Pig Iron Press May Go

[Why?Town]

Seems like his current business model is fundraising.

[Towntalk]

This is good news, but it could have been avoided, but Villani isn't out of the woods yet, his Boardman home will be auctioned off next at Sheriff's Sale, so Villani had better think about setting up housekeeping at his downtown building.

Will Villani now have a fundraiser to save his house?

[jay]

I've heard that many members of the arts community attended the Pig Iron fundraisers.  A lot of small donations are often just as good as one large donation.

[Billy Mumphrey]

The paper is reporting today the Pig Iron Press has been saved.
http://www.vindy.com/news/2013/mar/13/youngstown-pig-iron-press-building-sale-/

[Billy Mumphrey]

http://businessjournaldaily.com/economic-development/pig-iron-owner-considers-options-building-sale-2013-3-8

[Youngstownshrimp]

TT,
If I remember correctly, his home had little or no equity thus the failure to obtain a bid at the auction.  Auctions usually begin with a figure representing the debt and appraised value.

[Towntalk]

Did he put his home up as collateral? It's also on the Sheriff's Sale list.

[Youngstownshrimp]

TT, good info.
Villani should partner up with the bidder and maintain space there.
The bidder bid way to high for that building.

[Towntalk]

Curious:

  Also on the block at Tuesday's sheriff's sale was Villani's home on Brookwood Drive in Boardman. The home received no bidders and will be available at the next sheriff's sale March 19.

Villani said that he is considering exercising his right to redeem, a tenet of foreclosure law that would nullify the sale of the Pig Iron building if the unpaid tax bill is paid before the sale is confirmed.
He will first determine what his financial gain from the sheriff sale will be before deciding whether to exercise the option. Villani has had a series of fundraisers to pay the tax lien and has another one planned the first week of April.
In any event, Villani said he plans to keep Pig Iron Press alive, even if he has to find a new location.
   
 

[Towntalk]

So how much money does Jim actually walk away with after all the fees etc are deducted? He'll still have his equipment etc, and there would be nothing to stop him from setting up shop elsewhere. Jay made a good point, there are empty storefronts on the West Side that he could relocate to and lease. The same is true with the North Side. He certainly doesn't need a large building like the one he had.

[Youngstownshrimp]

I tried to loan Mr. Villani the money last year if he would agree to increase his business with a bulk food grocery store similar to what we have in Poland.  We met seveal times and I only wanted to be secured as a partner.  His response to our mutual friend an atty., was not what I was accustomed to as a businessman so I never moved forward.  But for the life of me, I never thought he would allow a fire sale............but you know, if he got $90,000, maybe he is dumb as a fox.

[Youngstownshrimp]

I'll lend him the $1000 plus now and someone go tell him.
Of all my years in distress real estate, I never heard of a foreclosure wherein, 1/5 th of the cost was tendered at the auction.  I would think the auction could be vacated if Villani comes forth with the balance in a timely manner.

[jay]

The account in the newspaper stated that Mr. Villani made a good faith attempt to come up with the money he owed to the lien sharks.  For a shortage of only $1,328, he is going to lose his building and his livelyhood.  I would have hoped that Sheriff Green would have realized the injustice here and postponed this action.

[Billy Mumphrey]

I truly don't understand what is going on. If the remaining balance is paid in 30 days, does Mr. Vilanni get to keep his building and business?

[Towntalk]

At least the men who bought the building have a positive track record downtown and that is good.