The supper club Bruce's Pussycat quickly faded into history. 685 Third Avenue Rather than pay the $120 million judgment, Wally Ganzi and Bozzi had The Palm file for bankruptcy in Florida, and each filed for personal bankruptcy protection. New York, NY 10017 These Coveted $400 Hairy Crabs Are Selling Out in China. A Manhattan judge has ended a family feud between the owners of the legendary Palm steakhouses by granting a late founder’s grandkids about $20 million. In the mid-1960s The Palm was deeply in debt to its butcher and "appeared unlikely to survive," Ganzi testified. Their trademark lawsuit, first filed in 2012, stems from the fact that they are also minority owners of the very concept of the Palm—its intellectual property. Annual revenues reached more than $150 million in the last decade and amounted to $1.5 billion between 2006 and 2017. Maybe so, but the younger generation was kept in the dark about how large a business had been built around the Palm name. Today The Palm has approximately 30 locations in cities throughout the United States as well as locations in Puerto Rico and Mexico. There are now more than two dozen in the U.S. and Mexico. "Unbelievably popular! Defendants Walter "Wally" Ganzi Jr. and Bruce Bozzi Sr., two grandsons of the founders and the ones responsible for turning The Palm into a national phenomenon, responded by … Sponsored Content By Crain's Content Studio, New York ride-share demand recovering despite big losses, Uber CEO says, Popular Bank to close more than a quarter of local branches, Labor market extends gains, jobless rate declines to 6.9%, State reports nearly 3K new virus cases, most since May, Here are the bills you need to pay — and those you don't — during the lockdown. Its fate could be decided as soon as late March. Defendants Walter "Wally" Ganzi Jr. and Bruce Bozzi Sr., two grandsons of the founders and the ones responsible for turning The Palm into a national phenomenon, responded by putting the restaurant into bankruptcy. Its parent company, Just One More Restaurant Corp., is now run by Bruce Bozzi Sr. and Walter Ganzi Jr., third-generation descendants of Pio and John. Among the co-owners of that location were Garry Ganzi and his sister Claire Breen and the late Charles Cook, three more of John Ganzi’s grandchildren. "Great steak," food critic Gael Greene warbled, "and the best hashed browns I've ever tasted anywhere.". After the trial, New York state Judge Andrea Masley sided emphatically with the plaintiffs. Jean-Georges Just Opened Two New Restaurants in NYC. 112,782, This story has been shared 85,674 times. “We are having a good year,” executive vice president Bruce Bozzi Jr. —a fourth-generation family member—told Lisa Fickenscher of the New York Post. Your Ad Choices A Ganzi family member is understood to be preparing a bid, but it's expected an outside party will buy the restaurant. So Who Is Bruce Bozzi? Photo: courtesy Richard Drew/AP/Shutterstock, The 6 Food Festivals Worth Traveling to This Summer. 76,089, © 2020 NYP Holdings, Inc. All Rights Reserved The Palm's fans see no reason to ever order anything else. No family members would comment for this article, which is based mainly on court documents, but the seeds of the family food fight were sown in the early 1970s, after both Ganzi and Bozzi failed at their own restaurants. The new restaurant was significant for another reason: In a break with the past, Ganzi and Bozzi housed it in a company that excluded other members of their families as shareholders. For that, they’d been receiving a flat annual fee of $6,000 for each of the franchises, rather than a cut of revenue. Bruce's grandfather Pio Bozzi helped found The Palm restaurant in New York City back in 1926 and for the past 35 years, Bruce has carried on his family's legacy by … The siblings control a 20 percent stake in the restaurant chain, while the partners own the remaining 80 percent. Wally Ganzi, the grandson of John Ganzi, and Bruce Bozzi, grandson of Pio Bozzi, are third generation members of the family to operate The Palm, which has expanded into an international restaurant chain. Wally Ganzi and Bozzi didn't want to hear from some grumbling minority investors. USPS worker arrested at Canadian border with bin of mail, undelivered ballots, Anne Hathaway apologizes for 'The Witches' disability controversy, How to watch Joe Biden’s election speech live tonight. "The New York steak dinner," Joseph Mitchell wrote in The New Yorker in 1939, "is a form of gluttony as stylized and regional as the riverbank fish fry, the hot-rock clambake or the Texas barbeque.". The original Palm, at 2nd Avenue and 45th Street, closed in 2015. Here’s What You Need to Know. They argued that Wally Ganzi's and Bozzi's failed restaurants were proof they needed the Palm brand to succeed, and it was only fair that all shareholders benefit. Their Florida residences are safe from the prying hands of creditors, but they could be forced to sell their Long Island and Maryland vacation homes to pay their obligations. Ganzi and Breen were part owners of the original Palm that closed in 2015, and in the 1970s, Ganzi Jr. and Bozzi Sr. created a separate company that owned all … ", The New York Times awarded The Palm its highest rating, four stars, in 1976. Save up to 70% off the cover price and get free digital access. Dwight Eisenhower, Jackie Gleason, Paul Simon, Art Garfunkel and many other fans wallowed in the primitive abundance. Save up to 70% off  the cover price. Jean-Georges Just Opened Two New Restaurants in NYC. “We are having a good year,” executive vice president Bruce Bozzi Jr. —a fourth-generation family member—told Lisa Fickenscher of the New York Post. Gary Ganzi, Breen and another cousin sued Wally Ganzi and Bozzi for breach of fiduciary duty, unjust enrichment and self-dealing. A federal bankruptcy judge has cleared the way for a controlling interest in The Palm steakhouse chain to be sold by the families that have owned it since 1926. How did such a jovial restaurant get into such a sad place? Palm restaurants can be found across the United States and in Mexico, but the first restaurant opened in New York City in 1926. "They refused to communicate at all before we began to make demands," Gary Ganzi testified, adding that Wally Ganzi "threatened to somehow put me in jail" for exercising rights as a shareholder in the original Palm, which closed in 2015, ostensibly for renovations, but never reopened. The original Palm, at 2nd Avenue and 45th Street, closed in 2015. Ganzi and Breen were part owners of the original Palm that closed in 2015, and in the 1970s, Ganzi Jr. and Bozzi Sr. created a separate company that owned all … Bush and his wife, Barbara. In the 1970s two of the founders' grandchildren started taking the show, which originated on Second Avenue, on the road. As the Palm franchise expanded, the children and grandchildren of the founders who held a 20% stake in the original Palm were paid a flat annual fee to license the name, decor and logo, amounting to $6,000 per new restaurant. All the anger burst into the open in 2012, when one set of Palm heirs sued, charging they had been cheated out of their share of the restaurant's fortune. ("We Bushes have been longtime friends and admirers of the Palm family," the former president and first lady wrote in a cookbook blurb.). 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"The Palm steakhouse has become bleak house," said attorney Fred Newman, who represented the plaintiffs and knows his Charles Dickens. (According to Aaron Elstein of Crain’s New York Business, a royalty of 5 percent would be typical. They are the ones who, since 1972, have licensed the rights to more than 20 Palms around the country, including three in Manhattan and an LA location that’s a celebrity power lunch hot spot. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. "Not only are there third-generation waiters, but there are third-generation customers too.". The Palm steakhouse staff photographed during the holidays. Their trademark lawsuit, first filed in 2012, stems from the fact that they are also minority owners of the very concept of the Palm—its intellectual property. Despite its financial troubles, the restaurant was still tremendously popular, and in 1972 Ganzi and Bozzi opened their first new Palm, in Washington, where regulars included George H.W. Ganzi Jr. and Bozzi Sr. countered that since they put in the work for the expansion, the money should stay at their company.

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