Parakeet restaurant will be sold to pay judgment

Published 12:00 am Thursday, June 6, 2002

A court has ordered the sale of the former Parakeet at The Fletcher House to satisfy a $264,763.55 judgment against Springer Ventures, Brian Springer and Tanya Springer. The Springers, co-owners of the 175-year-old building, were sued by Integra Bank after failing to pay the mortgage on the property at 1129 College St. The restaurant, which opened in June 2000, closed in January and has had a for sale sign posted on the property for several months. Warren Circuit Judge Tom Lewis now has ordered the property be appraised and then sold at a master commissioners sale. Tuesdays ruling also allows a daily interest charge to be assessed from February 2000, when the Springers took control of the property. Brian Springer, 37, also the owner of now-defunct Highmark Investments, is facing civil and criminal charges related to the firms handling of investors certificates of deposit. He pleaded innocent May 23 to 19 counts of mail fraud and two criminal forfeiture charges at an arraignment in U.S. District Court.The indictment against Springer says he used money for personal gain from six customer accounts between July 1999 and Oct. 2000. It outlines checks totaling more than $510,000 that were issued primarily from a Highmark Investments account with many checks made out to the Parakeet Cafe. Several investors said they were duped into purchasing 20-year cds, thinking they could cash them out after the first year with an 8.25 percent yield.Springer, who is free on a $25,000 unsecured bond, also faces criminal charges in Warren and Barren counties, where he faces a total of 59 counts of theft by deception. If convicted, he faces up to 180 years in prison and a $4.75 million fine. The next hearing related to the matter is scheduled for Tuesday, at which time Springer, who has told the court he is financially destitute, likely will be appointed an attorney. While federal authorities had indicated they would consider seizing property owned by Springer to help repay some of the Highmark victims, they are not expected to supersede the propertys mortgage holders. That was one of the things that was being considered, I believe, said Integra attorney Kevin Brooks. But the federal government likely would not be allowed a superior position to the mortgage holders on the property.

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