Tavern on the Green
The chapter 7 trustee of Tavern on the Green was responsible for one intellectual property asset –the right to appeal an adverse court ruling that had stripped the estate of its trademark. Without funds to pursue an appeal, and with a secured lender looking for recovery, the trustee asked Hilco Streambank to negotiate a settlement and sell the recovered assets. We promptly consummated a deal with the City of New York and converted the settlement into a $1.3 million asset sale of the iconic restaurant trademark.
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