When Stow-Glen Retirement Village notified the state of Ohio it was closing in July, it automatically defaulted on its loan with Northwest Bank, triggering a legal agreement to appoint a receiver, the Akron Beacon Journal reported. Marc P. Gertz, an Akron lawyer who specializes in bankruptcy law, said it doesn’t appear Stow-Glen will file for bankruptcy because a court-appointed receiver is already working to liquidate Stow-Glen’s assets. The receiver, appointed by a Summit County Common Pleas judge, will sell Stow-Glen’s real estate, auction off or sell off its property — everything from beds to art on the walls — and collect outstanding bills owed to Stow-Glen. All of that money will go to Northwest Bank, which said in court records that it is out about $4.2 million on its loan deal with Stow-Glen. Stow Mayor John Pribonic said there’s keen interest in the Stow-Glen property, which is in a prime location near shopping and other services about halfway between Stow’s town center and Kent. He said about 15 developers have reached out to the city asking about the property.
