IBJNews

Moe & Johnny’s owner files for bankruptcy reorganization

Back to TopCommentsE-mailPrintBookmark and Share

The owner of a popular Broad Ripple bar is seeking to reorganize its assets under the protection of bankruptcy to help clear debt he incurred from another business interest.

Chuck Mack of Moe & Johnny’s, 5380 N. College Ave., filed for Chapter 11 on Nov. 5 using the corporate name of Charles G. Mack Entertainment Services Inc.

Mack listed the bar’s assets at $118,300 and its liabilities at $922,255. Revenue this year through Oct. 31 was nearly $2 million, according to the court filing.

The largest secured creditor listed is the Indianapolis office of Milwaukee-based M&I Bank, which is owed $163,000.

Another of Mack’s business interests, which he said led to the reorganization, is the redevelopment of Buggs Temple on West 11th Street at the head of the Central Canal in downtown Indianapolis

He and Meridian Asset Development teamed up on the former church building, which opened under its new use in 2007 and houses restaurants Creation Café on the first floor and Euphoria on the second level.

A lack of investors, however, caused Mack to use assets from his bar as collateral to finance parts of the Buggs project, prompting him to seek reorganization, he said.

“It was just a perfect storm that we got caught in,” he said, “and this is the financial cleaning up of all of that.”

Mack said Moe & Johnny’s, which he opened in 1996, is in no danger of closing. Rather, he said he lost money from lease failures at Buggs Temple. He’s not involved in the operation of either restaurant there.

But Mack and his wife were partners in the upscale Tavern at the Temple, which survived about 11 months before closing in 2008.

While volumes were on target for Tavern, investors in the concept didn’t materialize as hoped, IBJ reported in September 2008.

“I wasn’t able to raise any money,” Mack said on Thursday. “We weren’t able to do it financially, so we had to get out of that business.”

Nearly $760,000 of the debt listed in Mack’s bankruptcy filing is unsecured. Of the amount, at least $114,757 is listed as “potential liability arising from debtor’s involvement with Buggs Operations LLC.”

The amounts of several other unsecured claims relating to the development are listed as “undetermined.”
 

ADVERTISEMENT

  • BULLDOG?
    Sobro bro: To say he swiped the Bulldog is inaccurate... He legally swindled the property from a widow and fired all of her employees, most of which had been employed by her late husband Moe. It's sickly ironic Moe's name sits on a building Chuck runs, after what he did to Mary Jane and the Bulldog name. He's a slick operator, so I'm surprised this happened, but I think he deserves a little payback from the '90s.
  • Meridian Asset Development
    Meridian Asset Development.... That is John Bales' company.... (you know Mitch Daniels buddy and Carl Brizzi's buddy that hooked him up with the $2.2 million Elkhart State Lease... So does that mean the Venture Companies are in trouble too?
  • bulldog?
    um, M&J's didnt 'open' in 1996 - it had been the Bulldog for years until it was renamed - after being swiped from the previous owners.

    i was unaware of the development of Buggs was connected, but now that i think back to the quality of the food and pricing it totally makes sense.

    GREAT OUTDOOR SEATING COMES AT A PRICE!
  • Uh oh!
    Moe & Johnny's is in the business news today.
    George gill

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. Good Day I am Mr (Victoria Wright) from United state of America, i stayed in NEW YORK, and i have a broke up business, until i found this company email who help me to gain a loan for business,, and now i want to used this short medium to congratulate the below company for the fast and safe money they loan to me without any form of collateral, i loan 500,000USD from the company to save my business and lots more, i saw their mail on the internet, everyone always give testimony for what they did, so i quickly contacted them and they all did everything for me without stress and my money was sent to my account just 3 days later, i was surprise and i feel so glad, now i have a standard business control agent who help me, now i will advice those who need urgent loan to contact him at the bellow email:zenithfirm12@gmail.com

  2. NOTICE:This is to inform the general public that Vampires are real. My name is James Franklyn.,am an agent of vampire,am here to introduce our new world trend to you,a world of vampire where life get easier,we have made so many persons vampires and have turned them rich,you will be assured long life and prosperity,you shall be made to be very sensitive to mental alertness,stronger and also very fast,you will not be restricted to walking at night only even at the very middle of broad day light you will be made to walk.In case you are wildly oppressed by some unscrupulous persons we can still help you fight them.Your protection is assured immediately you join.Just contact the bellow email if you are interested we are here to attend to you anytime you want us. Contact the bellow email for more details. Email:vampirescreed@hotmail.com Sincerely: James Franklyn.

  3. Bravo! Someone else that is willing to speak the truth! Bravo!_____NBCSN is available in almost 2 MILLION more homes than just a few years ago, but Indycar STILL gets less total viewers than it did just a few years ago when NBC took over Versus. Attendance and ratings cratered with the end of season races (just when the title battle got "interesting" HAH!__________And now...new race in Basilia, where Miles celebrated the "rich history" of Indycar racing there. Rich history? What, 7 events in the 100 years of AOW? Yep, some history. Well, at least its an oval. It's not??? Are you kidding me??? Gosh darn road racin furriners.

  4. PURITY RAY LOAN OFFER........ Have you been denied by your banks,or are you in need of of an urgent loan to pay of your bills we are capable of giving loans @ cheaper rate to interested individuals, student, companies and members of the public in need of finance to settle bills, we do offer considerable loans which you can count on. For more information on our various types of loan,then you will have to contact PURITY RAY LOAN FIRM, to help you achieve your desire LOAN APPLICATION FORM TO BE FILLED BORROWERS INFORMATION * Full name:………………………. * SEX * ……………………………. * Country………………………….. * State:……………………………. * Land:…………………………….. * Occupation:…………………….. * phone number:…………………. * Telephone: ………………………….. * Age:………………………………. * Amount needed as loan:……… * Loan Duration:………………….. * Propose of Loan:……………….. * Annual revenue:………………… * Monthly Income:……………….. * Guarantee:………………………. * Payment: monthly or annually Email.....purityrayloanfirm@gmail.com Thank you and God bless Mr Purity Ray PURITY RAY LOAN FIRM we tend to serve you better

  5. Problem: most of the people responding to this article don't know about this service AT ALL! Why? Lack of awareness. This isn't IndyGo. This is CIRTA: might as well be the mattress company because they are asleep at the wheel - something like 3 directors over the last year? Playing with federal grant money is great! This "region" wants commuter rail service, has spent MILLIONS on Transportation studies yet can't even support a commuter bus line? This is largely for suburban riders to get to downtown - not for "service people to work in our hotels and restaurants" ! Get your head out of your backside!! These are professionals, students etc. that don't want to fight traffic, save some money on parking, gas, stress.... if CIRTA would put their federal money into widely promoting the sevive to Greenwood, Fishers & Carmel instead of finding directors and studies - this would be a successful service. Our family uses(d) it daily for the last several years - but the recent uncertainty & now unreliability due to cuts from Carmel has been a problem. Now, costs us an additional $350/month for gas & parking ( $4200/year) plus vehicle wear, service, environmental impact ... YES - this REGION needs this this type of service in order to keep growing and getting the people it needs to fill skilled positions in downtown Indianapolis. Think outside of your own car !!!

ADVERTISEMENT