Ownership Of Paula's On Main Undecided

By Maureen Mespell

December 16, 2010 Updated Dec 16, 2010 at 7:27 PM EST

FORT WAYNE, Ind. (Indiana’s NewsCenter) – A Fort Wayne restaurant owner wants to take possession of the building housing the popular eatery, but a bank is saying not so fast.

Paula Phillips was ready to buy the Paula's Seafood building on Wednesday, but a petition filed by a bank blocked the property from going to sheriff's sale.

Lawyers for Phillips say the courts have repeatedly found she has top priority because of investments made on the property, the opposite of what you normally find in foreclosures.

Phil Burt, Attorney for Paula's Seafood says, " Everybody assumes that the bank is foreclosing on the person, this is a rare case where the person, Paula, is foreclosing against Wells Fargo Bank."

Burt says the restaurant's operations will not be impacted by the dispute, that will be the subject of another court hearing in January.




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