Stanley Block ownership is deadlocked; judge rules that casino group holds 50 ...
CLEVELAND, Ohio -- The company that owns the Stanley Block building is deadlocked -- a situation that might lead to dissolution of the ownership group and the sale of its only asset, the small building on Ontario Street in downtown Cleveland.
A Cuyahoga County judge ruled Thursday in favor of 2115-2121 Ontario Building LLC, a company affiliated with casino developer Rock Ohio Caesars LLC.
Common Pleas Court Judge John P. O'Donnell concluded that the casino group holds 50 percent of Macron Investment Co., the company that owns the Stanley Block. The other shareholders, members of the Maloof and Anter families, claimed that they owned nearly 51 percent of the shares in Macron, and therefore controlled the property.
The dispute, over how many shares in Macron existed and who owned them, was part of a snarled web surrounding the Stanley Block.
The judge's decision doesn't end a battle over what should happen to the historic building, which is condemned and wrapped on three sides by a new casino parking garage. Several other cases, including an effort by the city to force the owners to clean up or tear down the building, are still pending.