As an example of their suspicions, the creditors' Orlando lawyer Denise Dell cites, in a court-filed motion, the May 13-filed plan. The plan notes a pending sale of Planet's London property to a buyers' group controlled by Earl and Tom Avallone, the firm's former chief financial officer.

In an unusual move, Dell is asking U.S. Bankruptcy Judge Arthur B. Briskman to appoint a special examiner to audit the restaurant chain's financials. Scott Shuker, representing Planet and Earl, has agreed to the request.

In her filing, Dell tells the court Planet plans to write off assets or claims against celebrities of $4.8 million. That amount could raise the value of Planet's estate and potentially make more assets available to creditors.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.