Since then, Cincinnati-based Fifth Third Bancorp has foreclosed on almost $4 million in loans to the restaurant and seized about $100,000 Horvath had at the bank. It also foreclosed on properties that Horvath owns next to the restaurant, trying to reclaim personal guarantees he made on the business loans.
A bank attorney said in February that Packo’s lost a lot of money last year _ he did not say how much _ and that its future was in doubt if it continued business under the court-appointed third party. An attempt to resolve the dispute with the help of a mediator failed this spring.
James Rogers, an attorney for the Packos, said they haven’t closed the door on reaching a settlement. He wouldn’t discuss what is at the root of the differences.
“Family business disputes can be complicated situations,” Rogers said.
The Packos have not talked publicly since the dispute arose. Messages seeking comment were left with Horvath and his attorneys. Horvath told The Blade in January that he didn’t think Tony Packo Jr. misappropriated the company’s funds but was trying to protect his son.
The upheaval doesn’t appear to be hurting business _ at least judging the number of cars filling the parking lot recently.
Customers say they can’t imagine Toledo without Packo’s _ the hot dogs are what cheesesteaks are to Philadelphia and deep-dish pizza is to Chicago.
“It’s too big of a name,” said Jim Zywocki, who lives in the suburb of Holland and stopped in for lunch because he was working nearby. He took home a map for some out-of-town co-workers who wanted to stop in, too.
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