Wednesday, January 21, 2015BOARDMAN, Ohio -- PNC Bank filed a foreclosure complaint Tuesday in the U.S. District Court for the Northern District of Ohio against Ice Zone Ltd. and business partners Bruce Zoldan and Thomas Hutch Jr. The complaint alleges that the Ice Zone and its partners are in default on a $2.8 million note issued on Dec. 22, 2009, and owes the bank nearly $1.8 million.
Zoldan and Hutch each personally guaranteed the loan, the filing states. Hutch is president of the Aerolite extrusion Co. in Youngtown. Zoldan is also president and CEO of B.J. Alan Co. and co-owner of the Youngstown Phantoms Hockey Team, which plays in the United States Hockey League and used the Ice Zone as a practice facility.
The Phantoms play their regular season games at the Covelli Centre in downtown Youngstown. Last March Zoldan announced he had entered into a 50-50 partnership with Troy and Aafke Loney to split ownership of the team.
William Weimer, vice president and corporate counsel at B.J. Alan, would not comment on the foreclosure filing.
According to the court documents, PNC says the Ice Zone is in default on the balance of a $2,826,475 on promissory note it issued in December 2009. The bank says the Ice Zone owes $1,793,815 in principal, accrued interest and late fees.
The property in question encompasses the Ice Zone building and vacant land next door. The vacant land is valued at $196,080, while the Ice Zone is valued at $1,783,750 for tax purposes according to the Mahoning County Auditor's website.
In February 2013, Zoldan announced that the Ice Zone, an indoor ice rink located at 360 McClurg Road, would close that May after losing money for years. However, Zoldan was able to reopen the facility in August 2013 under a new business model.
The Ice Zone opened in 1997, and features the only Olympic-sized ice skating surface in the Mahoning Valley, according to its website. The Ice Zone hosts youth hockey, learn-to-skate, public skating programs, and pick-up hockey sessions.
Copyright 2015 The Business Journal, Youngstown, Ohio.
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