Price Tag for Tulleys Coffee to Exceed 9 Million

Lawyers for the Tulley's estate filed suit to force the buyers to pay about $550,000 worth of additional post-filing costs. The suit filed in Seattle US Bankruptcy Court argued that the investor group, Global Baristas LLC owes them additional monies after modifying the terms of purchase.

The group which beat out Starbucks at a 13-hour auction, won the bid at 9.1 million, however, fine print terms allowed for the price to change.

According to court documents, "Tully’s coffee shops filed for bankruptcy in October 2012, blaming its financial hardship on “the economic downturn that affected Seattle and San Francisco, at a time when the market for new equity issues was significantly deteriorating”.

Read the rest of this entry »