Deal to sell "M-A-S-H" hot dog diner in Ohio falls through
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 today, 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.