Forrester's on the River: Why it's damned stupid to open a restaurant there.

On 2016 Jan 22 Fri 10 am, the contents of "Forrester's on the River" restaurant will be auctioned off as a total liquidation to satisfy debt. The auctioneer Pamela Rose Auction Company has posted [1] that the sale will be "down to the walls" [2] but there might be contention about that, regarding installations like the wooden bars and ventilation system.

Disclaimer: I have no association whatsoever with the auctioneer, the landlord (Dashing Pacific), the bank involved (Genoa Bank), or the restaurant owners (John and Jonathan McQueary, whom I refer to as "McMorons" hereafter).

The reason why this liquidation is happening is that the Toledo area has too many morons who can't admit we are in the middle of a gigantic economic crash of generational scope. Toledo is in the middle of a Great Depression. In such a case, opening a restaurant like Forrester's was totally foolish. The McMorons must have mental issues. But they're not alone... why did Genoa Bank loan them about 200 thousand dollars for this foolishness? Who's the drooling idiot at the bank who approved that loan? I don't blame the landlord Dashing Pacific for signing a lease; after all, the property would have sat vacant otherwise. But the entire venture was just stupid. Imbecilic.

Dashing Pacific filed a court action against the McMorons in the Lucas County Court of Common Pleas, case number G-4801-CI-0201503037-000. Look it up yourself. In the documents attached to the docket for that case, you can find the 60+ page initial filing. That's how I found out the moron Genoa Bank loaned moron money to a couple of McMorons.

But I also found the Lease Ledger. And it sufficiently illuminated the issue for me. By any rational metric, the restaurant had failed by the THIRD month. The ledger clearly shows that the McMorons never fully satisfied their expenses after that point. A raft of natural gas and electric expenses had been paid by the landlord and were therefore charged to the McMorons. Is it normal for a landlord to pay your utility bills when you run a restaurant? Obviously the answer is "no". Obviously the court agrees, since this liquidation is being done to satisfy every dollar of the ledger's end balance.

By month 6, the ledger clearly shows that the McMorons started to have trouble submitting the entire monthly rent and CAM (common area maintenance) payments.

By month 12, the McMorons had bounced a check. After that, rent/CAM was paid only sporadically. Sure, some payments were significant, like a payment of $35000 made 3/04/2015, but by then the balance had swelled to over 156 thousand dollars. So the McMorons were doing the "Table 44" [3] thing... they were just running up a balance that they obviously were never going to make good on.

The ledger clearly indicates that each winter, the restaurant just didn't make good on rent/CAM payments, or utility payments. Either way, the winters at that restaurant were dismal. Why would anyone open a restaurant there? I mean, other than clinically defined mental retardation? And then why would a bank give hundreds of thousands of dollars to obvious imbeciles who propose such a thing?

I myself am going to the auction to do my part in making sure that that site is totally emptied of equipment so that another set of morons don't just move in and try to run a restaurant there. I'm bringing lots of money but I'm not going to bid that high. I deserve a break and with all the utilities and bank money, I suspect that somewhere along the way all of us are paying for the McMorons having their time drooling in microencephalic glee.

[1] http://www.pamelaroseauction.com/wp-content/uploads/2014/11/Forresters-B...

[2] http://www.auctionzip.com/cgi-bin/auctionview.cgi?lid=2645053&kwd=&zip=4...

[3] The "Table 44" restaurant is running a huge balance on their property taxes. Why won't Lucas County force them to a tax sale? It looks like our government is more afraid of the restauranteurs than the reverse.

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I just wonder...why would a bank loan money to people who are investing in a losing proposition? Banks are not in the business of losing money. Why would individuals invest their money and time in a losing proposition? I guess you're like The Donald. You are brilliant, and anyone who disagrees with you, or screws up in business, is a dummy! How did that Trump casino, the "Taj Mahal," do in Atlantic City? Did The Donald suffer at all from that bankruptcy? Is he not an idiot for investing in a losing proposition there? What about the "junk" bonds he floated to fund the project? Are all of those who bought those bonds on good faith idiots, too? Is everyone who takes a chance in an entrepreneurial venture an idiot, unless they make a ton of money?

If no restaurants can "make it" on the river, why is Real Seafood Co., Toledo, still in business after just passing its 16th anniversary? If the economy is so bad, why is there a place on their website where one can apply for a job? And, I have seen more signs asking for new employees at various businesses the past year than I have since the Great Recession. According to the Bureau of Labor Statistics, using the same measurements year after year, the unemployment rate in Toledo in November was 5.0%, exactly the same as the national average. It dropped from over 13% in early 2009, just after Obama took office.

But, according to Chicken Little, the sky is falling, so despite all of the evidence to the contrary, it must be so!
BTW, Mr. Empty Glass, remember when you brilliantly predicted that the price of petroleum would go through the roof, and send is all into the poor house? What's happened in the last year? I just passed a gas station where the price was $1.28 a gallon. And, now Iran is going to ratchet up its selling of oil on the world market! The big concern among investors now is that the price is going far too low! Most Americans are spending $20-$40 per month LESS on gas now than they did only one year ago! Businesses which reimburse for mileage and/or pay for employees' gas have saved a ton of money!
Well, Chicken Little, you were dead wrong about this issue!

I was making the implied point that the bank made a POLITICAL decision in the investment. No bank should do that. Naturally you totally skirted the issue, Dale. You will never admit such things happen, and further, you will never admit how often those things happen.

I said that no restaurant THERE will make it. The market for restaurants for the downtown Toledo region is utterly saturated. Any fool can drop by these restaurants and bars every day and see how fuckin' dead they are. Why else have Table 44 and Michaels basically given up on paying the property taxes that they owe?

I'll be there on Jan 22 to make sure that the building is EMPTIED. If they were auctioning off the right to set the fuckin' building on fire, I'D BID ON IT. No restaurant should go there. Nothing should go there. Toledo in general is awash in excess property which makes perfect sense since the Toledo population does nothing but DROP by about 1000 people per year. Toledoans need to do LESS, not MORE. Toledoans need LESS materially, not MORE. We're in the middle of a Great Depression. The local government needs to effectively VANISH and the remaining people need to do what they can to survive in a low-overhead environment.

In short, Toledo is the Albania of Ohio. We should treat it as such: No taxes; fully armed; hand-to-mouth existence.

Now stick that in your pipe and smoke it, Dale, you overpaid Boomer weenie.

all who care to read your negative, profanity-laced garbage why you earn your aka's from me -- Mr.Empty Glass and Chicken Little.

It is sad that you believe we are in a Great Depression right now. You are as correct about that as you were about the price of gasoline and other fossil fuels! I am a child of parents who lived through the Great Depression of the 1930s. You have no idea how different things are now. Count your blessings, Chicken Little!

We're in a Great Depression that has been papered over for decades with food stamps, Section 8, massive civilian credit lines, and massive government borrowing. The can was merely kicked down the road, and only got larger and heavier. Toledo has merely paid the price second; places like Detroit and Flint paid it first. It will still take some time for a major metro area like Chicago to finally pay the price... but it's coming.

Your pronouncements display your ignorance on these subjects as well as your extreme negativity about the world.
You really need to get more education. During the Great Depression, the unemployment rate reached over 24%. Most of those who were still working had their incomes cut drastically. There was actual, deep DEFLATION! And that was at a time when few women worked outside the home. In other words, the only wage earner in a huge percentage of households was out of work. There was no unemployment compensation. There was little or no welfare to speak of. Untold numbers of people lost their entire life savings when banks closed! (Remind me, Chicken Little...how many people have lost their life savings in banks which have closed since the FDIC and its sister organizations were created by FDR?) Nearly one-fourth of households went from whatever their income had been, to ZERO!
The currently existing "safety net" forms a bridge for Americans to cross from one job to another without totally devastating their families and themselves! Unlike the negative propaganda spewed from the extreme right, most Americans want to work. Americans work harder, more hours, more weeks per year, than those in most other industrialized country in the world! Americans work hard!! BTW -- The most hours are put in by workers in The Donald's favorite target -- Mexico! Here's a link to that info: http://fortune.com/2015/11/11/chart-work-week-oecd/

What makes you so bitter, Mr. Empty Glass?

The irony being, you just admitted huge government spending has hidden the problem, that being my essential thesis. People aren't on the street corners selling apples and pencils (other than in our extensive flea markets) because of food stamps, Section 8, WIC, HEAP and other welfare programs, all fueled by a government debt machine that's clearly out of control (i.e. unpayable, hence our government itself is financially bankrupt).

Why not just admit you're agreeing with me, Dale? Does it give you hives when that happens? There's an ointment for that.

when Bill Clinton balanced the budget in the 1990s! Explain how that could have possibly happened! Your glass is still empty, Mr. Empty Glass!

What you fail to recognize is that Republican policies after W was named POTUS took us from a road of balanced budgets and detoured us down a winding path that led us into economic disaster!

Why are you so emotional?
Why are you so bitter?

You refuse to explain the function of Democrats in recent American history. Reading your diatribes, you'd have thought that there wasn't a Democrat majority in the House or Senate since Bill Clinton's Presidency, and you'd think there wasn't a Democratic President since either.

Liberals like you are STILL exonerating Obama from his failures, in favor of continued demonizing of the administration of George W. Bush. News flash: Bush stopped being President and Commander-in-Chief in early 2009. Obama had a compliant, Democrat-majority Congress for a solid two years. At some point, even extremists like you, Dale, have to admit your "people's party" is nothing of the sort.

Obama was the Banker's President running under the Second Banker's Party (i.e. Democratic Party) and I have yet to hear you Liberals admit that. Hillary is the same sort of creature, and I've yet to hear you Liberals admit that, too. Instead, you growl and scream about the First Banker's Party (i.e. the Republican Party) as if the FBP was the modern incarnation of the teutonic National Socialists.

beyond your lack of formal education. You know little or nothing about the practical, everyday world of being an entrepreneur or running any kind of business.
Banks are not in business to lose money. They do not loan money to a new business to make a political statement. Maybe you would, but then you have never run a bank, have you? I have the greatest respect for entrepreneurs. Entrepreneurs open businesses and they have no idea if anyone will come through their door and patronize them instead of someone else.
And, yes, I know what that is like. My father had a "mom and pop," very small business, in which I worked with him for 15 years! Whenever I was there first in the morning and turned off the alarm and unlocked the door, I never knew if one customer would come in that day.
No one starts a business to make a political statement, Mr. Empty Glass. They start a business in order to make a living. If they are good and lucky, others will benefit from being employed in that business. Hooray for entrepreneurs!

While Dale rages about a particular person pointing out the truth, I'm going to point out more truth. Maybe this will help Dale get that aneurysm he so richly deserves.

I went to the auction and the auctioneer mentioned offhand about the SBA. Shit! Now I've got to file a request to find out if direct government money was involved in this sordid affair. Stay tuned for that one.

There were some "heavy hitters" at the auction and prices were strong. I kept track of prices (some people asked what I was doing) and arrived at a total around 72 thousand dollars. There was a 10% buyer's premium which I assume was the auctioneer's fee, which was added to the total, hence doesn't change the recovered amount.

So the landlord lost at least 50 cents on the dollar. I don't know if Genoa Bank got their money back, but from what I've heard, they're legally involved, hence there must be some balance pending. I don't know the SBA's financial involvement either.

The lessons are clear: Don't open a restaurant there. Don't loan money to McMorons. Stop believing that in an economically depressed area with a constant loss of population, there's any money to be made other than in check cashing, bail bonds, scrap metal, environmental remediation, illicit drugs, prostitution, tobacco and alcohol.

Peace out, bros!

This aka fits you well. So does Chicken Little. Are you still planning for the apocalypse? BTW...How are those fuel prices doing?

You have the temerity to bring up truth? What makes you an expert on loaning money and/or entrepreneurial activity? Where are your credentials? As the Col. Jessup character in "A Few Good Men" said, "You can't handle the truth!"

Just saw a news story about the new Kroger store holding interviews for new jobs at their new Perrysburg location. Why don't you apply? Those are good paying jobs with benefits. There are notices asking for new employees all over this immediate area. Whether you want to admit it or not, the economic situation has improved markedly since Obama's policies started to pull this nation out of the Great Recession. And, I don't care who gets the blame for causing the Great Recession. I do know whose policies have pulled us out of it, however.

Maybe if you would get a good job you wouldn't be so apocalyptic and morose!

Once again, Dale, you're part of the Education-Industrial Complex. You're horrified that people reach conclusions from their own investigations and brain power, outside of the propaganda system that is the EIC today.

I don't need credentials as a citizen. I don't need credentials to think and vote. And these truths drive you into fearsome rages that are ultimately (and hopefully) going to cause a blood vessel in your head to rupture, finally ridding the world of the likes of YOU.

Why not just hang a sign, Dale? A sign that says information and conclusions are only permitted from the so-called educated class, which by no mean coincidence means yourself?

experience from which to draw your conclusions! You may have any opinion you want. You may articulate any opinion you chose to write. That is your right. I am merely pointing out that you have neither the academic credentials, nor the practical experience for those of us who read your blather to take it seriously.
When you state that banks make loans for political purposes, you prove that you have never run a business. Banks, like all businesses, are in the business of making money, not in the business of making decisions for political reasons. This type of ludicrous conclusion on your part shows how you would make decisions if you were ever in a position of power. And, it shows why you have never been given that type of responsibility, Chicken Little!

some facts I'm sure you will not like, GZ aka Mr. Empty Glass, but facts they are. I know that you never allow facts to get in the way of your opinions; however, I guess I like beating my head against the brick wall that is Chicken Little:
http://www.bls.gov/emp/ep_chart_001.htm
Basically, the higher the level of education one achieves, the greater is one's earning power, and the lower is the rate of unemployment in that category.

Meanwhile, Kroger may still be hiring. Others are, too. Get a good job and the entire world may appear less cruel to you.

Isn t it facinating that people who critisize education don t have any, and in many cases are not capable of being educated.

country. Those who produce and write for "The Big Bang Theory" and other entertainment venues do a much better job of highlighting this than I ever could. When I was young, and back in a day when many more females identified themselves via their male companion rather than upon their own accomplishments, I remember relating, as I aged, the different stages of female attraction. When we were in junior high school, it was, "What does he look like?" In high school it was, "Is he a star athlete?" or, "What kind of car does he drive?" In college, it was, "What's his major?" By the time we were at our ten year high school reunion, it had evolved into, "What does he do for a living."
I distinctly remember my wife and me at my ten year reunion speaking with one of those nerd-types with whom we had both been friendly. (My wife was one class behind me at DeVilbiss High School and has many of the same friends and acquaintances.) He had married a very attractive woman, who, like himself, had a scientific-related college degree, and a professional career. BTW -- I had my 50th reunion this past summer, and they are still happily married all these years later.
Yes. I have known many people who have been very successful in life and never attained a college degree. They were extremely driven, hard-working, and willing to take risks. I will never denigrate practical experience! But we must, as a society, not "put down" those who attain a good education. For most who do so, it is a key to a successful and fulfilling life.

Last summer I was at a gathering where several people decided to go on a Nerd hunt. Myself and one other person were identified as nerds and viciously criticized by many of the people at the gathering. Eventually they insisted that the one other nerd and I defend ourselves. So, I did. I said, "The flat screen TV, cell phones, vaccines for dangerous diseases, airplanes, automobiles, computers, etc. , us nerds did all that." The room became very quite after my announcement.

We can tell who the Nerd Wanna-bees are on this site.

Sounds credible to me, ZC!

Go get him , Dale.

Looks like Dale has gone into "all heat no light" mode. Once again, since he can't fight the facts of Forrester's Failure On The River, where losses of 50 to 70 cents on the dollar are to be expected, then he has to go after me.

It hardly matters, of course. Dale is fighting a losing battle. Toledo is still losing population, since this place is in the middle of its Greatest Depression. I'm sure legions of Dales ran their stupid mouths about similar issues all while Detroit was collapsing, and it didn't change what happened there. For Toledo, for people who expect there to be some legacy culture where money produces results in that fashion, I encourage them to GET THE FUCK OUT. Leave the area; if you expect investments to net you that government-sanctioned Boomer-era 8% ROI yearly, then you're too fucking dumb to do anything with.

What Toledo needs is a more hand-to-mouth population. We need to do less with less... since LESS is all we'll have. Gone will be the new cars, the expensive shops, the people playing dress-up. Toledo's future is in dilapidated housing, worn jeans, and shotguns to keep the peace. Any fool can see that... but Dale isn't just any fool, apparently.

Dale, you have my permission to screech amusingly for a few more postings after this. Proceed.

for living up both of the aka designations I have given you, Chicken Little. Channel 13 had two more notices of employers looking for new workers and holding job fairs, including the Toledo Public Schools! And you don't even need a college education to apply! Go for it!

It is most sad that you believe using the f*** word somehow makes your opinion count more. By using profanity, you are displaying to everyone how emotional you are! Don't cry, Mr. Empty Glass. You can get a good job right here in Toledo. But you do have to apply for one!
You conservatives are just so emotional!

looks promising: http://www.local.com/results.aspx?keyword=job+fair&CID=65&location=toled...

Good luck.

And, on a positive note, here's advice from Pema Chodron: "Now is the only time. How we relate to it creates the future. If we're going to be more cheerful in the future, it's because of our aspiration to be cheerful in the present. The future is the result of what we do right now."

categories. Just saw the advertisement on USA network.
If you need a good job, sign up! You don't even have to relocate!

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