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Avenue Capital Again Defeated by Quiznos’ Ric Schaden Executive Team

Multi-billionaire Marc Lasry, CEO/chairman of privately-held Avenue Capital Group, with other hedge fund firms, lost another court battle in the ongoing lawsuit asserting that Richard "Ric" Schaden and his former Quiznos executive team had engaged in a "conspiracy to defraud" when investors took over the troubled sandwich chain in 2012.

Former Smashburger CEO Sues Chain, Schaden Owners for Millions in Stock

_PWS3833Ex-Smashburger CEO David Prokupek has filed a lawsuit against the chain and owners Consumer Capital Partners, claiming he was deceptively cheated out of millions of dollars in stock after they fired him last year.

Quiznos' Attorney Shows Lack of Transparency in Settlement

On the day Quiznos filed for Chapter 11 bankruptcy, outside counsel Fredric ‘Ric’ Cohen declared to a popular magazine for franchising readers, “Vindication. It’s vindication,” seeming to say that his client was exonerated in settling the last 13 franchisee lawsuits.

Fortress to Own Biggest Stake in Bankrupt Quiznos

As Quiznos filed for Chapter 11 bankruptcy today in Delaware bankruptcy court, listing debt of more than $500 million, lenders struck a restructuring deal with Wes Edens’ Fortress Investment to own the largest stake in the company.

Quiznos Restructures Again as Chain Implodes

Another just shuttered Quiznos franchise
Door of another shuttered Quiznos franchise. photo by bmm

DENVER – The troubled Quiznos sub sandwich chain is now living up to predictions made last August by Blue MauMau that majority shareholder Avenue Capital is enlisting the services of top firms to pave a legal way to financially restructure the franchisor as its sandwich chain implodes.

Quiznos Ass'n Reports Little Progress

Another Closed down Quiznos
Another closed down Quiznos sub shop

DENVER – After two days of meetings last week in Denver with new owner Avenue Capital Group, the Quiznos Franchisee Association issued its lackluster progress report.

Quiznos Strikes Deal on Debt Restructuring

Quiznos Lower Price Every Day Campaign 2009
Quiznos 2009 marketing campaign, "Lower prices every day." photo/AR McLin

DENVER - After struggling with slumping sales and a recent violation of debt terms, Quiznos has now struck a deal with Avenue Capital Group, a hedge fund controlled by billionaire Marc Lasry.