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M&R Client Closes Escrow on $1.8 Million Restaurant Purchase

March 10, 2016

On Monday, February 29, 2016, an M&R client closed escrow on the $1.8 million purchase of assets from another restaurant company. The client, counseled by M&R partner Jordan Bernstein, is one of the most prominent restaurateurs in Hungary, and we eagerly anticipate the opening of the Downtown Los Angeles restaurant later this year. Mr. Bernstein navigated multiple complex issues in closing the transaction, including: restructuring the purchase terms to ensure satisfaction of the secured creditors and bulk sales law; obtaining a waiver and amendment of the recapture provision in the lease; and negotiating more favorable terms for the client at closing, including a $500,000 discount on the purchase price.