Tavern On The Green, NYC Settle Over Name Rights

Law360, New York (April 28, 2011, 1:50 PM EDT) -- New York and bankrupt Tavern on the Green LP reached a compromise Thursday that allows the bankruptcy estate to license the trademarked name of the iconic Central Park restaurant outside the New York area.

U.S. Bankruptcy Judge Allan L. Gropper approved the agreement, which gives the bankrupt restaurant a way to raise much-needed cash and ends the contentious battle with New York over who owns the restaurant's trademark, which was once valued at up to $19 million.

The deal allows the city to use the Tavern...
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