Riptide Lounge Owner Expects to Get Bailout Loan from 'Dear Friend' Soon
BUCKTOWN — The deadline for putting offers on the table to solve the financial troubles plaguing the owner of an iconic Bucktown bar is Friday, a court-appointed special administrator told a judge Wednesday.
Attorney Peter Coorlas was appointed in late January by Cook County Circuit Judge Mary Ellen Coghlan to ensure that Tina Congenie, who was willed Marie's Riptide Lounge, pays a settlement of $120,000 due to deceased owner Marie Wuczynski's three heirs.
Coorlas plans to evaluate all written offers that his law office receives by the Feb. 8 deadline and told Coghlan it's "looking like there might be a resolution soon."
Unable to comment on the specifics of the offers, Coorlas told DNAinfo.com Chicago after the hearing that the settlement has grown to $128,000 with interest and that he currently has three offers in writing.
One offer that Congenie said she's "almost 100 percent positive" will come through is from a private investor. Unable to divulge the amount of the loan or further details save for the fact her "dear friend" is male, 45 years old and comes from "a prominent Chicago family," Congenie said that the loan would enable her to pay off the heirs and continue running the bar without having to use the building as collateral.
When Congenie previously attempted to use the bar real estate at 1745 W. Armitage Ave. as collateral to obtain a bank loan to pay the Wuczynski's heirs, the action triggered a first right of refusal arrangement with Riptide's neighbors, Bulley & Andrews.
Sean Mulroney, an attorney representing the business portion of Wuczynski's estate, confirmed that his client is "very close" to finalizing a loan and expects to be able to disclose the name of the investor soon.
The loan offer, once confirmed, would then be added to the pool of offers Coorlas will evaluate after the deadline.
Philip Bernstein, a lawyer representing the heirs, said "I think with Peter [Coorlas] overseeing everything, he will do what needs to be done and get something in the works to be paid in the next week or two hopefully."
Bernstein added, "but I've heard that before."