| Receiver named to handle Varsity Lanes business |
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| Written by Sentinel-Tribune Staff | ||
| Wednesday, 28 December 2011 10:51 | ||
"It was just a very cooperative thing," said attorney Howard Hershman of the Toledo firm of Gressley, Kaplin & Parker, counsel for Union Bank of Bowling Green, which filed the foreclosure. "The bowling alley apparently wasn't making enough money to pay its creditors and eventually" the bank had to act, he said. Varsity Lanes remains open for business. Court documents show that a complaint for foreclosure and a motion for appointment for a receiver were filed Oct. 14. A hearing appointing a receiver was held in Wood County Court of Common Pleas Dec. 21. Hershman indicated that owners Jay and Karen Young consented to the receivership. "They were not able to keep their heads above water financially and there wasn't any way for them to turn around the business." He indicated that Union Bank is owed approximately $178,000, and a larger sum is owed Varsity Lanes Inc., the business from which Jay & Karen Inc. bought the property, on a mortgage. Tax liens have additionally been placed on the site. In October, Ohio liquor control agents seized alcohol and cash at Varsity Lanes. The business had been without a permit since the summer due to non-payment of taxes for 2010 and 2011. Jay Young, in care of Jay & Karen Inc., doing business as Varsity Lanes, was subsequently charged with illegal sale of beer, illegal sale of intoxicating liquor, and keeping a place where liquors are sold. "The receiver will try and get his arms around the business and see, can it be made to be profitable, can it be" a going concern. "That's what our hope is," Hershman continued. "Someone with the right energy and marketing skills can probably make a go of that place," he added. |
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| Last Updated on Wednesday, 28 December 2011 12:17 |
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