Palm restaurant chain heads to bankruptcy court following heated circle of relatives feud
A family feud over restaurant Palm Steakhouse has led the company to financial ruin court.
Just One More Restaurant, the corporation that licenses the Palm name to more than 20 restaurants inside the U.S. And Mexico, entered Chapter eleven financial disaster safety on Thursday, in step with Thursday filing with the U.S. Bankruptcy Court in Fort Meyers, Florida. Company executives purpose to negotiate a settlement over disputed royalty bills.
The financial ruin submitting comes much less than a month after a New York choose entered a very last judgment ordering the company to pay nearly $120 million to minority shareholders, who had accused the majority owners of cheating them out of royalties in the previous forty years.
The decide presiding over the case had referred to like it, “a textbook example of fiduciary misconduct.”
The organization presently has less than 50 creditors, however among $10 million and $50 million in liabilities, consistent with the submitting.
Just One More Restaurant’s Palm restaurants acknowledged for their old-college enterprise-lunches, first opened in New York in the ’20s, have however since have extended for the duration of the U.S. And Mexico. A defining feature for Palm eating places are the caricatures of celebrities, politicians and distinguished sports and media figures.