Giordano’s owner, John Apostolou, has made inexplicable decisions during the chapter 11 bankruptcy of his pizza chain. His actions have caused the court to bar him from his restaurants and hire an investment banker to sell the chain.
Apostolou’s lawyer admits that his client made mistakes, causing Apostolou to lose control of the business during the bankruptcy . The biggest mistakes made are unusual documents Apostolou filed in court in which he improperly tries to terminate the bankruptcy, alleging fraud and other misdeeds. Included in the documents is an affidavit signed by his wife, Eva, in which they claim they do not recognize U.S. currency and are free of any legal constraints.
Apostolou also fired Giordano’s bankruptcy attorney. This action caused the U.S. Justice Department to ask the bankruptcy court to appoint a trustee to seize the business.
Trustee Philip Martino stated in a court hearing “because of certain perspectives that the Apostolou’s have, they have done a few things that merit this court’s attention. Perhaps it contributed to the lack of confidence that creditors have and certainly were part of the reason why I wanted them removed as fiduciaries.”
Martino also said in court that he asked the Apostolous not to patronize Giordano’s because he thought their presence could be disruptive.
If you are considering filing for bankruptcy and would like to learn more about the process, contact a Chicago bankruptcy attorney for more information.