Bankrupt Steakhouse Investors Can't Pursue $118M Judgment

Law360 (September 13, 2019, 7:00 PM EDT) -- A Florida bankruptcy judge on Friday refused to grant permission for minority shareholders of the corporate owner of The Palm steakhouse brand to pursue collection of a $118 million judgment against its two majority shareholders, finding they failed to justify a need for such a step.

At a hearing in Tampa, Florida, U.S. Bankruptcy Judge Caryl E. Delano denied a request from Gary Ganzi, Claire Breen and the estate of Charles Cook for derivative standing in the Chapter 11 proceeding of Just One More Restaurant Corp., or JOMR, so that they could pursue several actions for the company including commencing enforcement...

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