M&I bank taking SIST to court

Shawano County Courthouse, Shawano, Wisconsin,...

Shawano County Courthouse

WISCONSIN | A civil suit was filed Wednesday seeking foreclosure of seven properties in Shawano owned by R.C. Samanta Roy Institute of Science and Technology Inc. (SIST).  The suit was filed by M&I Bank and claims that SIST and its founder defaulted on a loan taken out in March of 2008.  The suit does not target any properties owned by SIST subsidiaries.

The seven properties M&I is targeting for foreclosure in Shawano include the Midwest Gift & Fudge House, 143/145 S. Main Street – part of which is leased by Hunan’s Chinese Restaurant, the former Ponderosa Restaurant building , 128 E. Green Bay Street and 1214 E. Green Bay Street.

SIST’s financial stability has been in a delicate balance to say the least.  Since 2008 when the bank claims the loan defaulted  a great many things have happened to totter that balance.  One of the properties included in M&I’s claim is the Ponderosa Restaurant building.  Late August 2008, the Ponderosa building was stripped and gutted by former employees on a vendetta, directed by Shawano Mayor Lorna Marquardt, against property owner SIST.  SIST had served lessee William Janney with an eviction notice several months prior to the incident because Janney had not paid rent in over a year and a half. (Click here to read the full story on the Ponderosa Destruction at the behest of Shawano Mayor Lorna Marquardt)

Needless to say after years of oppression by the Shawano City government, local officials and law enforcement it is no surprise that SIST has found itself in a financial quandary.  After all this is right where the City has wanted SIST from day one.  The mayor and other’s have gone out of their way to oppress, discriminate and promote conflict between SIST and the Shawano community.  When it boils down, the real reason for the animosity is because SIST founder, Avraham Cohen happens to be from East Indian and therefore has dark skin.  Racism in the 21st century.  Need I say more?


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