Saturday, October 3, 2009

Rotten Apple?

A few months ago, I gave Apple Restaurant & Kore Lounge, the South Beach project of Los Angeles-based Chef Bryan Ogden (yes, son of Bradley) some grief for having delayed its opening "on account of weather." Maybe "weather" is some LA-lingo euphemism for "ownership dispute," because the next week, New Times reported that one of the investors had sued South Beach Restaurant Authority, the operator of Apple, and the other partners, claiming they took nearly $1 million from him under false pretenses.

As recently as this past Monday, the lawyers had reported to the court that they had met several times in an effort to amicably resolve the dispute, and were close to completing a settlement to resolve the entire matter. So close, yet so far away? On Friday, South Beach Restaurant Authority filed for Chapter 11 bankruptcy.

All perhaps reinforcing the adage that the way to make a small fortune in the restaurant business is to start with a large one.

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