Sounds like nothing much has been resolved between brothers Ted and Owen "Pip" Brennan after their battle for control of The Big Pink moved to the courtroom last week. Doug McCash of the Times-Pic reports that Ted Brennan and his daughter Bridget Brennan Tyrell remain in control of the restaurant at this time.
U.S. District Judge Susie Morgan ruled that a "fractious stockholders' meeting on April 26," in which Pip sought to seize control of the restaurant from Ted was "invalid because insufficient notice of the gathering had been issued." The stockholder meeting then led to a stand-off between Ted, Pip, and their family circus in the actual restaurant, in which "some parties" were escorted off the premises in handcuffs.
Morgan also ruled that Pip Brennan is still a shareholder in Brennan's Inc. and retains his right to vote, after he agreed to sell his shares back to the restaurant in 2010 for a cool $2 million, but never received payment. Morgan also ruled that Ted Brennan still retains his voting rights "granted him by his one-third share of the Brennan's stock," even though he was sued for $4 million in an unrelated matter in 2012 and recently had his assets seized.
Morgan's ruling leaves both brothers as equal stockholders in the restaurant, but still leaves the restaurant in control of Ted. Despite holding as many shares as Ted, Pip and his sons are neither directors nor officers of the business, Morgan ruled.
Pip still has the right to call a stockholders meeting though, and he's already submitted a written request to do so on June 6 in another attempt to oust Ted from power. Meanwhile, Ted's lawyer believe that they will retain power because Bridget has one share of stock, which gives them a voting edge over Pip. But both brothers seem to believe they will have control of their deceased brother Jimmy Brennan's shares in the near future, which would give either the edge, yes, that little push toward what looks like true insanity. The restaurant is also set for the auction block at a sheriff's sale on May 23.
· Judge's Ruling Does Not Resolve Family Dispute Over Control of Brennan's Restaurant [NOLA.com]
· Brennan's Brotherly Battle: Judge Nixes Power Grab [NOLADefender]
· All Brennan's Saga [-ENOLA-]