ADAMS -- Hoosac Bank's scheduled auction of the Jones Block building did no more than draw a crowd of roughly 15 people out in single-digit temperatures Thursday.
The ownership of the building filed Chapter 11 bankruptcy at New York Eastern Bankruptcy Court on Jan. 23 and thereby prevented the sale.
A protective measure, Chapter 11 temporarily stalls debt obligations and allows a company to reorganize itself.
The filing was registered under Samuel Adams Enterprises, LLC -- a group formed by Jones Block owner Gerry Sanchez of Polonia Restorations out of New York after he purchased the building in 2008.
Sanchez said in an Jan. 3 interview with the Transcript that "somehow [the auction] won't happen."
Bank representatives at Thursday's auction declined to comment, but did reschedule the auction.
Auctioneer Corey Fisher of Aaron Posnik and Co. announced the new date of March 15, at 1 p.m., when the bank will make a second attempt to auction the building. The auction will be held on site.
The company's mortgage with Hoosac Bank is more than $1 million for the Jones Block, 49-51 Park St., and the Carlow building, 39-45 Park St., , and the company has estimated assets of $1 to $10 million, according to the court filing.
The property itself is valued above $2 million.
The former Firehouse Cafe, 47 Park St., which sits in between the Jones Block and Carlow building, is owned by William Kolis, Jr.
Sanchez said the company defaulted on its mortgage after the bank demanded accelerated payment.
-- Phil Demers