Bank seeks city help to sell off C.F. Donovan's
The Boston Licensing Board on Thursday will consider a request from Mt. Washington Bank to hold off revocation of C.F. Donovan's liquor license so it can try to sell it and recoup some of its losses.
A bank attorney told the board today the bank has taken control of the restaurant's assets, which include the property at 112 Savin Hill Ave. and the liquor license. Liquor licenses can command a premium in Boston because state law limits the number available in the city.
The board can revoke licenses for non-use - and is in the process of revoking owner Arthur Donovan's liquor license for a never opened restaurant in Hyde Park. The bank, however, thinks it can sell the license, but not quickly, because Donovan filed for Chapter 7 bankruptcy in November and that effectively freezes any assets related to the business until a bankruptcy judge disposes of the case.
Because of that, the bank asked the board to hold off any action on license revocation until after the bankruptcy matter is settled. Bank officials have said they tried to help Donovan stay afloat, but that the could do no more after Donovan filed for bankruptcy. They have said they are optimistic they can sell the location and license to somebody who will open a new restaurant there.