John Anthony's Brides
A dispute among children of the late sand and gravel magnate Sam Albicocco that
resulted in bankruptcy filings by their companies has been settled.
If approved in court, the agreement will result in the sale of John Anthony's on the
Water catering facility in Babylon, and Coco's Water Cafe and the Harbor Club at
TTee's Landing, both in Huntington. They also would share ownership of a holding
company. The sites, all of which are owned by the family's business, Port Dock
Holdings Inc., have continued to operate during bankruptcy proceedings, initiated
in U.S. Bankruptcy Court in Central Islip in August, and will continue to operate after
the settlement, lawyers involved in the case said. The settlement is expected to be
approved next week by a federal bankruptcy judge.
'Nobody's closing,' said Andrew Presberg, a lawyer for one of the children, Oreste
Albicocco, who initially sued his sister, Mary Rossini and her husband, A. Rocco
Rossini, over Oreste's claim to a stake in Port Dock Holdings and Port Dock & Stone
Corp.
Sam Albicocco, who died in October 2002 at 76, sold the business part of Port Dock
& Stone Corp. in 2000 but the entity still owns seven parcels of real estate in
Huntington and four in Babylon. Stock in the restaurants and the former stone
company is held by Port Dock Holdings. The Rossinis put both companies into
bankruptcy in August, after State Supreme Court Justice Peter F. Cohalan
appointed a receiver to operate the businesses as part of a lawsuit brought by
Oreste.
In the settlement, Oreste Albicocco, along with his sister and brother James, each
will own one-third of the holding company. Rossini claimed sole ownership in court
papers. Albicocco's other sons, Steven and John Anthony, have no ownership
interests, lawyers said.
Lawyer Stuart I. Gordon, who represents the Port Dock companies in bankruptcy
court, said, 'This was a family dispute and it's over and it will enable us to
implement our business plan and satifsy obligations owed by the companies.'
The John Anthony's sale will be used to pay off mortgages. Oreste Albicocco will
replace his sister as president of the companies under the settlement, which also
ends the state court litigation.
Copyright © 2004, Newsday, Inc. | Article licensing and reprint options
resulted in bankruptcy filings by their companies has been settled.
If approved in court, the agreement will result in the sale of John Anthony's on the
Water catering facility in Babylon, and Coco's Water Cafe and the Harbor Club at
TTee's Landing, both in Huntington. They also would share ownership of a holding
company. The sites, all of which are owned by the family's business, Port Dock
Holdings Inc., have continued to operate during bankruptcy proceedings, initiated
in U.S. Bankruptcy Court in Central Islip in August, and will continue to operate after
the settlement, lawyers involved in the case said. The settlement is expected to be
approved next week by a federal bankruptcy judge.
'Nobody's closing,' said Andrew Presberg, a lawyer for one of the children, Oreste
Albicocco, who initially sued his sister, Mary Rossini and her husband, A. Rocco
Rossini, over Oreste's claim to a stake in Port Dock Holdings and Port Dock & Stone
Corp.
Sam Albicocco, who died in October 2002 at 76, sold the business part of Port Dock
& Stone Corp. in 2000 but the entity still owns seven parcels of real estate in
Huntington and four in Babylon. Stock in the restaurants and the former stone
company is held by Port Dock Holdings. The Rossinis put both companies into
bankruptcy in August, after State Supreme Court Justice Peter F. Cohalan
appointed a receiver to operate the businesses as part of a lawsuit brought by
Oreste.
In the settlement, Oreste Albicocco, along with his sister and brother James, each
will own one-third of the holding company. Rossini claimed sole ownership in court
papers. Albicocco's other sons, Steven and John Anthony, have no ownership
interests, lawyers said.
Lawyer Stuart I. Gordon, who represents the Port Dock companies in bankruptcy
court, said, 'This was a family dispute and it's over and it will enable us to
implement our business plan and satifsy obligations owed by the companies.'
The John Anthony's sale will be used to pay off mortgages. Oreste Albicocco will
replace his sister as president of the companies under the settlement, which also
ends the state court litigation.
Copyright © 2004, Newsday, Inc. | Article licensing and reprint options