M&R Represents Client in Culver City Restaurant AcquisitionPDF
On behalf of our client Akasha Richmond (owner of Akasha in Culver City and longtime private chef for Michael Jackson), M&R commenced negotiations in August, 2014 to purchase the renowned Ford’s Filling Station. Escrow opened in early October upon bilateral execution of the heavily negotiated Asset Purchase Agreement under which $450,000 in consideration was to going to the Seller. There were a number of hurdles in light of the fact that the seller had numerous business debts (both secured and unsecured) outstanding. Jordan Bernstein successfully negotiated an assignment of lease from the landlord and an assignment of a license to use city property from Culver City. Escrow was extended due to the difficulties of complying with bulk sales laws, including satisfying Ford’s debts to many government agencies. During this time our client also successfully completed a syndicated raise of $1.1 million to fund the acquisition, an almost complete renovation of the premises, and the reconceptualization of the restaurant as Sāmbār, expected to open in late May.