Beverly Hills, CA (PRWEB) November 06, 2012
Fog Cutter Capital Group Inc. has settled a $5.1 million lawsuit filed by its lender, American Industries, Inc. in March, 2012. Under the terms of the settlement agreement, Fog Cutter will pay American Industries, Inc. between $1.2 million and $1.8 million over as many as three years in full satisfaction of its debt.
Fog Cutter had previously disputed the remaining amount due under the loan pending the resolution of a disagreement regarding the value of certain collateral that had been conveyed to American Industries, Inc. Under the agreement, the parties provided mutual releases of liability and American Industries, Inc. agreed to dismiss the lawsuit, with prejudice.
“The Court System is never an efficient venue to resolve business disputes. I am very pleased that we were all able to quickly settle this matter,” said Andrew Wiederhorn, Fog Cutter’s Chairman and C.E.O.
About Fog Cutter Capital Group Inc.
Fog Cutter Capital Group Inc. settled their lawsuit with American Industries, Inc. at the United States District Court (Portland Division). The case number was as follows: No. 3:12-cv-00522-HU. Since its founding in 1997, Fog Cutter Capital Group Inc. has invested in a diverse range of equity, corporate debt, and real estate. Prior to focusing on the restaurant industry in 2003, the company operated businesses in manufacturing, retail, real estate development, technology and mortgage banking. In late 2003, Fog Cutter invested in the franchisor of the Fatburger restaurant chain and has made that its major focus in recent years. In November 2011, Fog Cutter acquired control of a second franchise operation, Buffalo’s Franchise Concepts, Inc.
Fatburger North America is the franchisor of Fatburger restaurants worldwide with more than 27 countries operating or under development. Founded in Los Angeles, California in 1952, the Fatburger restaurant chain has, for more than 60 years, been serving big, fresh, 100 percent pure lean beef burgers custom made and grilled right in front of customers both domestically and internationally. Based in Beverly Hills, California, the company is actively seeking new franchisees for available territories across the nation. For more information, or to find a Fatburger restaurant near you, go to http://www.fatburger.com.
Buffalo’s Franchise Concepts, Inc. was formed in 1985 and is the franchisor for casual dining restaurants (Buffalo’s Café) and fast casual outlets (Buffalo’s Express). The restaurants specialize in the sale of Buffalo-style chicken wings, chili, rotisserie chicken, ribs, sandwiches and other Southwestern specialty food items. For more information, or to find a Buffalo’s restaurant near you, go to http://www.buffaloscafe.com.