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The former head of Flour City Bagels LLC's Bruegger's Bagel Bakeries chain has filed a personal bankruptcy.
Kenneth Greene, ousted more than a year ago as the Perinton-based 28-store chain's CEO in a takeover engineered by a secured lender, filed a bankruptcy petition Oct. 28. His Chapter 7 petition declares assets of $307,000 against liabilities of $19.7 million.
Half-ownership of Greene's $600,000 Pittsford home accounts for most of his stated assets. Greene says in the filing he intends to retain ownership of the residence.
Accounting for a hefty slice of Greene's liabilities are business debts, including $12 million owed by Flour City to several lenders, including nearly $1 million in sales taxes collected but not turned over to the state by the Flour City restaurants.
In the filing, Greene states his current occupation as unemployed and current income as zero. He pegs his monthly expenses, including a $6,500 mortgage payment, $500 in property tax and another $500 for homeowner's insurance, at $12,460.
Greene's personal filing comes eight months after Canal Mezzanine Partners Il LP, an Ohio-based secured lender owed $4.5 million, wrested control of the chain from Greene and its former chief financial officer and minority owner, Michael Borelli.
After attempting to market but failing to find a buyer for the Bruegger's chain, Canal Mezzanine put the then 32-store chain into a still ongoing Chapter 11 bankruptcy last March.
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