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Friday
Jun192009

Two In The Pink, One In The Stink

Pink Elephant is filing Chapter 11 bankruptcy protection. Blah, blah, blah. Money quote:

“We are going to continue to operate as usual,” said co-owner David Sarner. “We think it’ll be able to allow us to breathe a little easier.”

Wouldn't we all just like to declare Chapter 11 for a little breathing room?

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Reader Comments (22)

great post title

June 19, 2009 at 11:34AM | Unregistered CommenterBrett

That's a title of one of my tunes

June 19, 2009 at 12:32PM | Unregistered CommenterRed peterS

SHOCKING title

June 19, 2009 at 12:51PM | Unregistered CommenterPromoter Whore

I'm filing for Chapter 11 too, just for an little breathing room. As I decide on my next mean investment strategies, I will go chill at disco brunch in a bankrupt venue, drink some lame rose, contemplate about life in general and how much the economy sucks.

June 19, 2009 at 01:43PM | Unregistered Commenterxyz

Tables have been soldout there every weekend. But I won't get into the whole service your clients out east speech uncle Stevie gives every time someone mentions then hamptons.

June 19, 2009 at 02:38PM | Unregistered Commenterjames goldman

500 k spent on promotions according to the legal giling. .Explain that if your income is 2 million total. I just do not understand

June 19, 2009 at 02:55PM | Unregistered Commenteranon

LILY POND BITCHES!!!

June 19, 2009 at 04:34PM | Unregistered Commenterfuck@you.co,

If you follow the business world you know Chapter 11 means shit. Report when its Chapter 7.

If there wasn't all these web postings no one would no any different when they walk into the place.

June 19, 2009 at 05:11PM | Unregistered CommenterFor Real

"For Real" YOU ARE THE OWNER OF PINK... DONT BE MAD, YOU GUYS ARE DONE!

June 19, 2009 at 05:16PM | Unregistered CommenterAV

ch 11, ch 7... regardless, they both mean one thing: YOU'RE FUCKING INSOLVENT. you can even balance your books and owe more than you have.

June 19, 2009 at 06:50PM | Unregistered Commenterstua

AV you don't know shit about shit. I don't own Pink Elephant, If i did I would have something much detailed to say. I just know that a business that is seasonal and just filed chapter 11 is NOT closing its doors for the rest of the summer. Everyone is insolvent stua. isn't that the main issue around the world. Chapter 11 is a joke. You get out of it for pennies on the dollar. If Pink owes 2 million as the reports claim, they can settle that for a couple hundred grand.

Lets see whose right. My bet Pink Elephant Southampton will be open and busy straight thru Labor Day. If I had to guess they "sell" the business, Keep partnership in the club and the new "owners" buy out the bad debt for next to nothing. (I say a guy like Jon B scoops it)

The only thing that cause Pink Hamptons to close their doors is if the Capri closes its doors. That would not surprise me at all.

Also if you remember Mansion Filed Chapter 11 and I believe they are no longer in Chapter 11.

June 19, 2009 at 07:47PM | Unregistered CommenterFor Real

Geez folks, at the risk of becoming the next target of other commenters' hostility, what's up with the language and rage??

June 19, 2009 at 08:24PM | Unregistered Commentergolf hypnosis

"For Real'
Ur a real fool, especially since u own Pink... STOP TALKING ABOUT HOW GREAT PINK IS!!! IF THEY WERE DOING GREAT THEN THEY WOULDNT BE IN THIS POSITION. DO U SEE SURF LOGE, LILY POND, DUNE, OR NELLOS FILING???? NO! BECAUSE THERE BUSINESS IS GOOD. PINK IS SMOKE AND MIRRORS. AND WHAT SCUMBAGS!!! YOU CLAIM THEY ARE DOING SO GREAT?? THEN WHY WOULD THEY FILE AND FUCK ALL THERE VENDORS OVER??? OH I FORGOT, PINK IS GREAT

June 19, 2009 at 08:28PM | Unregistered CommenterAV

What an attractive "title"!

typing for kids

June 19, 2009 at 08:43PM | Unregistered CommenterAsh

LoL ... a SHOCKING title ...

nail fungus

June 19, 2009 at 11:01PM | Unregistered Commenternail fungus

Amazing title!

June 20, 2009 at 12:41AM | Unregistered CommenterMikus

AV - You are so right. I am the owner of Pink Elephant Southampton. I am dealing with Chapter 11 filings, handing all the calls from press and staff asking whats going on etc. In my vast amount of spare time I comment on DBTH. Your a fool and you are most likely a Promoter or Owner of another space.

Also I guess I must read a different form of English. I don't see the place where I claim that Pink Elephant is doing so great or make claims of how great it is. All i said is that Chapter 11 doesn't mean you are closed or out of business. I'm in NYC but from what I heard they were open last night. They are supposedly open tonight so, what difference is the person going to the place notice other then what they read or hear?

I have to go now being that I am the owner i should probably get ready to lock the doors tonight............

June 20, 2009 at 01:23PM | Unregistered CommenterFor Real

Sarner and Montwaid have been screwing people for years from vendors to promoters to staff. Life will catch up to them and their kind. It always does. For sure, it has already started for Sarner...

June 20, 2009 at 04:57PM | Unregistered Commentertin joon

$776,000 in taxes alone!!!!!!!! Let’s see with penalties and interest that will be about 1,250,000!!!!!!! You can’t make this stuff up these guys take the “investors” $$$$$ pay themselves “management fees” and the thing does a belly flop and everyone runs for the door. Eddie boy over on elm street should take a few lessons from these guys, at least they are open!!!

Last I checked the State of NY doesn't allow you to pay "pennies on the dollar" to cover your tax liability. In addition I would say an amount that large is getting pretty close to criminal.

June 20, 2009 at 11:20PM | Unregistered Commenternightclub accountant

Interesting that Sarner claims that it is a separate "franchise" yet he is still an owner. He should have just said - we set up various companies for asset protection purposes, so that when goes under, it doesnt affect the others (although I see that his bankruptcy southampton clubs owes "paradigm managment" certain fees). Agree that it will be business for the rest of the summer, yet questionable how they are going to formulate a chapter 11 plan of reorganization after memorial day.

June 21, 2009 at 09:13AM | Unregistered CommenterJimmy
June 22, 2009 at 09:31AM | Unregistered CommenterRyan Lester

Pink in the city is doing fine.
Just Southampton.. that restaurant group isn't affiliated with pink the city.
And I highlyy doubt either of the owners even have time to go on dbth.

July 8, 2009 at 07:58AM | Unregistered Commenter1234

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