restaurants in five states and operates 26 Burger King restaurants in the Toledo area. Bennett has placed a $4.8 million bid to Skutch Co. Ltd, a court ordered receiver, to acquire the assets of Tony Packo TMs Inc.
Bennett wrote to WNWO stating, My goal is to keep the Packo TMs brand anchored in Toledo and eventually open casual-style restaurants throughout this region.
The ownership of the famous Toledo Hungarian food chain was placed on the auction block after co-owner Robin Horvath defaulted on loans. However, foreclosure proceedings were never initiated against Tony Packo Jr., co-owner and president.
Executive vice president Tony Packo III, along with investors that include restaurant-owning Mancy family, placed a $2.8 million bid.
According to the Toledo Blade, the court ordered receiver was expected to place a recommendation for one of the bids for approval by Judge Gene Zmuda yesterday, however delayed the process for further investigation and input from secured creditors.