Wednesday, February 20, 2013

Private Equity Slices Pizza Crust

It's gotta be better than the sack lunch they gave us the other day.

"Judge rejects lawyer’s bid for bankrupt pizzerias" by Jenn Abelson  |  Globe Staff, January 03, 2013

A lawyer representing former Upper Crust workers has lost a last-ditch effort to buy four of the company’s pizzerias and block their sale to a private equity firm with ties to the bankrupt chain’s ousted founder.

On behalf of ex-employees who accuse Upper Crust of seizing their wages, Shannon Liss-Riordan submitted a purchase plan late Wednesday to bankruptcy Judge Henry J. Boroff that included an offer to pay $855,000 for leases at the South End, Watertown, Wellesley, and Lexington locations. That’s $200,000 more than the proposed sale price of the four restaurants to UC Acquisition, an affiliate of investment firm Ditmars Ltd., which plans to work with Upper Crust founder Jordan Tobins.

But Boroff denied Liss-Riordan’s motion Thursday, saying it was too late for a new bid since the auction of Upper Crust’s assets took place Dec. 19.

“I’m disappointed in the ruling. At the last minute, an investor appeared who was willing to provide additional funding for the bankruptcy estate,” Liss-Riordan said....

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RelatedUpper Crust Burns Roof of Mouth 

I should have been more careful. 

Maybe I should have called Dominos instead.