IBJNews

Bank seeks $2M from estate of London Witte Group founder

Back to TopCommentsE-mailPrintBookmark and Share

An Illinois bank seeking to foreclose on property on the southwest side of Indianapolis also is attempting to collect a $2 million debt from the estate of a local business executive who died in 2010.

Herget Bank in Champaign filed suit this month in Marion Superior Court, asking Judge Thomas J. Carroll to appoint a receiver to manage the property during the foreclosure.

The land, at 2301 S. Holt Road between Interstate 70 and Kentucky Avenue, is home to Tyson Corp., a supplier of commercial modular buildings founded by Richard J. Salewicz of Carmel.

Salewicz died in April 2010 at age 61. Besides owning Tyson, he founded London Witte Group LLC, Indianapolis’ 19th-largest accounting firm, according to IBJ statistics. He also was a chief financial officer of information technology firm Lightbound LLC, located near Kentucky Avenue on the southwest side.

The foreclosure suit filed by Herget on Feb. 16 names Salewicz’s estate in addition to Tyson Corp. and Bazyli LLC, an entity established to receive financing for the Holt Road property.

Bazyli and Salewicz originally received a $1.2 million loan from Illinois-based Strategic Capital Bank in November 2003. Strategic failed and was taken over in 2009 by the Federal Deposit Insurance Corp., which appointed Midland States Bank in Champaign as receiver. Herget Bank later acquired Strategic’s assets.

In the meantime, Bazyli and Salewicz received a second loan from Strategic in December 2006, bringing the total amount owed to $2.2 million.

Acting as receiver for Strategic, Midland agreed several times to extend terms of the loan, which ultimately came due last September. Including principal of $1.9 million and interest charges, Herget says it is owed $2 million.

Midland filed a similar claim of $2 million in July 2010, a few months after Salewicz’s death, in Hamilton Superior Court. That claim is pending.


 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. By Mr. Lee's own admission, he basically ran pro-bono ads on the billboard. Paying advertisers didn't want ads on a controversial, ugly billboard that turned off customers. At least one of Mr. Lee's free advertisers dropped out early because they found that Mr. Lee's advertising was having negative impact. So Mr. Lee is disingenous to say the city now owes him for lost revenue. Mr. Lee quickly realized his monstrosity had a dim future and is trying to get the city to bail him out. And that's why the billboard came down so quickly.

  2. Merchants Square is back. The small strip center to the south of 116th is 100% leased, McAlister’s is doing well in the outlot building. The former O’Charleys is leased but is going through permitting with the State and the town of Carmel. Mac Grill is closing all of their Indy locations (not just Merchants) and this will allow for a new restaurant concept to backfill both of their locations. As for the north side of 116th a new dinner movie theater and brewery is under construction to fill most of the vacancy left by Hobby Lobby and Old Navy.

  3. Yes it does have an ethics commission which enforce the law which prohibits 12 specific items. google it

  4. Thanks for reading and replying. If you want to see the differentiation for research, speaking and consulting, check out the spreadsheet I linked to at the bottom of the post; it is broken out exactly that way. I can only include so much detail in a blog post before it becomes something other than a blog post.

  5. 1. There is no allegation of corruption, Marty, to imply otherwise if false. 2. Is the "State Rule" a law? I suspect not. 3. Is Mr. Woodruff obligated via an employment agreement (contractual obligation) to not work with the engineering firm? 4. In many states a right to earn a living will trump non-competes and other contractual obligations, does Mr. Woodruff's personal right to earn a living trump any contractual obligations that might or might not be out there. 5. Lawyers in state government routinely go work for law firms they were formally working with in their regulatory actions. You can see a steady stream to firms like B&D from state government. It would be interesting for IBJ to do a review of current lawyers and find out how their past decisions affected the law firms clients. Since there is a buffer between regulated company and the regulator working for a law firm technically is not in violation of ethics but you have to wonder if decisions were made in favor of certain firms and quid pro quo jobs resulted. Start with the DOI in this review. Very interesting.

ADVERTISEMENT