In less than 24 hours, restaurateur Ralph Brennan will bring the name Brennan's back to 417 Royal St., barring very unusual circumstances. The assets of Brennan's Inc., the company that once controlled the landmark French Quarter restaurant, will be auctioned Wednesday morning at 10 a.m. in the U.S. Bankruptcy Court of the Eastern District of Louisiana. But, as of Tuesday (July 8), there was only bidder, Ralph Brennan, who is offering $3 million (roughly $500,000 in cash and the rest in assorted assets).
In order to bid on the Brennan's Inc. assets, which include the name, the rooster logo, menu, website, memorabilia and wine, bidders were required to qualify by Monday. On Tuesday morning, Ronald Hof, a bankruptcy trustee appointed by the court to sell the Brennan's Inc. assets, said that there were no other qualified bidders besides Brennan.
"We are preparing for tomorrow to be nothing more than the group that made the offer (Ralph Brennan Restaurant Group) to make the purchase," Hof said.Read the Full Article