Greg Roach's Berkshires Blog
Wednesday, February 11, 2009
  Oh Crap!
This is bad:
THE COMMONWEALTH OF MASSACHUSETTS BERKSHIRE SS. SUPERIOR COURT No. 09-026 To Jae H. Chung, residing at 142 Blythewood Drive, Pittsfield, Massachusetts 01201, and to all persons entitled to the benefits of the Servicemembers Civil Relief Act. WHEREAS, Adams Co-Operative Bank is a corporation having a usual place of business at 93 Park Street, Adams, Massachusetts 01220, claiming to be the holder of a mortgage covering real property situated at 1111 South State Street, North Adams, Massachusetts 01247, given by Jae. H. Chung to Adams Co-Operative Bank dated April 21, 2008, and recorded in the Berkshire Northern District Registry of Deeds, Book 1327, Page 827&c, has filed with said court a bill in equity for authority to foreclose said mortgage by entry and possession and exercise of a power of sale: If you are entitled to the benefits of the Servicemembers Civil Relief Act,as amended, and you object to such foreclosure of said mortgage, you or your attorney should file a written appearance and answer in said Court at Pittsfield, in said County of Berkshire, on or before the 18th day of March, 2009, which day is the return day of this subpoena, or you may be forever barred from claiming that such foreclosure is invalid under said Act. Witness, BARBARA J. ROUSE, Esquire, Chief Justice of our Superior Court, the 27th day of January in the year of our Lord two thousand nine. Deborah S. Capeless CLERK. A True copy. Attest: John D. Lanoue. Esq. Donovan & O'Connor, LLP 1330 Mass MoCA Way North Adams, MA 01247 (413)663-3200 2/11/09
Man, the restaurant business has really been a bitch out here the past couple years. And the trouble mostly seems to hit the best places.

I had been wondering whether Jae could possibly be liquid enough to withstand the cost of the several changes and deals he's been making. (Moving Jae's twice, changing the Miss Adams to a seafood joint, and back again under, I think, new owners, and partnering with Spice in Pittsfield.)

Jae's has always been busy when I've been there, but that was on half-price Tuesdays; the cost of trucking in quality fish has got to keep that from being profitable. I'm going soon.
I don't mean to be cold, but it doesn't surprise me in the least. I've been saying for three years that basing a local economy o tourism was a mistake.

When Jae pulled out of Le Jardin, I figured it was the beginning of the end for his golden touch.

I hope his able to consolidate into one location, whatever that may be, and weather the storm.
If I understand Jae's problem, it is that he is simply over leveraged with all of his various properties and when the cash flow slowed down, he couldn't pay all the bills on time.

The Le Jardin thing was completely separate. It was a feud based upon a serious financial disagreement with his former partners in the operation. It wasn't pretty, from what I've been told.

Cj, you are right in that Jae is a good businessman and he will find a way to keep some of his empire intact. He is probably working with his creditors right now to find a way to move forward with a smaller operation. I can only hope that he will keep a restaurant in NA.
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