After four lawsuits were filed, a decision about the ownership of two restaurants in Virginia and North Carolina has been reached. The dispute over who owns two of the four Captain George's Seafood buffet restaurants was reportedly a family feud. According to their attorney, the married couple that opened the establishments is grateful to have resolved the business litigation with their two adult daughters.
A lawsuit that was filed by the two daughters in February alleged that their parents had tried to take gifts of shares in the restaurants back from them. While facing felony charges for gambling in 2013, the father had apparently feared that he would default with SunTrust Bank and lose his restaurants. In an effort to save his business, the father had given shares of the Williamsburg and Outer Banks restaurants to his daughters. The lawsuit claimed that the father then demanded the shares be returned to him when he was only convicted for misdemeanors.
The family has reportedly agreed to share ownership of the restaurants and work together on their operation. A lawsuit filed by the father accusing his daughters of attempting to unlawfully seize the two restaurants has been dismissed. Although the daughters will retain partial ownership in the restaurants, they will reportedly be barred from using the restaurant chain's signature name or logos without first getting permission from their father.
Even when the people involved are not family, reaching an agreement outside of court is often the optimal solution for all parties involved in a business dispute. When a business owner becomes caught up in business litigation, a business and commercial law attorney attorney might help them come to a settlement with the other party.
Source: The Virginian-Pilot, "Family settles dispute over restaurant ownership", Elisabeth Hulette, August 03, 2014