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Started By
Message
1
Posted on 3/22/15 at 10:23 am to Martini
quote:
discharging tax debt is a slippery slope in bankruptcy filings.
yep
quote:
He is probably better off trying to work it down by staying open unless he could liquidate with enough money to pay the debt.
The problem is selling the plan to the unsecured creditors' committee and not losing even more money during the plan.
Posted on 3/22/15 at 10:32 am to Y.A. Tittle
He's been open since 99. I'm sure he's made close to a million.
Posted on 3/22/15 at 10:51 am to Paul Allen
Exactly. Big difference than what I think the phrase "made millions" connotes.
Posted on 3/22/15 at 11:04 am to Y.A. Tittle
From the article:
Bankruptcy court records show the restaurant generated $1.1 million in revenue in 2013 and $1.3 million in 2014. During the first five weeks of 2015, the restaurant had $122,960 in revenue.
And yes, I know the difference between revenue and profit. I own a company which is why I said revenue in my post. That being said, I am shocked that he is showing those numbers if he intended to duck on taxes.
Bankruptcy court records show the restaurant generated $1.1 million in revenue in 2013 and $1.3 million in 2014. During the first five weeks of 2015, the restaurant had $122,960 in revenue.
And yes, I know the difference between revenue and profit. I own a company which is why I said revenue in my post. That being said, I am shocked that he is showing those numbers if he intended to duck on taxes.
This post was edited on 3/22/15 at 11:05 am
Posted on 3/22/15 at 11:15 am to jbgleason
Wow that's a lot of money
Posted on 3/22/15 at 11:16 am to jbgleason
To be honest, I actually missed the "in revenue" caveat and thought you were trying to imply what he as pocketing. 
Posted on 3/22/15 at 8:40 pm to jbgleason
quote:
And yes, I know the difference between revenue and profit. I own a company which is why I said revenue in my post. That being said, I am shocked that he is showing those numbers if he intended to duck on taxes.
The profit margin on proprietor owned restaurants is probably in the 5-8% on the high end. That would put the restaurant making say $80k a year. That's not exactly setting the world on fire. A couple of broken refrigerators away from not making a penny. Add a six day, 12-14 hour workday into that at a small wage and I'm sure an owner is razor thin.
I truthfully don't think he was thinking he would not have to pay. Taxes are an easy way to float because they won't turn your electricity off in 60 day or not come back to work if the payroll check bounces, or cut off food deliveries because of non payment. It takes quite awhile for the IRS to come looking so you can keep going thinking you will figure out how to catch up all the while digging a deeper hole.
I am a business owner who pays taxes that would make many men puke as they make me want to and have no sympathy for the person willfully avoiding with no intent to pay. However owning a business allows me to realize sometime people just are trying to do the right thing and unforeseen circumstances derails them. To get it back on track can be hard. We all know his unsuccessful foray into Prairieville and I can see where that would put him behind the eight ball. I like his food, I like the guy and I wish him the best in his reorganization efforts and I think he's the kind of person that wants to make it right for all debtors.
Posted on 3/22/15 at 9:04 pm to Martini
How long was La Mestiza open?
Posted on 3/22/15 at 9:11 pm to Paul Allen
quote:
Bankruptcy court records show the restaurant generated $1.1 million in revenue in 2013 and $1.3 million in 2014. During the first five weeks of 2015, the restaurant had $122,960 in revenue
quote:
Wow that's a lot of money
For that location, for that size restaurant (around 4,200 sq.ft.), those sales numbers aren't that great.
Frankly, he should have been making closer to $1.5 million in sales.
This post was edited on 3/22/15 at 9:43 pm
Posted on 3/22/15 at 9:52 pm to Paul Allen
I'd say a couple of years. He couldn't be at both places and had staffing problems that I remember. I believe he did a pretty extensive remodel but not positive.
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