SupplyCore headquarters not immune to foreclosure

By Joe McGehee Staff Writer

Rockford’s corporate daily newspaper reported today that AMCORE Bank has begun foreclosure procedures on SupplyCore Inc.’s downtown headquarters at 303 N. Main St., because the company defaulted on its $9.9 million loan payment.

According to a lawsuit filed in Winnebago County Circuit Court last week, Joseph James Partners, a business entity established by brothers Peter and Matthew Provenzano, failed to make payment on the note June 30 when it came due.

The building at 303 N. Main St. is also home to Watt, a publishing company; Mid-Northern Group, which manages senior-living facilities; and the Boone and Winnebago Counties Workforce Investment Board.

SupplyCore and the Provenzanos have been heavy contributors to Rockford Mayor Larry Morrissey’s (I) campaigns for mayor. In addition to thousands of dollars in campaign contributions, Citizens for Morrissey’s most recent D-2 Semiannual Report for Jan. 1, 2009-June 30, 2009, shows Morrissey’s campaign remains $28,700 in debt to SupplyCore. The debt stems from two separate loans—one for $20,000 on April 1, 2005 (current balance is $15,200) and one for $13,500 on May 23, 2005 (current balance is $13,500).

Check back at www.rockrivertimes.com for further developments.