A power struggle between two investors develops behind some of Chicago’s hottest restaurants. The co-owners of Maple & Ash and Etta – the eye-catching Gold Coast steakhouse and neighborhood hangout respectively – met on Friday, May 1st.
Pisor, a co-founder of What If Syndicate, the group that owns the two restaurants, has filed a lawsuit alleging he has been banned from the restaurants because co-founder Jim Lasky is trying to oust him from their company. The complaint alleges that Lasky “repeatedly threatened to air Pisor’s ‘dirty laundry'” in reference to “alleged conduct that happened years ago…unless Pisor agreed to a below-market takeover of Lasky.” accept”. Lasky is listed as the sole defendant.
Friday’s court hearing concerned Pisor’s request for an injunction that would allow him to return to the restaurants, as well as undisclosed and punitive damages as he suffers “monetary and irreparable harm in the form of loss of reputation, loss of goodwill,” and loss of current affairs and/or future restaurant opportunities.”
“We’re basically here with a business divorce case,” Jade Lambert, one of Pisor’s attorneys, said at the hearing. “But we need to set up a process around it and take the heat out of it.”
She added: “Mr. Lasky doesn’t want to do business with Mr. Pisor anymore, the problem is that he’s doing it completely wrong and is against the party’s shop agreement.”
Judge Clare Quish denied Pisor’s request, saying his legal team failed to establish an emergency. A hearing is scheduled for Friday, April 29.
In court, Lasky’s attorney, Doug Wexler, told Quish that What If’s human resources department was investigating an incident involving Pisor and marketing director Molly Currey. A police report filed by Currey on March 11 alleges that PIsor visited her Logan Square apartment twice in the early morning, at 4:28 a.m. and again at around 6:30 a.m., when he knocked on her front and back doors and called her name .
Police did not investigate the incident, but Currey said in a company memo to her colleagues that Pisor called and texted her repeatedly that morning and made her dogs bark and alert. Currey says she is now “afraid of him” after dealing with a series of “verbally abusive and aggressive behavior” over the years. A Feb. 10 switch of offices between the two brought her to tears, according to an affidavit from Lasky’s defense team.
In court, the parties admitted they negotiated Pisor’s exit, but Pisor’s lawyers want to expedite the process and give back his access to What If’s facilities. In court, Wexler said he would like to return Pisor’s computer “as a parting gift.” He painted Pisor as the absent owner. An affidavit from chef Danny Grant claimed Pisor hasn’t been doing his job during the pandemic and that he’s checked out and “been drinking all day.”
These reports did not affect Judge Quish’s decision to deny the injunction. The judge said the police report and affidavits were ruled “unverified banter” and she would only consider whether the operating agreement was violated and Lasky had legal grounds to oust Pisor.
Maple & Ash was hailed when it opened in 2015 as a fresh take on the traditionally stuffy steakhouse. The lawsuit credits Pisor with conceiving the idea and securing funding for the venture that replaced the Hunt Club, a nightclub that had declined in both popularity and popularity since Lasky opened it in 1996. The Hunt Club was demolished in 2013.
Lasky, Pisor and Grant opened a second Maple & Ash in Scottsdale, Arizona in 2019. A year earlier, the more casual Etta debuted at Bucktown; A location in Scottsdale will also open next week. Since Etta’s debut, What If has also opened swanky Italian restaurant Monarch and sake bar Kessaku in Dallas, along with rooftop restaurant Celestina in Culver City, California (where there is another Etta location). Another new concept, Cafe Sophie, is planned for Chicago later this month. Another Maple & Ash is also destined for Beverly Hills, California.
According to the lawsuit, Lasky, Pisor and Grant each own a 31 percent stake in the company, with Lasky and Pisor being considered “shareholders,” meaning that “all management decisions and actions require the approval of both Lasky and Pisor.” “. What If revenue has grown from $35 million in 2019 to a projected $180-$200 million in 2022.
In a statement sent out after Friday’s hearing, Lazar Raynal, one of Pisor’s attorneys, reiterated that “none of these allegations, to our knowledge, were made before Mr. Lasky proposed an acquisition on March 10. Mr. Lasky is now using this as an excuse to force Mr. Pisor to exit… We believe Mr. Lasky is acting out of greed based on the company’s recent valuation.”
Raynal also described Pisor as upset on March 10 when he attempted to visit Currey. After learning “that he was being forced out of the company he had built, Mr. Pisor went home to what he thought was a friend – someone he had hired and whom he had known for ages 15 years. Mr Pisor’s behavior was legal and the police took no action on the complaint.”
Ahead of Friday’s hearing, What If issued a brief statement: “At this time, the company will not comment on an unfounded and frivolous lawsuit.”
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