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Moe & Johnny’s owner files for bankruptcy reorganization

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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.”
 

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  • 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

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  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

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