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In my experience, hiring a transaction lawyer to do the deal is much cheaper than hiring a litigator to sort out a mess.
Sounds like due diligence was not done. Shame on them to think that a building would be included in an $800,000 deal. Anyone who knows this locations knows the real estate is worth far great than that!!
Yep! From the article: “French said Kinney had put his trust in Mack and didn’t have the life experience that might have led him to do his own due diligence on the deal.”
Seems pretty cut and dry to me. What does the actual purchase agreement include? Doesn’t matter what people talk about and say. What was signed as the contract? Obviously at that price, real estate wasn’t included. If it was discussed, then there should have been an option included in the business deal. If you don’t own the option, doesn’t matter what you discussed, the property can be sold out from under you and new landlords don’t have to renew your lease. In purchasing the business, thorough review of the actual lease terms between the business, building and cornerstone should have been done. You should know who you’re paying rent to.
Over all, this sounds like an inexperienced person wanting to jump into owning a business and had no clue what he was doing. Dropping pandemic shut downs on top of inexperience definitely didn’t help the situation. It’s a shame the business itself will suffer over this. Regardless of who retains ownership at the end of this, the closure has caused incalculable damage to the business reputation. The only likely thing of value remaining is the liquor license itself and the tangible Personal Property items.
Agree with all except your last point. I don’t think the general public could care less about ownership dirty laundry. There are 2 assets that matter. The liquor license is escrowed. The real estate is in a llc. No clue if it is encumbered in any way, but I am very confident the owner can keep it mothballed for years if necessary. At some point, the business will reopen, and the general public will say “ oh cool, M&J’s is back open”
The lawsuit said that the $800k included an option. If this proves to be factual, then the Levi group has a claim.
$800K for the real estate, business and liquor license? Sorry, the 27 year old kid should have known there is NO WAY all of that in SoBro/Meridian Kessler would cost that little. He should have hired a good transactional attorney and done proper due diligence. Shame on the other party if they were deceptive at all, but that’s why you do DD. I sincerely hope Moe and Johnny’s comes back with someone running it that knows what they are doing.
No matter the outcome, Beards and Bellies Restaurant Group wins the 2020 Award for Best Business Name for an LLC.
What most people probably don’t know is that the actual Moe & Johnny’s building was designed by noted Indiana architect Edward D. Pierre, who designed the Indiana State Library and Bush Stadium and also conceived the idea of decorating Monument Circle for the holidays during the dark days of WWII. Hoping that no matter what happens, the architectural integrity of the building will be restored.
LOL. So the 27 years old that bought a bar/restaurant 4 months before a pandemic hit, on a 1 page, unrecorded land contract, with zero due diligence, wants his money back. Got it. My only question is, who is paying his attorney for this nonsense? Guarantee the attorney is not doing it on contingency
Rich kids gonna rich kid (with daddy’s money)…
They always knew the 800k didn’t include the property… they just wanted an option to obtain it after that was paid.
Too bad they don’t teach Latin in school anymore, because the kid might have learned about “caveat emptor.”
Then he would also know that pro forma is Latin for “pie in the sky,”
bring back the Bulldog!!!
My thoughts exactly!
Where it really started! Bulldog!!!! Hope they all work it out soon. No winners in this one.
Mack stole the business from the Bulldog owner originally. The kid was to young to know he was dealing with a guy who is crooked as a dog’s hide leg. I’ve never been back since it was stolen from the Bulldog.
Let’s just bring back the BDL (Bulldog Lounge) and everybody can just chill
The lawsuit said that the $800k included an option. If this proves to be factual, then the Levi group has a claim.