BOARDMAN Rulli's property sale becomes official
Three Rulli brothers had owned the Boardman building and property.
BOARDMAN -- The owner of Rulli Bros. Austintown now owns the building and property that houses a competing Boardman supermarket operated by his brother, Rulli Bros. Market.
Frank Rulli was the successful bidder in a public auction of the Boardman building and real estate Oct. 4, and Judge William Bodoh put his stamp of approval on the sale this week.
Rulli, who paid $825,000 for the property, would not comment Friday on his plans for the South Avenue property and building.
His brother Anthony Rulli could not be reached for comment, but he has said that Rulli Bros. Market is a healthy business and will continue to operate.
Possession soon: Judge Bodoh's order approving the sale states that possession of the property should be transferred to the new owner "as soon as practicable." He wrote that any dispute over possession must be resolved by another court, because the bankruptcy court does not have jurisdiction over that matter.
The brothers have a lawsuit pending in Mahoning County Common Pleas Court over the ownership of the Boardman store corporation. The case has been pending for about nine years.
The Boardman store building and property were owned by the FAN Co., a partnership that included Frank, Anthony and their brother Nick Rulli as equal partners. The Boardman business is also owned by the three brothers, but Anthony said he is the majority owner.
Judge Bodoh ordered the property auction as part of a plan to reorganize debts Anthony Rulli and his wife, Karen, incurred. The couple filed a personal Chapter 11 bankruptcy case in February, 2000.
Proceeds from the property sale will be divided equally among the three brothers, with Anthony's share going to his creditors.
Objection filed: Nick Rulli filed an objection to the auction results, arguing that the court ordered a 30-day notice but the sale was held with only 26 days notice. Judge Bodoh overruled the objection, noting that the law does not require 30 days and no objections were filed by prospective buyers.