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Golden Fox owner claims bankruptcy: Joseph R. Greco says he has crushing debt from failed restaurant(Times Union (Albany, NY) Via Acquire Media NewsEdge) Jan. 16--ALBANY -- The man who opened a short-lived downtown Troy restaurant under the respected Golden Fox name has filed for personal bankruptcy, listing many debts related to the eatery on his petition in U.S. Bankruptcy Court. Joseph R. Greco of Latham claimed assets of $846 and liabilities of $609,908, most of which he said should be obligations of The Golden Fox Ltd. He is the sole shareholder of Golden Fox. Greco closed The Golden Fox restaurant in March -- after a little more than a year in business -- after being evicted for nonpayment of rent. He has been unemployed for several months, according to his Chapter 7 liquidation petition, which was filed Jan. 9. Greco reported owing $21,113 in payroll taxes to the Internal Revenue Service and $17,500 in sales and withholding taxes to the state as the "person responsible" for those payments. He disputes a $3,656 claim for state unemployment insurance. Aside from tens of thousands of dollars in personal credit card debt, Greco owes money to suppliers, contractors and lenders involved in the preparation and operation of the restaurant. The city of Troy, which provided a business loan for the restaurant, is owed $30,000. Other major restaurant creditors include Sam Greco Construction, Albany ($48,025); Wolberg Electrical Supply Co., Albany ($23,406); Merchant Cash & Capital, New York City ($85,000); and Horowitz Management Corp., the restaurant's landlord ($15,257). Also owed larger amounts are National Grid ($15,000); Farrell Brothers plumbing and heating ($13,298); Mills Electric of Cohoes ($11,165); Dembling & Dembling Architects ($9,000); and Antonucci's Wholesale Produce ($7,800). Thousands are owed to newspapers and other publications in which the restaurant apparently advertised. Greco estimates that restaurant furniture and fixtures valued at approximately $40,000 are in storage with Richard Lampariello of Central Restaurant Equipment. Greco's filing lists claims for personal business loans from John P. Vacarrello of Troy ($26,800 and $14,000), Pasquale Sullo of Troy ($38,000) and Phyliss Cornell of Watervliet ($37,000 promissory note). Greco has faced a number of criminal charges in the last 16 months. He was arrested three times on charges of shoplifting or attempting to shoplift from area grocery stores, and was accused in April of filing a false insurance claim for the alleged loss of $7,000 in food during a summer 2007 power outage. Cathy Woodruff can be reached at 454-5093 or by e-mail at [email protected]. To see more of the Albany Times Union, or to subscribe to the newspaper, go to http://www.timesunion.com. Copyright (c) 2009, Albany Times Union, N.Y. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |