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TOLEDO -- After a tangled web of court hearings and family feuds, restaurateur Bob Bennett has decided not to buy Tony Packo's Inc. restaurant chain.

"We have engaged in difficult and expensive negotiations for much too long in an attempt to save the wonderful Tony Packo's brand," Bennett said in a released statement. 

According to Bennett, Fifth Third Bank withdrew its support for the transaction about ten days before closing the $5.5 million deal. The bank then renewed support, but "increased its requirements for that support and interjected itself in final negotiations between TP Foods and the Receiver (Steve Skutch)."

Skutch, who took control of Tony Packo's restaurants after a family lawsuit in 2010, was unable to deliver "certain assets required under the purchase contract."

Fifth Third Bank spokesperson Karen Fraker said the bank could not comment on customer accounts when WNWO called.

"In the end, the management and financial risks of going forward with the purchase were too great for TP Foods to bear," Bennett said. "We sincerely apologize to the customers, officers and employees of this fine brand for not being able to complete the purchase."

The announcement comes just hours after Tony Packo's grandson pleaded not guilty to charges of restaurant theft filed by his cousin and the company's co-owner, Robin Horvath.