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(Wall Street Journal)   DC restaurant consultant accused of intentionally tanking sales at five restaurants so he could buy them at bankruptcy. And stealing a Vespa   (blogs.wsj.com) divider line 25
    More: Strange, Vespa, United States bankruptcy court, Tex-Mex, cost accounts  
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4882 clicks; posted to Main » on 24 Apr 2014 at 3:51 PM (17 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



25 Comments   (+0 »)
   
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2014-04-24 01:44:12 PM
Was it this guy?

img2.timeinc.net
 
2014-04-24 02:53:01 PM
CIAOOOOOOOO
 
2014-04-24 02:57:33 PM
Maybe, just maybe, you shouldn't hire someone who you know would massively profit from your business failing as a consultant.
 
d23 [TotalFark]
2014-04-24 03:55:33 PM
cdn.doandroidsdance.com
 
2014-04-24 03:56:08 PM

And stealing a Vespa


You idiot! You stole her stunt double!


www.wearysloth.com
 
2014-04-24 04:01:44 PM
Future head of the BLM.
 
2014-04-24 04:13:25 PM
I worked for a company where the boss made some weird decisions. I said to my boss that the CEO doesn't want the company to do well. He wants it to do badly so he can buy it and be the owner rather than just a hired CEO. Two months later the receivers were called in. By 4PM that day he had signed a deal with the receivers to buy the profitable part of the business and left the rest to go hang.
Two days later another company offered to buy the whole company as a going concern and save every job, but because the receivers had already sold the key head office operation the rest of the company was no longer viable, the prospective buyer didn't have the infrastructure to keep it going without the head office.
 
2014-04-24 04:21:53 PM
What year was the Vespa?
 
2014-04-24 04:24:32 PM

d23: [cdn.doandroidsdance.com image 625x625]


cdn.videogum.com
 
2014-04-24 04:37:58 PM
Lawyers for eight restaurants including Hawk 'n' Dove, Molly Malone's and Boxcar Tavern said that Xavier Cervera

img2.wikia.nocookie.net
v.
img61.imageshack.us

it's a D.C. town but my money is still on Marvel.
 
2014-04-24 04:45:14 PM
Sasha!
 
2014-04-24 04:55:02 PM

flynn80: Future head of the BLM.


... are you here to tell us one more thing you know about The Negro?
 
2014-04-24 04:59:44 PM
Ok, can someone dumb-down the math and/or legalese on that article to make me understand WTF was going on?

The seller bankrupted his own businesses for profit? Is this like "The Producers"?
 
2014-04-24 05:06:33 PM

SecretAgentWoman


Ok, can someone dumb-down the math and/or legalese on that article to make me understand WTF was going on?


A guy owned the restaurants, then sold them to an investment group.

The guy stayed on as a consultant.

The guy tried to make the restaurants perform poorly, in hopes that the buyers/investors would not be able to make their payments.

If business got bad enough, the buyers/investors would presumably sell them back to the guy at a reduced price.

And they say he stole a scooter.
 
2014-04-24 05:07:00 PM

Slam1263: What year was the Vespa?


The article says it was a GTS 300...  So not a year worth owning.
 
2014-04-24 05:17:50 PM

SecretAgentWoman: Ok, can someone dumb-down the math and/or legalese on that article to make me understand WTF was going on?

The seller bankrupted his own businesses for profit? Is this like "The Producers"?


The original owner, included in the contract that if any payment was skipped, he would regain ownership. It is alleged that he deliberately sabotaged the business operations so that the restaurants would fail, payments would be missed, allowing him to reclaim the title. Whereupon he would, presumably, undo the damage he did and turn a tidy profit. And apparently he stole a scooter and some decor that belonged to the restaurants and were presumably included in the sale.

My take: The buyers and their lawyers failed hard on allowing that clause in the contract. That should have been negotiated out. As for sabotaging the business, sorry, they had control of everything. Even if the original guy had screwed with the operations in a harmful way, it was entirely within the power of the new owners to fix things. Haven't eaten at the others, but the Hawk and Dove, which used to be a dive bar, attracting large crowds of underpaid staffers and interns, is now an artificial looking mid range bar food place that has mediocre food for too high prices, and more expensive drinks. This resulted in in it losing most of the base it had of people looking for cheap drinks, and that there are very few people coming in for other reasons. That might have more to do with the business failing than some speculative cockamamie scheme that would have been easily defeated if the new owners had any farking sense.
 
2014-04-24 05:40:36 PM
Well, I liked his ad for the Peking Moon...

i.imgur.com
 
2014-04-24 06:16:16 PM

cptjeff: SecretAgentWoman: Ok, can someone dumb-down the math and/or legalese on that article to make me understand WTF was going on?

The seller bankrupted his own businesses for profit? Is this like "The Producers"?

The original owner, included in the contract that if any payment was skipped, he would regain ownership. It is alleged that he deliberately sabotaged the business operations so that the restaurants would fail, payments would be missed, allowing him to reclaim the title. Whereupon he would, presumably, undo the damage he did and turn a tidy profit. And apparently he stole a scooter and some decor that belonged to the restaurants and were presumably included in the sale.

My take: The buyers and their lawyers failed hard on allowing that clause in the contract. That should have been negotiated out. As for sabotaging the business, sorry, they had control of everything. Even if the original guy had screwed with the operations in a harmful way, it was entirely within the power of the new owners to fix things. Haven't eaten at the others, but the Hawk and Dove, which used to be a dive bar, attracting large crowds of underpaid staffers and interns, is now an artificial looking mid range bar food place that has mediocre food for too high prices, and more expensive drinks. This resulted in in it losing most of the base it had of people looking for cheap drinks, and that there are very few people coming in for other reasons. That might have more to do with the business failing than some speculative cockamamie scheme that would have been easily defeated if the new owners had any farking sense.


Got to agree for the Hawk and Dove, who ever decided to change it is a farking moron. if its not broken don't fix it.

I also agree what ever the cause of the decline in business the current owners are ultimately to blame as its their job to keep on top of their businesses.
 
2014-04-24 07:10:12 PM

moike: Slam1263: What year was the Vespa?

The article says it was a GTS 300...  So not a year worth owning.


Thanks.

That's, sadly, the only thing I could care about, at the time.
 
2014-04-24 07:23:45 PM
the restaurants have a new guy-Xavier's brother

"Hey guys, let's hire the brother of the guy scamming us to run the show for a bit, what could possibly go wrong"
 
2014-04-24 07:52:03 PM
Was that wrong? Should I not have done that?

upload.wikimedia.org
 
2014-04-25 01:00:23 AM

grimlock1972: Got to agree for the Hawk and Dove, who ever decided to change it is a farking moron. if its not broken don't fix it.

I also agree what ever the cause of the decline in business the current owners are ultimately to blame as its their job to keep on top of their businesses.


The reality of the restaurant & nightclub world is: Most owners are clueless, greedy morons; most managers are clueless, greedy morons; most cooks, servers, and bartenders are clueless morons; and most patrons are clueless, greedy morons. When the business inevitably goes under, everyone blames everyone else, especially if their own hands were in the till the whole time.

Any restaurant that survives does so only in spite of itself, and usually either through the efforts of some incredibly passionate person working for peanuts, or legions of patrons susceptible to pandering advertising. Anything opened or bought for investment reasons that isn't a nation-wide chain is doomed from the beginning.

That said, it can be a fun ride if you don't immerse yourself in the day-to-day drama and don't expect a final paycheck.
 
2014-04-25 01:53:50 AM
Because if there's one business that never fails, it's a restaurant.
 
2014-04-25 02:19:47 AM

foxyshadis: The reality of the restaurant & nightclub world is: Most owners are clueless, greedy morons; most managers are clueless, greedy morons; most cooks, servers, and bartenders are clueless morons; and most patrons are clueless, greedy morons. When the business inevitably goes under, everyone blames everyone else, especially if their own hands were in the till the whole time.Any restaurant that survives does so only in spite of itself, and usually either through the efforts of some incredibly passionate person working for peanuts, or legions of patrons susceptible to pandering advertising. Anything opened or bought for investment reasons that isn't a nation-wide chain is doomed from the beginning.That said, it can be a fun ride if you don't immerse yourself in the day-to-day drama and don't expect a final paycheck.


This. So much, this.

I put ATM's in strip clubs, bars, and anywhere I figure they won't get stolen immediately.

That's what broke me of ever wanting to open a restaurant.

"Gee, I don't know why you don't trust me, just because I threw the receipt out."

"The machine sends me a copy, each and every time."

"Fark you, and Fark your machine too, you farking fark. Take it out of my club."

They usually wonder why I am laughing, before they can finish the first line.
 
2014-04-25 05:33:28 PM
Learned from the master.

i.imgur.com
 
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