Pssst – Wanna Buy CBGB (again)?

 

It could be yours – if
you are “best for the brand.” We nominate Legs McNeil.

 

By Fred Mills

 

It’s the fire sale that keeps on giving! The Wall Street Journal is reporting that
the venerable CBGB name – arguably one of the most-recognized brands in rock
next to Woodstock, though unlike Woodstock a brand that
has been grossly mismanaged in recent years – is up for sale once again.

 

After the club’s closing in 2006 the property and name
rights were sold to a company that called itself CBGB Holdings. However, not a
hell of a lot was done since then, and last June the company filed for
bankruptcy. Last week the court ruled that all CBGB should be returned to the
Hilly Kristal estate (Kristal, who died in 2007, founded the club in ’73), as
CBGB Holdings had defaulted on a $2.4 millioin promissory note to the estate.

 

Apparently the estate is planning to sell those assets,
which include the name, again, but is waiting for an offer from someone that
would be “best for the brand.”

 

“My client’s very interested in entertaining any offers that
will be best for the brand and Hilly’s legacy,” said Fred Stevens, a partner in
Fox Rothschild LLP, according to the WSJ.

 

Matters related to the case continue in Manhattan today at the U.S. Bankruptcy Court.

 

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