Tavern on the Green mustard could soon be coming to a supermarket near you.
The Trustee of the Chapter 7 bankruptcy estates of Tavern on the Green Limited Partnership, Jil Mazer-Marino, and LeRoy Adventures, Inc., have entered into an agreement to sell the companies' intellectual property rights to Tavern International LLC for $1.3 million.
The sale is subject to competitive bidding in a bankruptcy court approved sale process. The trustee filed a motion yesterday seeking bankruptcy court approval of sale procedures including an anticipated bid deadline and auction in mid-September.
Streambank LLC has been engaged by the trustee to conduct the sale.
The intellectual property rights are being sold in accordance with a settlement agreement between the trustee and the City of New York, concluding litigation between the parties over ownership of the world famous “Tavern on the Green” trademark. The rights being sold by the trustee include:
- Royalty-free use of the Tavern on the Green name and logo for restaurants outside of New York, New Jersey, Connecticut and parts of Pennsylvania
- Ownership of the Tavern on the Green trademark for oils and salad dressing
- Exclusive right to register and use the Tavern on the Green trademark for other products including packaged food, tabletop and other home decor, cookware and accessories.
"This is a tremendous opportunity to own an iconic brand that is world renowned—and arguably the most famous full service restaurant brand in the world," says Gabe Fried, a Streambank principal.
"The brand will benefit from instant recognition across the U.S. and around the world for a broad array of categories including restaurants, packaged food and tabletop accessories."