Who owns Perkins? Objection filed in bankruptcy case
An objection filed in the ongoing bankruptcy case that engrosses the Warren Perkins raises questions about the company’s actual ownership.
5171 Campbell Land Co., Inc., which owns the license agreements to operate 27 Perkins restaurants in Pennsylvania, Ohio and New York, Warren included, filed bankruptcy earlier this month.
While a federal bankruptcy judge on Friday granted a stipulation between 5171 Campbell and Perkins that calls for the closure of the Warren restaurant and nine others, an objection filed later in the day Friday questions the very ownership of 5171 Campbell.
An original objection was filed on July 14 by Marc Group, LLC which claims, in short, that it owns Campbell and that the Campbell’s principal, William Kane, is attempting to enter into an agreement that he “does not own.”
Marc Group, LLC’s filing states that an Allegheny County Court of Common Pleas proceeding transferred Campbell to an individual named Peter Kaplan, who sold it to Steve Maglin, who subsequently transferred to Marc Group, LLC.
That would mean that Kane filed bankruptcy on a company he doesn’t own.
The objection filed on Friday comes from an attorney representing Kaplan and objects to 5171 Campbell’s proposed bankruptcy attorney.
The objection challenges Kane’s ownership in light of the Allegheny County cases and claims that “it is expected that within 60 days Kaplan will hold all equity in” 5171 Campbell and notes that Kaplan has conflicts of interest with the attorney.
The objection also claims that an “inquiry should be made” into whether the attorney “informed Kane that the filing of the present bankruptcy will result in Kane’s loss of the company, or on the other hand, that a restructuring will allow Kane to keep the company. The letter, of course, is not possible.”
A U.S. Trustee writing in the case noted that he “takes no position at this time regarding whether the assets were effectively transferred to Kaplan and/or Marc Group; however, the United States Trustee is concerned about the nature of these transactions and whether there was an attempt to improperly transfer assets or defraud creditors.”