September 4, 2008 Issue                                       

©2007 The Chestnut Hill Local

Creditors pursue Caruso’s owner for $2.5 million
Says debt “not really a big deal.”
by JOEL HOFFMANN

John J. Capoferri

Local developer John J. Capoferri is being sued for $2.56 million for failing to repay debts incurred when he purchased Caruso’s Market in March, according to city civil court documents.

“It’s not really a big deal,” Capoferri said in a phone interview last week, adding that the two civil suits pending against him would be resolved within 30 days.

Represented by Kerry Schuman, a partner in the Jenkintown law firm of Friedman Schuman, Penn Liberty Bank filed a civil complaint against Capoferri on Aug. 13 requesting $2,403,377.48 in damages.

Penn Liberty loaned Capoferri $2.2 million on Feb. 29, but Capoferri did not make loan repayments between April 1 and Aug. 12, according to the civil complaint. In that time, he accrued $90,007.98 in owed interest, $3,300 in late fees and $110,000 in plaintiff attorneys’ fees.

The bank loan is secured by a promissory note, an unconditional guaranty and an open-end mortgage and security agreement, according to the complaint. (An open-end mortgage allows its holder to borrow additional money — up to the principal amount of the loan — against the original collateral.)

“The loan has fallen into arrears and [Penn Liberty is] taking a fairly common collection action,” Schuman said on behalf of his client.

Schuman did not return two calls for additional comment about whether his client’s lawsuit would be resolved in 30 days.

Luke Marano Sr., the former owner of Caruso’s, filed a civil complaint against Capoferri on Aug. 4, seeking $159,571.81 in damages — apparently the purchase price of the business.

“He never paid anything,” Marano said in a phone interview. “He bought the building, but for the store he hasn’t paid a cent.”

Still, Marano believes that the issue will soon be resolved. The Marano family had owned the grocery store for nearly 100 years.