Miami, Fla. – June 19, 2019 – Attorney Robert A. Schatzman, shareholder in GrayRobinson’s Miami law firm office, was quoted in the Law360 article "Palm Steakhouse Family Puts End to Long-Running IP Feud." The article discusses how a long-running trademark battle between descendants of The Palm steakhouse chain's founders came to an end when the parties reached a deal that will get minority shareholders a fraction of the $126 million judgment they were awarded in a New York court. Under the terms of the deal, majority owners Bruce E. Bozzi Sr. and Walter J. Ganzi Jr., the grandsons of the original owners, will give up their interests in the steakhouse chain and agree to drop any appeal of the $126 million judgment, which was just affirmed by a New York appeals court last month. The minority shareholders, who owned 20% of the company, will be entitled to 86% of the funds in Palm owner Just One More Restaurant Corp.'s estate after various creditors are paid.
Schatzman, who represents Bozzi and Walter Ganzi, said his clients are relieved to put an end to a decade of family litigation. "All the parties were fortunate to reach a consensus," Schatzman said. "I do not think anybody who has an economic interest in this is not relieved by the settlement." Read the full article here. (subscription required)