MANAGEMENT DISCUSSION AND ANALYSIS REPUBLIC OF T
Post# of 75392
Posted On: 01/22/2014 7:51:59 AM
MANAGEMENT DISCUSSION AND ANALYSIS
REPUBLIC OF TEXAS BRANDS INC.
JANUARY 21, 2013
This information is being posted as to the status of Republic of Texas Brands Inc. (the “Company”) to all stockholders. On December 16, 2013 the Company filed Chapter 11 Bankruptcy in part to protect the shareholders from a lawsuit filed by Empire Capital LLC (“Empire”). As many of you know and has been published, the Company had entered to an acquisition of a chain of barbecue restaurants in the Dallas area. This was an approximate twenty million dollar transaction of which the Company had over 12 million dollars of the monies required for the acquisition already committed. Empire entered into the picture and assured the Company that it would get the balance of the monies funded through a hedge fund that it had dealt with in the past and the money for the transaction was assured. Based on such assurances the Company entered into a services contract Empire on June 28, 2013 with a closing by the end of September 2013. The Company enacted a number of structural changes for Empire’s benefit, changes that Empire insisted were needed to acquire the funds. Without going in to the legal details, the Company intends to file suit against Empire in the Bankruptcy Court. The Company also intends to promptly file a reorganization plan with the Bankruptcy Court for the benefit of all creditors and shareholders.
Sincerely,
Jerry Grisaffi
President
REPUBLIC OF TEXAS BRANDS INC.
JANUARY 21, 2013
This information is being posted as to the status of Republic of Texas Brands Inc. (the “Company”) to all stockholders. On December 16, 2013 the Company filed Chapter 11 Bankruptcy in part to protect the shareholders from a lawsuit filed by Empire Capital LLC (“Empire”). As many of you know and has been published, the Company had entered to an acquisition of a chain of barbecue restaurants in the Dallas area. This was an approximate twenty million dollar transaction of which the Company had over 12 million dollars of the monies required for the acquisition already committed. Empire entered into the picture and assured the Company that it would get the balance of the monies funded through a hedge fund that it had dealt with in the past and the money for the transaction was assured. Based on such assurances the Company entered into a services contract Empire on June 28, 2013 with a closing by the end of September 2013. The Company enacted a number of structural changes for Empire’s benefit, changes that Empire insisted were needed to acquire the funds. Without going in to the legal details, the Company intends to file suit against Empire in the Bankruptcy Court. The Company also intends to promptly file a reorganization plan with the Bankruptcy Court for the benefit of all creditors and shareholders.
Sincerely,
Jerry Grisaffi
President
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