Palm restaurant chain heads to chapter court docket following household feud
corporate that licenses the Palm identify to greater than 20 eating places within the U.S. and Mexico, entered Chapter 11 chapter safety on Thursday, based on Thursday submitting with the U.S. Chapter Court docket in Fort Meyers, Florida. Firm executives purpose to barter a settlement over disputed royalty funds.
The chapter submitting comes lower than a month after a New York decide entered a last judgement ordering the corporate to pay almost $120 million to minority shareholders, who had accused the bulk homeowners of dishonest them out of royalties over the previous 40 years.
The decide presiding over the case had known as it, “a textbook instance of fiduciary misconduct.”
The corporate at the moment has lower than 50 collectors, however between $10 million and $50 million in liabilities, based on the submitting.
Simply One Extra Restaurant’s Palm eating places, identified for his or her old-school business-lunches, first opened in New York within the ’20s, have however since have expanded all through the U.S. and Mexico. A defining function for Palm eating places are the caricatures of celebrities, politicians and distinguished sports activities and media figures.