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Article: Judge stalls bid to wrest control of Super 88
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- September 30, 2009
- Author:
CopyrightCopyright 2009 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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A Suffolk Superior Court judge yesterday foiled a complicated
business maneuver that could have secured New York supermarket
executive Jeffrey Wu's ownership of the troubled Super 88 Asian
grocery stores.
Through a limited liability company, Wu purchased the debt of the
homegrown Boston chain and scheduled an auction of its three stores
and other assets for next week, possibly planning to buy them back
himself.
Such a move, known as a "loan-to-own" strategy, would thwart two
other potential buyers who have filed lawsuits claiming they have
their own deals to buy Super 88 stores. But Judge Paul E. Troy
yesterday ordered a temporary halt to the auction to allow more time
for buyers to hash out ...