Judge Refuses To Toss Palm Steakhouse's Bankruptcy

Law360 (December 2, 2019, 9:59 PM EST) -- Minority shareholders of the Palm steakhouse brand seeking to collect a $119.5 million judgment against two majority shareholders lost their latest request to have a judge toss the company's bankruptcy Monday, as the judge said she did not see the majority shareholders' recent personal bankruptcy filings as reason to do so.

U.S. Bankruptcy Judge Caryl E. Delano said during a hearing in Tampa, Florida, that it appeared to her “there is a perfect alignment of interests here” between the efforts of the chief restructuring officer for Just One More Restaurant Corp, or JOMR, which holds the rights to the judgment, and...

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