Company seeks to foreclose on Woodville steakhouse
04.07.2008 10:01
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- Source: toledoblade.com
A South Carolina financial firm has filed foreclosure proceedings in Lucas County Common Pleas Court against a prominent east side restaurateur involving a $1.2 million loan taken out in 2006. Ciena Capital Funding LLC, of Greenville, S.C. is seeking repayment of the loan or a sheriff's sale of Cousino's Steakhouse, 1842 Woodville Rd., the former Cousino's Chez Vin, 2022 Woodville, and five other nearby parcels on Woodville. However, restaurateur and property owner Thomas Cousino, said yesterday that the filing would not mean the closing of Cousino's Steakhouse or in any way involve his operations at Cousino's Navy Bistro or other restaurants at The Docks. Mr. Cousino referred questions to his attorney, but dismissed the filing as a "business negotiation." He is listed on the filing as a co-defendant, along with his wife, Eileen, and companies Front Street Ventures Inc. and Dri-Car-To Corp. "It's what we're going to do to be a solid business in the future," Mr. Cousino said. According to the court documents, Mr. and Mrs. Cousino and their two listed companies took out an adjustable rate mortgage for $1,239,000 from BLX Capital LLC, a Delaware corporation on Jan. 31, 2006. Ciena identifies itself in the filing as BLX's successor. To collateralize the loan, the Cousinos and the two companies put up land and business assets from the two restaurant buildings, as well as property listed at 1802, 1900, 1902, 2014, and 2020 Woodville, the filing claims. The filing claims that Mr. Cousino and the two businesses "failed to comply with the terms and provisions of the note and loan agreement," but does not give a date. It goes on to seek repayment of $1,218,826 in remaining principal, $47,024 in interest, late fees of $2,430, and accruing interest of $241.73 per day, beginning on July 1. Cousino's Steakhouse was opened in 1946 by Mr. Cousino's father, Earl, and remains open to diners 62 years later. Neighboring Cousino's Cafe Chez Vin closed in 2001.
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