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VOL. 123 | NO. 94 | Tuesday, May 13, 2008

Pat O’Brien’s Ownership Files For Chapter 11

By Andy Meek

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Hours before a foreclosure sale was scheduled to occur on the southwest steps of the Shelby County Courthouse Friday, the ownership of Pat O’Brien’s-Memphis at 310 Beale St. filed for Chapter 11 bankruptcy protection, according to The Daily News Online, www.memphisdailynews.com.

The bankruptcy petition, which stopped the foreclosure, showed the Downtown Memphis hotspot as having between one and 49 creditors, estimated assets of between $50,001 and $100,000 and liabilities of between $1 million and $10 million.

The ownership of the Memphis restaurant is listed as 310 Beale Street Properties LLC and Hurricane Memphis LLC. P. Preston Wilson, the local attorney for the debtors, declined to comment about the bankruptcy when reached Monday by The Daily News.

Wachovia Commercial Mortgage Inc. filed a Notice of Substitute Trustees’ Sale against Pat O’Brien’s-Memphis last month that showed the restaurant’s ownership was in default of payment on a December 2001 construction deed of trust issued by Wachovia. Not long after the foreclosure notice was filed, the Memphis “Pat O’s,” as it’s known by patrons, hung a large “We Are Open” sign outside the restaurant.

Friday’s foreclosure sale had been scheduled to include the restaurant’s real estate, machinery, equipment, furniture and fixtures.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 88 88 7,923
MORTGAGES 119 119 8,904
FORECLOSURE NOTICES 5 5 1,133
BUILDING PERMITS 253 253 17,320
BANKRUPTCIES 42 42 5,201
BUSINESS LICENSES 35 35 3,417
UTILITY CONNECTIONS 30 30 2,298
MARRIAGE LICENSES 25 25 1,617