Todd Slack, who represents Ted Brennan and Bridget Brennan Tyrell, son and granddaughter of the restaurant's founder, said the company's remaining assets could be sold by a trustee to pay its suppliers, the (New Orleans) Times-Picayune reported. Slack said the court ruled Thursday that there was no reason to stop liquidation.
Brennan's opened on Bourbon Street in the French Quarter in 1946 and moved in 1956 to a Royal Street mansion that was built for the Banque de la Louisiane in the late 18th century. The restaurant was a landmark and known as the place where Bananas Foster was invented.
Family disputes have long dogged the business. In recent years, Ted Brennan and his brother, Pip, battled over control of the restaurant, and lost the building when it was bought by Ralph Brennan, a cousin, at a sheriff's sale.
Brennan's was evicted from the building and closed in June.
Vic Welsh, a lawyer for Pip Brennan, told the Times-Picayune the company could have substantial assets. Those include potential damages from the BP oil spill that could come to millions of dollars, $4.1 million Welsh said Ted Brennan borrowed from the company and its wine collection.
Brennan's could be reborn. Slack said Ted Owen and Tyrell have filed a lawsuit to seize control of the company from Pip and hope to reopen the new restaurant in a new location.
Ralph Brennan could also buy Brennan's logo and its recipes for the new restaurant he plans to open in the mansion.