CAPE CHARLES WAVE
May 25, 2013
Batista Madonia and his family, owners of extensive local properties, have filed for Chapter 11 bankruptcy.
Assets of the family-owned East Coast Brokers and Packers are being offered for sale by sealed bid.
The Madonia family owns property in Virginia and Florida including farms, packing houses, labor camps, a luxury hotel, and a former Bible college.
According to the Packer, an industry newsletter, court records show the Madonias owe more than $15 million in liens and judgments to state and federal governments and crop production services. There also is a $5.6 million lien from Chicago wholesaler Anthony Marano Co.
“After two years of freezes on its Florida farms, a hurricane on its Virginia farms in 2011, and years of challenges resulting from years of cheap imports, a Chapter 11 filing was needed to provide the Madonia family an opportunity to sell assets in an organized fashion,” said Ken Nofziger of Murray Wise Associates, the real estate firm conducting the sales.
“This process will provide enough liquidity to satisfy creditors and allow the Madonia family to reorganize and carry on its operations,” Nofziger said.
Properties for sale in Northampton and Accomack counties include 13 farms totaling 3,000 acres, four packing houses, seven labor camps, and several homes.
Northampton County tax rolls list 26 properties owned by the Madonia family, including three homes in Bay Creek. [Read more…]