No fewer than nine lawyers showed up this morning in the U.S. Bankruptcy Court of the Eastern District of Louisiana to confirm that the bankruptcy filing by Ted Brennan and Bridget Brennan Tyrrell (the former owners of Brennan's Restaurant in the French Quarter) was postponed until after the Brennan's name and logo go up for auction on July 9 at 10am.
Ralph Brennan is now the owner of the famous pink restaurant on 417 Royal Street, but his acquisition of the building did not include the name of the restaurant - Brennan's.
Ralph also pledged that if he did not win the auction for the Brennan's name, he would not sue whoever did. He has offered to buy the name for $3 million, but the estate's trustees are hoping to fetch a larger price to pay off the debts of Ted and Bridget's holding company Brennan's Inc.
If you're interested in procuring the Brennan's name for yourself, be advised that bidders must put down a $150,000 deposit before the auction starts, and the increments will be $75.000.
Ted Brennan and his daughter, Bridget Brennan Tyrrell also announced today their plans to open a new restaurant. It will remain to be seen if the Brennan's name will be attached to that project or not, depending on the auction results.
· Ralph Brennan a step closer to buying Brennan's restaurant name [NOLA.com]
· The Brennan's Saga [-ENOLA-]