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December 17, 2010

Bankruptcy ruling goes against Dean. For now.

"I'm going to keep cooking until they shut me down," Timothy Dean just told me. Sure enough, Prime is open for business tonight.

And it's open entirely notwithstanding a setback earlier this week in the United States Bankruptcy Court for the District of Maryland. Well, more like a knockout than a setback.

As reported earlier today in the Batlimore Business Journal, the bankruptcy court on December 14 issed an order converting Dean's Chapter 11 bankruptcy case to Chapter 7. Chapter 7 is like LDL cholesterol -- it's the bad one, and it amounts usually to an order of liquidation, or in this case, the ability of Adams National Bank, M & T.D.'s creditor, to foreclose upon 1719 Eastern Avenue. Prime is located at that address.

But Dean thinks it's more like a setback than a knockout. "The judge will have to reconsider his motion." Dean told me that the bank appraisal used in this case was made eight months ago, critically, that is, before a positive turn-around in business at Prime, one that he credits wholly to  "Groupon, Groupon, Groupon." Dean says that marketing Prime with Groupon has been instrumental in bringing new customers through his doors.

The whole process will have to "start from scratch," Dean said, who spoke to me contrary to the wishes of his lawyer. "Now, I’m gong to go butcher a couple hundred pounds of meat."


Posted by Richard Gorelick at 4:27 PM | | Comments (5)
        

Comments

Don't order the soufflé.

Oh Hell Yes! It has been a year of turnarounds for restaurants there are at least two others that I know, maybe three that WOULD have made it given another month or two

Sketchy. That's all.

"Now, I’m gong to go butcher a couple hundred pounds of meat."

Was he referring to his lawyer or the judge?

The building has been sold to the bank for half what it's worth.

Baltimore Business Journal article about the sale -
http://www.bizjournals.com/baltimore/news/2011/01/12/deans-fells-point-restaurant-building.html

Auction Listing -
http://www.auctionzip.com/cgi-bin/auctionview.cgi?lid=1024549&kwd=prime&zip=21231&category=0

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About this blog

You are reading the archives. For updated blog posts about the Maryland food scene, see Richard Gorelick's new Baltimore Diner blog.
Richard Gorelick was appointed The Baltimore Sun's restaurant critic in September 2010. Before joining the paper staff fulltime, he contributed freelance criticism and features articles about food to area and regional publications. Along the way, he dispatched for short-distance trucking companies, shilled for cultural non-profits, and assisted in cognitive neurology research – never the subject, always the control.

He takes restaurants seriously but not himself, and his favorite restaurant is the one you love, too.
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