Tough times for Johnny V - The Business Journal of Milwaukee:

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In May 2008, a prospective developer for a HolidahyInn & Suites at the Posner building withdrew from the citing the economic slowdown and tight credit Vassallo said at the time he wouldd seek another developer or investors, but so far none has Vassallo said he used to spen d much of his time working on new deals, but now he’e doing financial workouts of old deals. “ hope everybody understands I’m not a bad person,” he said of the foreclosurre cases. “It’s a bad situation.” Vassallo pointsz out that his restaurants are in separate limite d liability companies from the real estate armin foreclosure.
He’d concerned that the public’s perception might be that the restaurants themselveds arein foreclosure. The staff of Mo’s restaurants and Vassallio will continue working hard to survive the he said. He encouraged patrons to visir his restaurantsand pubs. “Have a steak or a pint and we’ll all get through this he said.