Applejack bankruptcy clarified

Applejack bankruptcy clarified

There are 38 comments on the Bennington Banner story from Jul 11, 2010, titled Applejack bankruptcy clarified. In it, Bennington Banner reports that:

Applejack Art Partners hopes to be fully liquidated and purchased by McGaw Graphics when Chapter 11 bankruptcy proceedings are completed, according to an attorney representing the company.

Join the discussion below, or Read more at Bennington Banner.

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“Bring Your Own Chair”

Since: Mar 10

Kinnakeet, NC

#23 Jul 13, 2010
Why is it that Big Box retail moves into your back yard, begs, borrows and steals multi millions of tax payer cash and nothing is said?????

This little peez ant company "may" default on bond and all hell lets loose.....
Life is Crap

Burlington, VT

#24 Jul 13, 2010
Look on the applejacks website and you will see this name:

Bob Sarius – CFO/COO, spelt wrong, how nice! It is Sarvis!

I remember him from the CCV scandal, online you can find it under case ID#99-390. In 2001 he stole $12 million. Bank fraud, I would say so!

Public record, look here:
http://www.morelaw.com/verdicts/case.asp...
Learned One

Pawlet, VT

#25 Jul 13, 2010
Youre-kidding-right wrote:
He has risked and lost much of his own money. Word is that he has also never missed a bank payment.
He made some bad business decisions. Most of the folks writing here have no idea what's it like to be in business especially these times. The situation was compounded when a few local officials, Mary Morrissey included, worked hard to make sure the state employees didn't come into downtown.
It will be a long time before anyone else invests in our town of Bennington but it won't be because of anything Appelman did; it'll be because of the small minds exhibited here and elsewhere in Bennington.
Everyone loses.
Please get off your UNeducated soap box. I have been in business for myself and been through more than one downturn in the economy: 1991 & right after September 11th to be exact. You have no idea the backgrounds of the hardworking folks on this board. AND, one gentleman said his rent in the Putnam Building was tripled – so that would be an office or business as I am fairly sure there are no residential apartments in that building. BTW – if I am incorrect in that fact – please someone state that correction.

Mary Morrissey is irrelevant to this article and the statement regarding her is ludicrous. What does this have to do with Appelman? That his building was not going to be utilized? With good reason – the Banner reported the building had issues, didn’t it? You statement is even more irrelevant because the Chapter 11 we are discussing has to do with his art companies, not his real estate holdings.
PT Barnum

Essex Junction, VT

#26 Jul 13, 2010
Interesting that one of his Senior employees, Bob Sarius was convicted for bank fraud to the tune of $12 million. Bob seems to have decided to change his name from Robert Sarvis.
ABC

Schuylkill Haven, PA

#27 Jul 13, 2010
rick wrote:
luckily the state didnt get involved with this con artist..
Really? What about the VEDA loan backed by statements from Applejack's CFO...

Robert Sarvis; "...convicted of five counts of bank fraud and sentenced to serve forty-six months in prison. He was ordered to pay over $12 million in restitution to five banks in order of priority, including two million dollars to the Proctor Bank, a Vermont bank, which was given top payment priority. He was incarcerated from April 4, 1995 to August 17, 1998, at the Allenwood prison in Lewisburg, Pennsylvania...".
Nancy Lou

Pawlet, VT

#28 Jul 13, 2010
ABC wrote:
<quoted text>
Really? What about the VEDA loan backed by statements from Applejack's CFO...
Robert Sarvis; "...convicted of five counts of bank fraud and sentenced to serve forty-six months in prison. He was ordered to pay over $12 million in restitution to five banks in order of priority, including two million dollars to the Proctor Bank, a Vermont bank, which was given top payment priority. He was incarcerated from April 4, 1995 to August 17, 1998, at the Allenwood prison in Lewisburg, Pennsylvania...".
I think perhaps some folks are unaware that VEDA stands for Vermont Economic Development Authority! So yes, the State did get duped as well.
oooooooppppssss

Haverhill, MA

#29 Jul 13, 2010
Learned One wrote:
<quoted text>
Please get off your UNeducated soap box. I have been in business for myself and been through more than one downturn in the economy: 1991 & right after September 11th to be exact. You have no idea the backgrounds of the hardworking folks on this board. AND, one gentleman said his rent in the Putnam Building was tripled – so that would be an office or business as I am fairly sure there are no residential apartments in that building. BTW – if I am incorrect in that fact – please someone state that correction.
Mary Morrissey is irrelevant to this article and the statement regarding her is ludicrous. What does this have to do with Appelman? That his building was not going to be utilized? With good reason – the Banner reported the building had issues, didn’t it? You statement is even more irrelevant because the Chapter 11 we are discussing has to do with his art companies, not his real estate holdings.
there are 4 brand new luxury apartments above the putnam hotel, you are wrong. u said to let u know. it only cost a few hundred thousand to fix up i am sure, but u r right lets just keep the rent the same.
Learned One

Essex Junction, VT

#30 Jul 13, 2010
oooooooppppssss wrote:
<quoted text>
there are 4 brand new luxury apartments above the putnam hotel, you are wrong. u said to let u know. it only cost a few hundred thousand to fix up i am sure, but u r right lets just keep the rent the same.
I never said "keep the rent the same. A poster from the first page said his rent from $800 to $2400, so I would like to think the offices were renovated as well for that kind of increase. I was simply asking a question. No need to be snotty or snide!

"Luxury apartments" - in Bennington? This I gotta see.

Also, English please. It cannot be that much harder to type "you" instead of "U" or "ur".
We did

Bennington, VT

#31 Jul 14, 2010
Nancy Lou wrote:
<quoted text>
I think perhaps some folks are unaware that VEDA stands for Vermont Economic Development Authority! So yes, the State did get duped as well.
The state didnt get duped. We the taxpayers got duped and who ever approved this load for the state should be in the unemployment line for not looking into the past history of the financial manager of Appleman. Maybe Sarvuis can be reached by the banner so we can hear his side of the story and where the states 12million went ?
Bill

Montpelier, VT

#32 Jul 15, 2010
Life is Crap wrote:
Look on the applejacks website and you will see this name:
Bob Sarius – CFO/COO, spelt wrong, how nice! It is Sarvis!
I remember him from the CCV scandal, online you can find it under case ID#99-390. In 2001 he stole $12 million. Bank fraud, I would say so!
Public record, look here:
http://www.morelaw.com/verdicts/case.asp...
Idiot NOT SPELT WRONG - DIFFERENT PERSON!!!!
Outsider

Bennington, VT

#33 Jul 16, 2010
Youre-kidding-right wrote:
He has risked and lost much of his own money...
Everyone loses.
So tell us in this scenario where does Jack lose. Some part of the debt he owes gets wiped out, and he ends up with ... everything.

“279ing my way around Benmont”

Since: Nov 08

not here

#34 Aug 9, 2010
wheels falling off the appel cart now. Foreclosure on his Tuttle Lumber empty lot on Depot St. has now been filed. Wonder how he'll weasel out of that one. Probably under a separate corporate name so he can file chapter 11 on that property and still keep his good credit and his other real estate holdings.
Heard from Herald

Bennington, VT

#35 Aug 9, 2010
Saw that in the rutland herald today. When the banner reporters get done reading the arcticle they'll post it in the banner. Check back on thursday !!

Since: Jan 09

Bethel, VT

#36 Aug 10, 2010
oooooooppppssss wrote:
<quoted text>
there are 4 brand new luxury apartments above the putnam hotel, you are wrong. u said to let u know. it only cost a few hundred thousand to fix up i am sure, but u r right lets just keep the rent the same.
Small point not hotel Above Drysdale store.
Stevie Wonder

Arlington, VT

#37 Oct 19, 2010
Cant really say for sure where the VEDA loans went, but I do know that there are a lot of people working at Applejack right now. I know a lot of families, Vermonters, who have raised there kids working for Jack.
Kim

South Hadley, MA

#38 Oct 19, 2010
Stevie Wonder? You have got to be kidding me! Is that the best you can come up with?

What about all the people who got screwed?
lablover

Mechanicsburg, PA

#39 Jul 19, 2011
Is there any way for the poor artists that were screwed out of their pay can get their money? They are not a wealthy lot and some are hurting badly. I am from outside but have seen the devastion that this has caused. Are all the debts wiped out by C11 also their salaries?
Leonidas

Harwich, MA

#40 Jul 20, 2011
Jack and Bill( colvin)l
went up a Hill
to fetch a pail of money
Bill left town
before Jack went down
now things aren't really so sunny

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