Oak Brook resident and Oakbrook Terrace-based contractor Anthony Montalbano Sr. has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court in Chicago.
One hundred and four creditors are named in the bankruptcy filing, including numerous banks and individuals in Illinois and Arizona, Anthony Montalbano Jr. and the village of Oak Brook's water department. According to court documents, Montalbano estimates that he owes anywhere between $100 million and $500 million.
The largest creditors who claim Montalbano owes them money are asking for more than $151 million alone.
The highest debt among those creditors is about $35 million, owed to the Colorado-based company RBC Builder Finance. The next highest is claimed by Countrywide/ Bank of America Real Estate Managed Assets, which says Montalbano owes it $22.5 million.
On Aug. 24, five days after Montalbano filed for bankruptcy, RBC filed a foreclosure against Montalbano in Will County, claiming that Montalbano borrowed more than $64.5 million and still has an unpaid balance of about $34 million. The actual foreclosure lists the following as defendants: Montalbano Builders Inc., Montalbano Homes of Arizona Inc. Montalbano Builders of Arizona Inc., APM Holdings Inc., Interstate Bank, Kenmare and Associates Inc., Illinois Brick Company, Nantucket Cove Homeowners Association, unknown owners and non-records claimants.
No court dates have been set.
Montalbano's employees also claim they are owed money. Court documents show that former employees are asking for a total of about $108,000 in unpaid salary, wages and benefits. Filed among the bankruptcy case's documents is an e-mail sent to former employees on behalf of Montalbano. In the letter, which was sent May 20, Montalbano apologizes for not being able to meet the payroll deadline. "(T)he Company greatly apologizes for any inconvenience, and greatly appreciates any and all understanding and patience you can provide during this difficult time for everyone," the e-mail reads.
The company's Web site has been disabled, a call made to Montalbano Homes was not answered and Montalbano's attorney did not return a phone call seeking comment before deadline.
No comments:
Post a Comment