Penguin Drive-In pursuing sale of trademark, equipment
Send this to a friend
- Jennifer Thomas
- Staff Writer- Charlotte Business Journal
- Email | Twitter | Google+
The Penguin Drive-In's trademark is available for purchase. So is the Plaza-Midwood burger joint's equipment.
Lawyers for property owner 1921 Commonwealth Ave. Holdings and Penguin manager Lisa Ballentine announced an agreement today in U.S. Bankruptcy Court that gives interested parties until Nov. 30 to make an offer on the trademark and equipment.
Offers can be submitted to Ballentine's lawyer, Samantha Brumbaugh of Winston-Salem law firm Ivey, McClellan, Gatton & Talcott.
The agreement marks the latest chapter in the ongoing saga surrounding the Penguin.
Earlier this month, the Charlotte eatery was evicted from its home at 1921 Commonwealth Ave.
The building is owned by 1921 Commonwealth Ave. Holdings, a limited liability company that is managed by lawyer Don Rawlins.
At the time, a motion was pending to sell the Penguin's equipment and trademark to Sun Shark Holdings LLC for $125,000.
That sale has since fallen through.
The Penguin Drive-In was opened by Ballentine's father in the 1950s, and it became a staple of the Plaza-Midwood neighborhood.
But it has been plagued by financial issues in recent years. The eatery has been closed since July.
In August, the Penguin Drive-In and affiliated holdings filed for voluntary Chapter 11 bankruptcy protection, with liabilities of more than $375,000 reported.
Property owner 1921 Commonwealth Holdings was granted a judgment for possession in Mecklenburg District Court small-claims division after the Penguin failed to make lease payments and maintain electrical service to the building.
That bankruptcy filing resulted in an automatic stay of eviction and allowed the Penguin to temporarily hold on to its home.
Jennifer Thomas covers retail, health care and education for the Charlotte Business Journal.
Most Popular
- Most popular
- Emailed
- Mobile
- Apartments, offices, shops, hotel planned for Colony site in SouthPark
- Sun setting on Horizon Lines
- Attention, CLT travelers: More parking on the way (PHOTOS)
- Family Dollar-Dollar Tree merger delayed by FTC
- N.C. lines up for auto expansion
- News gods smile on Charlotte yet again
- ESPN's Mike Tirico on Panthers' woes, MNF and working with Gruden
- PHOTOS: Here's a look at Crowne Plaza Charlotte’s $10M renovation
- BofA hit with downgraded Community Reinvestment Act rating
- Bank of North Carolina eyes Ballantyne for mortgage hub, new branch
-
Insurance Agency Owner Brightway Insurance | Georgia, North Carolina, Texas
-
Work For: ChannelAdvisor ChannelAdvisor | Morrisville, NC
-
Full-Time Teller Piedmont Advantage Credit Union | Charlotte, NC
-
Audience Development Director Charlotte Business Journal | Charlotte, NC
-
Local Account Manager The Business Journals | Charlotte, NC
Featured Property
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.