Baltimore Bank Appeals


October 27, 1991

ANNAPOLIS — A Baltimore bank has appealed a jury decision saying it should pay the former owners of Sherwood Square mall in Westminster $8.6 million in damages.

The case will be heard in the Court of Special Appeals, court officials said. A hearing date has not been set.

In May, a Baltimore County jury found that Fairfax Savings Association defrauded Charles Ellerin of Boca Raton, Fla., and Louis Seidelof Baltimore by inserting provisions into loan documents without thepartners' knowledge.

In 1982, the partners borrowed $5.7 million from Fairfax to buy Sherwood Square and renovate it. They were unsuccessful with the project, and in 1985 they filed for bankruptcy. Afterthe partners had defaulted on loan payments, Fairfax attempted to foreclose on the mall.

For the next three years, the partners devised plans to pay off their debts, but none met with the bank's approval. In 1985, Fairfax sued Ellerin and Seidel for the amount of the loan, saying they had signed papers that held them responsible for the debt.

Sherwood Square, at 15 E. Main St., was purchased by Jordan, Robert and David Max on May 31 and now is called Winchester Exchange.


WASHINGTON -- Last March, Representative Beverly B. Byron, D-6th, co-sponsored a bill to permanently extend the life of the Targeted Jobs Tax Credit.

With the TJTC set to expire Dec. 31 and the congressional session entering its last few months, Byron has signed a letter to the Ways and Means chairman, Representative Dan Rostenski, D-Ill., urging the committee to adopt a multiyear extension of the tax credit program.

The credit, which has enabled the placement of over five million displaced workers in private sector jobs in the past 12 years, is the only jobs program that provides employers with incentives to hire workers with disabilities or from economically disadvantaged families.

"Two million more people are unemployed since July 1990, and the prospects for TJTC-eligible individuals finding work without the availability of this tax credit aren't good," Byron said.

"This kind of program is a good use of scarce resources. It costs less that $700 per worker.

"It reduces government expenditures by taking people off welfare and unemployment insurance, and it certainly makes more sense to employ disadvantaged youths and give them a future than to see them put through the revolving door of the criminal justice system."


ELDERSBURG -- Frank Spruill, owner of the Little Professor Book Store, received a "Professor's Choice" award from the home office of the nationwide franchise.

The Professor's Choice Award certifies the accomplishment of high standards of achievement in all areas of Little Professor ownership.

To qualify for the award, a store owner must perform to a certain standard in bookselling, personnel management, operations, marketing, financial management and support of the franchise.

Each store owner is rated on a scale of one to 10, and those with a rating above eight receive certification. About 60 owners received the award out of a total of more than 140 store owners.

Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.