NEW YORK CITY TO RETAIN RIGHTS TO 'TAVERN ON THE GREEN' NAME

THE RESTAURANT HAS BEEN CLOSED, THE FURNISHINGS, ARTWORKS AND MEMORABILIA HAVE BEEN SOLD OFF BUT THE TAVERN ON THE GREEN STILL LIVES ON IN THE HEARTS AND MINDS OF MANY DINERS WORLDWIDE. NOW A JUDGE HAS DECIDED THAT THE CITY CAN KEEP THE 'TAVERN ON THE GREEN' NAME. THE AP RECENTLY REPORTED THAT US DISTRICT JUDGE MIRIAM GOLDMAN CEDERBAUM RULED THAT THE CITY AND NOT THE DEBT HOLDERS OF THE BANKRUPT RESTAURANT HAS THE RIGHTS TO THE NAME. THE NAME ITSELF HAS BEEN VALUED AT AN ESTIMATED $19 MILLION. A THREE-DAY SALE BY GUERNSEY'S AUCTION HOUSE IN JANUARY OFFERED MORE THAN 25,000 ITEMS WITH THE VALUES FROM $100 TO $1.2 MILLION, THE PROCEEDS OF WHICH WENT TO ERASING THE PRIOR OWNER'S $8 MILLION DEBT. THE JUDGE SAID THAT BECAUSE THE CITY HAD LICENSED THE FACILITY AND HAD A HAND IN HOW THE RESTAURANT WAS RUN, INCLUDING REGULATING THE HOURS AND MANNERS OF OPERATION, IT WAS THE OWNER OF THE NAME. LAST SUMMER THE CITY AWARDED THE LICENSE TO RESTAURATEUR DEAN POLL WHO PLANS TO OPEN A NEW RESTAURANT IN THE SPRING AFTER SPENDING $25 MILLION OF REFURBISHMENTS. LAST YEAR, RESTAURANTS AND INSTITUTIONS PLACED TAVERN ON THE GREEN SECOND IN THEIR LIST OF THE 100 HIGHEST GROSSING INDEPENDENT RESTAURANTS IN THE US WITH 2008 SALES OF OVER $34 MILLION.