Jones Block Auction in Adams Postponed

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The foreclosure auction of two downtown buildings was postponed after the developer filed in bankruptcy court.

ADAMS, Mass. — The scheduled foreclosure auction of the Jones Block was postponed until March after the developer filed bankruptcy.

A handful of potential bidders and onlookers were gathered outside the buiding at 49-51 Park St. in the frigid air for the start of the auction at 1 p.m. on Thursday. But instead auctioneer Corey Fisher of Aaron Posnik & Co. declared that the auction had been postponed to March 15 at 1 p.m.

The result was the same for companion building at 39-45 Park, set to be auctioned at 1:30. It, too, was postponed to March 15 at 1:30 p.m.

A representative for mortgageholder Hoosac Bank declined to comment on the change of plans, but it was apparently sidelined by the buildings' owner Samel Adams Enterprises LLC filing for Chapter 11 bankruptcy in U.S Bankruptcy Court, Eastern District of New York, on Wednesday, Jan. 23.


According to documents filed in the court yesterday, "At a meeting of the members of Samuel Adams Enterprises LLC, held on Jan. 23, 2012, by the unanimous vote of the members, it was unanimously approved that the limited liability company shall file a Chapter 11 petition ... ."
 


Adams Jones Block Scheduled for Auction

Samuel Adams was the limited liability company established by developer Gerardo "Gerry" Sanchez to own and renovate the two buildings. It has a mortgage for $700,00 on the Jones Block and $384,000 on the Carlow building, both taken out from Hoosac Bank in 2008.

The bankruptcy court filing puts the value of the two buildings at $2.125 million and lists only Hoosac Bank as the creditor holding secured claims with a value of $1.28 million. The company estimates its assets at between $1 million and $10 million.

Sanchez, head of Polonia Architectural Restorations, has had his ups and downs. While his company is known for its successful restoration projects, he also ran into bankruptcy trouble in the past and was forced to sell his holdings, according to a 2004 article in the Times-Herald Record of Middletown, N.Y.


Tags: auction,   bankruptcy,   Jones Block,   

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Cheshire Town Meeting Oks Budgets, Debates Potential Prop 2 1/2 Override

By Sabrina DammsiBerkshires Staff

Moderator Carol Francesconi, left, and Anne Marie Furey were presented flowers in memory of the Rev. William Furey, their brother and husband, respectively. The town report was dedicated to him. 
CHESHIRE, Mass. — Town meeting on Monday approved all 35 articles on the annual meeting warrant, including a total spending for fiscal 2027 of more than $8.5 million. 
 
Some 77 of the town's more than 2,500 registered voters filled the Cheshire Community House meeting room, debating on a number of articles during the meeting that lasted nearly three hours
 
The town dedicated its annual report to the Rev. William David Furey, longtime pastor of First Baptist Church and more recently Berkshire Union Chapel in Lanesborough. Furey died last year at age 77.
 
His wife, Anne Marie Furey, and his sister, Town Moderator Carol Francesconi, were presented with a bouquet of flowers in tribute to him. 
 
He was an exemplary member of the community who left a lasting impression in each and every life that he touched, said Town Clerk Whitney Flynn. 
 
Voters approved several warrant articles that make up an operating budget of $3,840,314 for fiscal 2027. Of this amount, $1,642,481 is allocated for the general government budget, which was approved after clarification of a few questions.
 
One item was the administrative assistant's salary. Prior to the annual meeting, the town eliminated the executive assistant salary of $54,309 in favor of a part-time administrative assistant salary of $27,155, to reduce costs considering the financial constraint the town is in. 
 
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