RUTLAND - The defunct Sabby's restaurant and bar is back in the
hands of its past owners as of July 15: for the bidding price of $1
at a foreclosure auction.
For six years, Sabby's was owned by Tracy Taylor, director of
operations at Pico, and Mike Solimano, the Killington Resort
president and general manager. Taylor and Solimano sold the
business to John and Katy French. However their company, S-T
Holdings LLC, held the mortgage for the building at 31-32 Center
Street, and included equipment and contents.
The asking price at the auction came to about $400,000. Rutland
attorney Frank Urso handled the transaction.
"The only bidder was the entity which held the mortgage," Urso
said. "They didn't have to come up with cash. So, when no one else
bid, they were able to take the property over."
The auction was held mostly to meet legal requirements to allow
S-T Holdings to take over.
"They'll either sell the restaurant or lease it," Urso
Attempts to reach Taylor for comment were unsuccessful.
John and Katy French took over the restaurant in March 2011
after S-T Holdings sold it to them but also extended the mortgage,
according to media reports. Sabby's closed last fall.
According to the Secretary of State's database, Solimano and
Taylor are partners in several Vermont companies: the real estate
firm TMG Associates in Killington; Champlain Discount Foods in
Rutland; Discount Food of Rutland (a company which lists "any
lawful purpose" under its description); the Williston Liquidation
Center (Tracy Taylor, registered agent); and the Uplands Water
Company, which does not involve Taylor.
Besides the companies run with Salimano, Taylor is the
registered agent for JMT Sugarwood, LLC, and the agent for Buy
Bulk, a grocery distributor in Bennington.