Tavern on the Green Is Even More Screwed Than It Was Previously Believed to Be
Even after it auctioned off $3.5 million worth of its belongings, Tavern on the Green is even further from clearing its debts than it was previously thought to be.
Tavern: really, really in debt.
After looking through some court papers, Diner's Journal has discovered that the restaurant owes some $15 million to creditors, as opposed to the $8 million that was previously reported.
So far, all of the proceeds from the auction and the sale of Tavern's Long Island City warehouse are going to TD Bank, to which the restaurant's owners owe $6.6 million. Creditors can still hold out hope that a judge will decide that Tavern on the Green owns its $19 million trademark. If not, the LeRoy family might consider changing the name to Tavern on the Red.