Tavern on the Green Intellectual Property Rights to be Sold at Auction; Stalking Horse Bidder Signed for $1.3 Million
NEW YORK, Aug. 18, 2011 /PRNewswire/ -- Jil Mazer-Marino, Chapter 7 Trustee of the bankruptcy estates of Tavern on the Green Limited Partnership and LeRoy Adventures, Inc., has entered into an agreement to sell the companies' intellectual property rights to Tavern International LLC for $1.3 Million. The sale is subject to competitive bidding in a Bankruptcy Court approved sale process. The Trustee filed a motion yesterday seeking Bankruptcy Court approval of Sale Procedures including an anticipated bid deadline and auction in mid-September. Streambank LLC has been engaged by the Trustee to conduct the sale.
The Intellectual Property rights are being sold in accordance with a settlement agreement between the Trustee and the City of New York, concluding litigation between the parties over ownership of the world famous "Tavern on the Green" trademark. The rights being sold by the Trustee include:
- Royalty-free use of the TAVERN ON THE GREEN name and logo for restaurants outside of New York, New Jersey, Connecticut and parts of Pennsylvania;
- Ownership of the Tavern on the Green trademark for oils and salad dressing; and
- Exclusive right to register and use the Tavern on the Green trademark for other products including packaged food, tabletop and other home decor, cookware and accessories.
"This is a tremendous opportunity to own an iconic brand that is world renowned – and arguably the most famous full service restaurant brand in the world," said Gabe Fried, a Streambank principal. "The brand will benefit from instant recognition across the US and around the world for a broad array of categories including restaurants, packaged food and tabletop accessories."
More information regarding the asset and the sale process can be obtained by contacting Streambank at 781-444-4940.
Streambank is an advisory firm specializing in the valuation, marketing, and sales of intangible assets for businesses at all stages. Streambank identifies, preserves, and extracts value for clients through the application of experience, diligence and creativity. The firm's recent experience includes Anchor Blue Holdings, Circuit City Stores, KB Toys, Borders and other notable retail names. Additionally, Streambank provides intangible asset valuation services to stakeholders in a variety of contexts. Streambank provides sound advice on value maximization strategies and liquidity options. Streambank is headquartered in Needham, MA and has offices in New York, NY.