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Venerable Huntington Restaurant Able Conklin’s Files for Chapter 11 Bankruptcy Relief

Posted on Saturday (September 12, 2009) at 3:15 am to Chapter 11 Filings on Long Island
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Huntington, New York Restaurant Able Conklin's Files for Chapter 11 Bankruptcy ReliefWritten by Craig D. Robins, Esq.

Able Conklin’s Restaurant, a well-known eclectic steak house in Huntington Village, filed for Chapter 11 protection several weeks ago.
Conklin’s Chop House, Inc., and Original Able’s, Inc., two separate companies which own the restaurant and its liquor license, filed separately for Chapter 11 bankruptcy relief on August 14, 2009 in the Central Islip Bankruptcy Court under case number 8-09-76071 and 8-09-76079.
Debtor’s counsel made an application to jointly administer the two cases which was granted by Judge Robert E. Grossman, who is now the assigned bankruptcy judge for both cases.  One of the cases had originally been assigned to Judge Trust.
The restaurant was established in 1986 in the historic house built by Abel Conklin in 1841.
The restaurant, which is located at 54 New Street, in Huntington, is being represented by Huntington bankruptcy attorney Avrum J. Rosen of Huntington and his associate, Fred S. Kantrow.  The restaurant is located just a few yards from Mr. Rosen’s office.  According to the Statement of Compensation filed pursuant to Rule 2016(b), the debtor paid Mr. Rosen a retainer of $10,000 plus disbursements of $2,078.  The fee application listed Mr. Rosen’s hourly rate at $425 per hour.
According to the debtor’s Chapter 11 statement prepared by the debtor’s manager, Cassie Mernick, an employee of the restaurant for nearly 25 years, “the debtor’s current problems arose when the debtor’s sole shareholder, Dana Riggs, passed away approximately two years ago. Since that time, the Debtor has continued to operate with the shares of the corporation held by the decedent’s estate. Due to financial economic conditions, the debtor failed to remit amounts due to the State of New York Department of Taxation such that a judgment was entered for the approximate amount of $300,000.00.”
The debtor’s assets consist of approximately $105,000 of personal property for both corporations and the debtor’s liabilities are approximately $583,000 for both corporations.  The debtor is being treated as a small business debtor pursuant to the Bankruptcy Code.
The Meeting of creditors will be held on September 25, 2009 at the United States Bankruptcy Court for the Eastern District of New York in Central Islip (Room 562 at 9:00 a.m.), and the first Status Conference before Judge Grossman will be held on October 5, 2009 (Courtroom 860, 1:30 p.m.).
This post is one of a series of posts available on the Long Island Bankruptcy Blog detailing every Chapter 11 bankruptcy case filed in the Central Islip Bankruptcy Court since August 1, 2009.  I will typically post a summary of each Chapter 11 case several days or weeks after it is filed as not all info is available immediately upon filing.  To see a list of Chapter 11 cases profiled on this blog, click Chapter 11 Filings on Long Island or type the name of the debtor in the upper right search box.
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