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    Deal to sell 'M-A-S-H' hot dog diner falls through

    Associated Press – Tue, Jan 3, 2012

    TOLEDO, Ohio (AP) — The sale of an Ohio hot dog diner made famous on TV's "M-A-S-H" has fallen through, with the potential buyer saying he will not complete the $5.5 million deal because of bank-required changes.

    The news surfaced on Tuesday, the same day that two officials with Tony Packo's Inc. pleaded not guilty to charges of stealing from the restaurant chain.

    Bob Bennett, owner of Bennett Management Corp. and TP Foods LLC, said in a statement that his decision came after Fifth Third Bank required some last-minute changes. The bank, which holds the loan to the chain, insisted on changes that included an increase in the loan interest rate, multiple media outlets reported.

    Bennett did not address the loan interest rate in his statement. He did say that the bank had increased requirements for its support of the sale and "interjected itself in negotiations" between TP Foods and a receiver who has had control of the chain since a lawsuit alleged misappropriation of company funds by Tony Packo III, Packo's executive vice president and grandson of the diner's founder.

    "In the end, the management and financial risks of going forward with the purchase were too great for TP Foods to bear," Bennett's statement said.

    Bennett told The Blade of Toledo that there were "a lot of conditions I felt that were overreaching, and I just couldn't go along with it."

    The Associated Press left messages at Bennett's offices on Tuesday seeking additional comment. Messages also were left at the corporate offices for Packo's.

    Karen Fraker, a spokeswoman for Fifth Third Bank, said the bank had no statement on the deal and does not comment on confidential negotiations.

    Bennett's statement did not include any reference to the recent indictment of Tony Packo III and another company official on charges alleging the theft of about $170,000 from the chain.

    Both officials pleaded not guilty on Tuesday to three counts each of aggravated theft. Packo's attorney in that case declined to comment.

    A judge on Dec. 19 approved the deal transferring ownership of the Packo's chain to Bennett's group. That approval came just days after Packo was charged with stealing from the family business. Packo had been in line to oversee the daily operations with the new owner.

    The diner was referenced in episodes of "M-A-S-H." Cross-dressing character Cpl. Max Klinger, portrayed by actor and Toledo native Jamie Farr, craved the hot dogs.

    The original Packo's remains a destination and is decorated with "M-A-S-H" memorabilia.

     

    43 comments

    • TomTom
      TomTom  •  4 mths ago
      I wonder how things are going at Adam's Ribs.
      • BeatleDodger
        BeatleDodger 4 mths ago
        Great reference, TomTom!
        ...and don't forget the cole slaw!
      • SPC ONeal
        SPC ONeal 4 mths ago
        It would be ironic if you sucked at giving directions.....lol.
      • Darth Nova
        Darth Nova 4 mths ago
        Definitely do not forget the Cole Slaw! LOL!
    • Mr. Muligan
      Mr. Muligan  •  4 mths ago
      This from the AP. M-A-S-H instead of M*A*S*H. They were once the most respected news organizations in the world. This is what you get with outsourced reporters in India.
      • liljgoneman
        liljgoneman 4 mths ago
        because the hyphens in place of asterisks make it nearly a foreign language to simpletons like mr muligan here.....
      • Keef Rules
        Keef Rules 4 mths ago
        I figured that was Yahoos doing, but I agree.
      • Mr. Muligan
        Mr. Muligan 4 mths ago
        Lil you must be from India or Poland. Many of us remember the show. It was a classic. And a known brand. Get a clue and try and keep up.
    • wtf
      wtf  •  Las Cruces, New Mexico  •  4 mths ago
      How greedy of the Bank... I would pull out too.
    • kurt b
      kurt b  •  Cypress, California  •  4 mths ago
      Fifth Third Bank? #$%$
    • William S
      William S  •  Las Vegas, Nevada  •  4 mths ago
      So the greedy bank wanted more money, now they get no money. Good business deal.
    • nope
      nope  •  Stockton, California  •  4 mths ago
      haha bank kiss his butt, I hope he goes across the street and gets a better deal from a credit union.
    • four
      four  •  4 mths ago
      its M*A*S*H you idiots,not m-a-s-h
      • SV
        SV 4 mths ago
        Thanks! I had no idea what show they were talking about until I read your helpful comment.
      • Del-one
        Del-one 4 mths ago
        Story must have been written by some young punk trying to act like they know all about M*A*S*H. An oldie but a goodie. That was when television was worth watching.
      • four
        four 4 mths ago
        typical yahoo lackluster work.
    • Frank
      Frank  •  Dallas, Texas  •  4 mths ago
      Proper Spelling would be M*A*S*H, which was short for Mobile Army Surgical Hospital. Love that show and all of the places that they talk about and reminace about.
      • B
        B 4 mths ago
        Wrong... the correct way would be M.A.S.H. but the show would be M*A*S*H.
      • SPC ONeal
        SPC ONeal 4 mths ago
        It was also a movie before it was a show....
    • UCANTFIXSTUPID
      UCANTFIXSTUPID  •  4 mths ago
      Anyone dealing with a bank better realize they are going to make more money loaning you money than you are doing all the work. Bankers are almost as bad as lawyers.
    • momof2
      momof2  •  4 mths ago
      We have eaten there many times and the hot dogs are great.5/3 Bank is known for pulling the fast change-- ask them about all the business they held the note on in MI and called them in for no reason and put those people out of business-ever try and get the paid off papers for your mortgage from them.. good luck..took us almost a year.They are crooks and the always have an agenda for the places they put out of business.
    • Jim
      Jim  •  4 mths ago
      How do you steal from your own business? I get it if it is tax evasion.
      • Joel Binkley
        Joel Binkley 4 mths ago
        You can also misappropriate funds using them for a different purpose than as a business item, like saying you bought five cases of hot dogs at an inflated price and used the money for a trip to Vegas !
    • brians
      brians  •  Columbus, Ohio  •  4 mths ago
      that place has great pickels but the hot dogs are average at best, as far as 5th3rd goes u are better of burying ur money in the backyard or hiding it in the old mattress
    • spfx
      spfx  •  Tampa, Florida  •  4 mths ago
      I don't know anything about the bank but I have read enough now know I don't want to do business with them. And I also grew up watching M*A*S*H. And considering war and what they are about, how you come up with a sitcom show about a war going on takes true talent. There's nothing funny about a war but the creators of that show took such a risk even at that time of the 70's and 80's. I applaude the show and all the people who were involved with it. As for the restaurant. Don't connect worthless goings on with greatness. I'm sure the food there is fantastic but I wouldn't know.
    • RobertS
      RobertS  •  Elmhurst, Illinois  •  4 mths ago
      5th 3rd bank can go #$%$ them selfs they sure did here
    • Tired of corporate greed
      Tired of corporate greed  •  4 mths ago
      5/3 bank is a joke. Pull your money and BOYCOTT the greedy bank. They have ruined america and screeewwwed so many homeowners and business it makes me sick. 5/3 needs to go to the big bank in the sky. Pull your money as I did. They DO NOT care about people, only profits.
    • I dunno nuttin'
      I dunno nuttin'  •  Palm Beach Gardens, Florida  •  4 mths ago
      It is about time someone slipped the bank the weenie instead of the other way around!
      The bank that can't get their fractions right? It should be One and Two Thirds.
    • DC123
      DC123  •  Richardson, Texas  •  4 mths ago
      AP cant afford a digital camera?? Bad press. Next time, take a picutre!
    • Dana
      Dana  •  Dayton, Ohio  •  4 mths ago
      sucks they are having this problem, i have eatten there. and love it. and still am a big fan of MASH
    • Mr. Muligan
      Mr. Muligan  •  4 mths ago
      #$%$ IT ! No Radar Brownie now ! Or Hotlips Apple Desert ! Curse you cruel world !
    • Joel Binkley
      Joel Binkley  •  4 mths ago
      The original Tony and his wife were what made Tony's a great place to eat. They treated everybody like family and the food was made the same way every time all the time. It's a crying shame that the heirs have taken a piece of history and run it into the ground because of greed.
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