Metro Jacksonville

Jacksonville by Neighborhood => Urban Neighborhoods => Murray Hill => Topic started by: nagrom73 on December 04, 2014, 01:00:07 PM

Title: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: nagrom73 on December 04, 2014, 01:00:07 PM
[http://jacksonville.com/news/metro/2014-12-04/story/jaguars-owner-khan-sues-edgewood-bakery-over-control-ownership#gsc.tab=0]

So like I said (you think he's reading this?  :-\ ) Gerd Dermit Khan. Don't mess with my hood.  One of the longest standing businesses in Murray Hill and you are  getting your undies in a bunch over a successful business that might be falling behind after a few months. So how's that Trio going? Why don't you go sue that too. I mean you've had it for a few years now and the only thing new there is some extra weeds and maybe some new graffiti.

#endrant
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Andy on December 04, 2014, 02:00:24 PM
Is there a list of Stache Investments current engagements somewhere? Something to keep an eye on.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: camarocane on December 04, 2014, 03:45:28 PM
Does not look good for them...
http://www.bizjournals.com/jacksonville/news/2014/12/04/khan-in-fight-with-edgewood-bakery-says-it-may.html

Seems like a bunch of finger pointing and both parties threatening closure if the other takes control.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: spuwho on December 04, 2014, 11:16:48 PM
This is Khan's people cleaning up after Zsebok. Pure and simple.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: mtraininjax on December 05, 2014, 05:29:18 AM
So far, his investments are not exactly succeding on any fronts, Jags losing record during ownership, losing soccer team, Onespark public relations fiasco, now his investment in a bakery is taking and his name is getting thrown under the team bus again.

The difference between Kahn and Warren Buffett - You don't see Buffett getting dragged through the mud for poor investments, but like Buffett, does he really care what people say of his brand and image?
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: spuwho on December 05, 2014, 08:05:45 AM
Quote from: mtraininjax on December 05, 2014, 05:29:18 AM
So far, his investments are not exactly succeding on any fronts, Jags losing record during ownership, losing soccer team, Onespark public relations fiasco, now his investment in a bakery is taking and his name is getting thrown under the team bus again.

The difference between Kahn and Warren Buffett - You don't see Buffett getting dragged through the mud for poor investments, but like Buffett, does he really care what people say of his brand and image?

Warren Buffett has his bad days too.

http://money.cnn.com/2014/10/21/investing/warren-buffett-berkshire-lost-2-billion/ (http://money.cnn.com/2014/10/21/investing/warren-buffett-berkshire-lost-2-billion/)

And his investment in British grocery Tesco has lost value as well.

Compared to his losses in Forex, Khan's losses are chump change.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: copperfiend on December 05, 2014, 09:51:48 AM
Quote from: mtraininjax on December 05, 2014, 05:29:18 AM
So far, his investments are not exactly succeding on any fronts, Jags losing record during ownership, losing soccer team, Onespark public relations fiasco, now his investment in a bakery is taking and his name is getting thrown under the team bus again.

The difference between Kahn and Warren Buffett - You don't see Buffett getting dragged through the mud for poor investments, but like Buffett, does he really care what people say of his brand and image?

The Jaguars may have a losing record but they have also increased in value an estimated 200 million dollars in the three years since he purchased the team.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: I-10east on December 05, 2014, 10:13:10 AM
Quote from: mtraininjax on December 05, 2014, 05:29:18 AM
So far, his investments are not exactly succeding on any fronts, Jags losing record during ownership

Not even two seasons under the belt, and you are expecting playoff runs from a rebuild? Then you say that his investments aren't succeeding when the Jaguars gained in value. The Warren Buffet comparison? Psst... When your throw in fluff like that, it takes away any validity of your argument.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Dapperdan on December 05, 2014, 10:29:17 AM
He better tread softly here. It sounds like the bakery is close to closing now due to the internal confilcts. That would be a terrible shame.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: KenFSU on December 05, 2014, 10:43:37 AM
Quote from: copperfiend on December 05, 2014, 09:51:48 AM
The Jaguars may have a losing record but they have also increased in value an estimated 200 million dollars in the three years since he purchased the team.

I really like Khan, but in all fairness, this increase can mostly be attributed to the NFL's new television contracts and actually underperforms the market (the average NFL team has seen a $400 million increase in value during this same period). Better indicators would be stadium revenue, overall non-television revenue, gate receipts, revenue per fan, etc., all of which are up significantly since Khan took control of the franchise.

No one wants to see Edgewood Bakery close, but I'd rather wait for all the details to come out before pinning this whole thing on Khan.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: tufsu1 on December 05, 2014, 11:39:13 AM
There's more to come regarding Khan and his investments in Jacksonville.  Stay tuned.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Tacachale on December 05, 2014, 12:25:33 PM
(http://1.bp.blogspot.com/-iTO3Pg9ulik/UJlvRqnsiwI/AAAAAAAAAbg/3N8ojSXWVFw/s1600/dun+dun+duuuun+stunned+face.png#dun%20dun%20dun%20280x280)
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: acme54321 on December 05, 2014, 04:02:18 PM
Quote from: tufsu1 on December 05, 2014, 11:39:13 AM
There's more to come regarding Khan and his investments in Jacksonville.  Stay tuned.

I see one big ol "investment" is currently floating downtown.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Charles Hunter on December 05, 2014, 06:24:52 PM
You can see how First Coast News feels about it - the headline on their webpage:
QuoteShad Khan suing Edgewood Bakery "owners"
http://www.firstcoastnews.com/story/news/local/2014/12/04/edgewood-bakery-shad-khan-suing/19932701/

Putting "owners" inside quotation marks?
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: I-10east on December 05, 2014, 08:42:05 PM
Maybe a billionaire getting entrenched with the local community isn't all that cracked up like it's meant to be in alot of ways; I prefer him doing things on his own (like the Shipyards) because him getting intertwined in contractual matters with local owners isn't looking good so far.

If this matter goes to court, this is basically a no win situation for Khan in the eyes of much of the local citizens, even if he maybe in the right with the contract. If he wins, he is the evil wealthy megalomaniac that took over a long time establishment; If he loses, his credibility will now come into question. I'm saying this as a person that appreciates him being the owner of the Jags.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Coolyfett on December 06, 2014, 08:32:10 AM
Big city business. Take it all Khan, take it all.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: I-10east on December 12, 2014, 10:18:24 PM
Edgewood Bakery's 10-year-old son appeals to Shad Khan to 'let them stay'

QuoteBefore the Jaguars pre-season opening game in August, Edgewood Bakery whipped up some specialty items they thought would please the team — and its owner, Shad Khan. Among the baked goods: a 9-foot sheet cake made in the image of the mega video screens the Jags had unveiled this season at EverBank Field and cookies decorated with Khan's iconic mustache.

Carol Rykalsky, who runs Edgewood Bakery with her husband, Tom, said her 10-year-old son Ryan was so excited, he wanted to help her hand-deliver the cake and cookies to Khan himself. Now, Ryan is trying to get Khan's attention for a different reason. With the question of who legally owns Edgewood Bakery the subject of pending litigation between the Rykalskys and Khan— who invested in the Rykalskys' U.S. Culinary business and funded the purchase of the bakery — Ryan Rykalsky has sent a letter to the billionaire. In it, he thanks Khan for "helping my Mom and Dad," and appeals to the business mogul to let the family continue to run Edgewood Bakery.

"Please let them stay at Edgewood Bakery to make veggie muffins," the letter pleads. Carol Rykalsky said Thursday the court battle that has developed between her and her husband and Khan and his Stache Investments has taken a toll on her family. "We want this to continue to be a family-run bakery, not a corporate-run bakery," Rykalsky said.

The Rykalskys bought the bakery, which has been in business since 1947, to use as a base of operations for U.S. Culinary, which makes foods for schools in which the oil and fat are replaced with vegetable puree. Khan released a statement on Dec. 12 through his spokesman, Jim Woodcock, that said, in part: "Mr. Rykalsky and his associates claim that they are the majority owners of the bakery and over the past several weeks have rejected Stache's claim that it is the rightful majority owner, despite clear evidence supporting Stache's position."
Woodcock was not immediately available for comment on Friday.

Stache Investments has asked that the Rykalskys and their employees vacate the Edgewood Bakery. The Rykalskys claim Khan's representatives have also seized the ingredients and equipment they need to make the U.S Culinary products — veggie-packed baked goods — that they sell to school districts around the country.

http://www.bizjournals.com/jacksonville/news/2014/12/12/edgewood-bakerys-10-year-old-son-appeals-to-shad.html
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: bill on December 13, 2014, 12:24:52 AM
The Rykalskys are in the wrong so the go all Cowford and have their kid" write a letter? So why don't real investors come to Jax? See 10 year olds business appeal. idiotic
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Noone on December 13, 2014, 01:44:04 AM
Quote from: acme54321 on December 05, 2014, 04:02:18 PM
Quote from: tufsu1 on December 05, 2014, 11:39:13 AM
There's more to come regarding Khan and his investments in Jacksonville.  Stay tuned.

I see one big ol "investment" is currently floating downtown.

Tour one ship as you look at another. Shipyards III

An IBM (International Bubba Meeting) Recomendation

Visit Jacksonville!
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: KenFSU on December 15, 2014, 10:01:54 AM
Quote from: I-10east on December 12, 2014, 10:18:24 PM
Edgewood Bakery's 10-year-old son appeals to Shad Khan to 'let them stay'

QuoteBefore the Jaguars pre-season opening game in August, Edgewood Bakery whipped up some specialty items they thought would please the team — and its owner, Shad Khan. Among the baked goods: a 9-foot sheet cake made in the image of the mega video screens the Jags had unveiled this season at EverBank Field and cookies decorated with Khan's iconic mustache.

Carol Rykalsky, who runs Edgewood Bakery with her husband, Tom, said her 10-year-old son Ryan was so excited, he wanted to help her hand-deliver the cake and cookies to Khan himself. Now, Ryan is trying to get Khan's attention for a different reason. With the question of who legally owns Edgewood Bakery the subject of pending litigation between the Rykalskys and Khan— who invested in the Rykalskys' U.S. Culinary business and funded the purchase of the bakery — Ryan Rykalsky has sent a letter to the billionaire. In it, he thanks Khan for "helping my Mom and Dad," and appeals to the business mogul to let the family continue to run Edgewood Bakery.

"Please let them stay at Edgewood Bakery to make veggie muffins," the letter pleads. Carol Rykalsky said Thursday the court battle that has developed between her and her husband and Khan and his Stache Investments has taken a toll on her family. "We want this to continue to be a family-run bakery, not a corporate-run bakery," Rykalsky said.

The Rykalskys bought the bakery, which has been in business since 1947, to use as a base of operations for U.S. Culinary, which makes foods for schools in which the oil and fat are replaced with vegetable puree. Khan released a statement on Dec. 12 through his spokesman, Jim Woodcock, that said, in part: "Mr. Rykalsky and his associates claim that they are the majority owners of the bakery and over the past several weeks have rejected Stache's claim that it is the rightful majority owner, despite clear evidence supporting Stache's position."
Woodcock was not immediately available for comment on Friday.

Stache Investments has asked that the Rykalskys and their employees vacate the Edgewood Bakery. The Rykalskys claim Khan's representatives have also seized the ingredients and equipment they need to make the U.S Culinary products — veggie-packed baked goods — that they sell to school districts around the country.

http://www.bizjournals.com/jacksonville/news/2014/12/12/edgewood-bakerys-10-year-old-son-appeals-to-shad.html

Who does this?

What an absolute embarrassment.

If I was Khan, I'm not sure I'd feel comfortable being in business with people who acted so unprofessionally either.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: tufsu1 on December 15, 2014, 03:19:59 PM
Quote from: KenFSU on December 15, 2014, 10:01:54 AM
If I was Khan, I'm not sure I'd feel comfortable being in business with people who acted so unprofessionally either.

clearly little mom & pop entrepreneurs should not try to compete with billionaires.

http://www.bizjournals.com/jacksonville/news/2014/12/15/tom-rykalsky-said-no-paperwork-signed-in-edgewood.html?ana=e_du_pub&s=article_du&ed=2014-12-15&u=PkDtvIYnFbocEtc+KLgHAA0d9bdf5c&t=1418674696
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Crabernacle on December 15, 2014, 04:17:45 PM
With that amount of money being invested, this "Mom and Pop" operation thought it would be a good idea to have no written contract whatsoever? Unless I'm missing something this seems to be beyond a boneheaded move.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Crabernacle on December 15, 2014, 05:46:35 PM
I'm with you Apache. That Bizjournal article that Tufsu1 linked is 3 pages of seemingly unsubstantiated claims made by the bakery's new owners. They keep referencing hand-shake deals and email correspondence, yet can't be bothered to trot out a single piece of evidence for the story?

QuoteHe and his wife Carol say they never signed any official paperwork with Khan and Stache Investments, setting down terms of ownership and/or an equity agreement when the billionaire invested in the couple's U.S. Culinary & Beverage business. "I guess you could say that was our fault," said Rykalsky.

I'm just at a loss here. My mind boggles as to how anyone thought that was a solid course of action. Of course then you get the snide comment on what he's learned from this whole ordeal:

Quote"Make sure you have a very good attorney, a very good accountant and make sure you have everything documented in writing,"

If someone loans you almost a million dollars make sure to get it in writing? Hot take. Granted we haven't seen the entire story yet, but right now I feel like Khan is being unfairly vilified by a couple of entrepreneurs with shoddy business practices.   
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Noone on December 15, 2014, 07:19:00 PM
Quote from: tufsu1 on December 15, 2014, 03:19:59 PM


clearly little mom & pop entrepreneurs should not try to compete with billionaires.



Does anyone else feel sorry for the Baltimore guys? 2014-412.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: mtraininjax on December 15, 2014, 11:36:13 PM
QuoteMaybe a billionaire getting entrenched with the local community isn't all that cracked up like it's meant to be in alot of ways; I prefer him doing things on his own (like the Shipyards) because him getting intertwined in contractual matters with local owners isn't looking good so far.

If this matter goes to court, this is basically a no win situation for Khan in the eyes of much of the local citizens, even if he maybe in the right with the contract. If he wins, he is the evil wealthy megalomaniac that took over a long time establishment; If he loses, his credibility will now come into question. I'm saying this as a person that appreciates him being the owner of the Jags.

You don't know anything and its obvious with these posts. Even the owner admits he did everything with a handshake, what a moron! You think the city will give him the shipyards on a handshake? ROTFLMFAO!

The owner of Edgewood Bakery admits he did not get anything in writing, so before you shoot your mouth off, wait for the fact to come out! 5 billion compared to a peasant, good luck! LOL!
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: I-10east on December 16, 2014, 09:48:57 AM
^^^You waited ten days after the fact to spout of that garbage? You missed the point that I was making; Not everyone is a savvy business minded person, and many in the GP will think on emotion (notice that I said even if Khan is right in the contract). I'm seeing alot of these 'Khan is shysty' type posts already on local sites. Mr "if CSX leaves Jax, let it be" yeah, that would really be awesome for the local community, but I don't know anything....
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: vicupstate on December 16, 2014, 01:52:53 PM
While it is incredulous that the Rykalsky's didn't get anything in writing, do we know if Khan got anything in writing?  If not, how much MORE telling is that?
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Rob68 on December 16, 2014, 06:38:35 PM
How much was the company worth just prior to the investment? Are they running the place as a bakery well? How much of the place is dedicated to the muffin idea? Was it going to continue as a bakery or become a veggie muffin company? Seems fair that if someone gives you that kind of money they would have a pretty big say so on how things are ran. If they cant run a bakery successfully  how could they run a factory of sorts? Maybe the idea of the muffins took them away from the idea of being a great bakery first.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: mtraininjax on December 18, 2014, 09:17:27 AM
QuoteAre they running the place as a bakery well? How much of the place is dedicated to the muffin idea?

As tight lipped as Khan is and has been, who really knows the deal with the Bakery people, maybe it was a handshake, maybe it was done on a napkin, who is to say, Khan is not saying anything. I know he does not want a non-performing asset, so there has to be an issue with repayment of his funds as the #1 issue here.

I don't know that the owners could make enough muffins to pay off the note and interest. We shall see when the Judge starts the process in January.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: vicupstate on December 18, 2014, 09:26:43 AM
BTW, has anyone on here actually tasted these muffins? If so, what did you think?
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: tufsu1 on December 18, 2014, 10:34:54 AM
Quote from: vicupstate on December 18, 2014, 09:26:43 AM
BTW, has anyone on here actually tasted these muffins? If so, what did you think?

I tasted their food at the 2013 One Spark festival.  I was apprehensive because i absolutely HATE vegetables.  And guess what, they were really good!
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: jaxlore on December 18, 2014, 02:53:31 PM
The whole having their kid write a letter thing, is just horrible and makes me question their professionalism.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: I-10east on December 24, 2014, 09:45:47 PM
QuoteEdgewood Bakery family launches crowdfunding site to buy back bakery

The Rykalskys — the family in dispute with Jacksonville Jaguars owner Shad Khan for ownership of Edgewood Bakery — have not only taken their cause to court, they're taking it to the public. The family has started a crowdfunding campaign on gofundme.com, according to the Times-Union. The campaign, launched with business partner Mike Zimmerman, hopes to raise enough money to buy the business outright from Khan's Stache Investments. The crowdfunding page, titled "David vs. Goliath," was created on Monday and has raised $295 from five donors. The goal is $300,000.

The rest of the story is in the link below

http://www.bizjournals.com/jacksonville/news/2014/12/24/edgewood-akery-family-launches-crowdfunding-site.html

Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: JaxJersey-licious on December 24, 2014, 11:58:02 PM
Hey, SERIAL!  We got the story for your next Podcast RIGHT HERE!!!

You're welcome.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: mtraininjax on December 25, 2014, 07:41:56 AM
Not a crowdfund kinda dude, but I chuckled that for a $5000 donation, you could get a t-shirt, insides on new recipes and the all important, "tour of the facilities". $295 seems about right for them.

Who makes a deal with the devil for an $800,000 business, with no paperwork? They should go work with Sweet Pete and get some schooling from Lemonis.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: I-10east on January 05, 2015, 07:43:32 PM
Shad Khan's lawyers say emails support claim to ownership of Edgewood Bakery; Key mediation and court dates this week

QuoteEmails last spring show that Jacksonville Jaguars owner Shad Khan had a majority ownership of a popular bakery that has served the Murray Hill area for decades, Khan's attorneys say.

The emails came to light Monday, the same day that Duval County Circuit Judge James Daniel gave the current operators of Edgewood Bakery more time — until Friday — to respond to Khan's lawsuit seeking control of the business he invested in under his investment firm Stache Investments.

The emails show a June 5 exchange between Tom Rykalsky and Jim Zsebok, the representative for Stache.

"I [Stache] will own 56 percent ... of U.S. [Culinary] and your holding company with Mike [Zimmerman] will own 44 percent," Zsebok said while explaining in the email his interpretation of the ownership agreement of Edgewood Bakery.

"That sounds correct," Rykalsky said in a email reply sent from his smart phone.

U.S. Culinary & Beverage is the company of Tom and Carol Rykalsky and their partner Mike Zimmerman, who are currently running Edgewood Bakery. Those emails were filed with court documents Dec. 31.

"They [U.S. Culinary] have filed and verified the complaint that sets out their version of the case. It does not, however, address some emails from Mr. Rykalsky that set forth his agreement to terms of Stache being the individual owner of this entity," Stache attorney Bill Adams told Judge Daniel at Monday's meeting. "Unless Mr. Rykalsky denies these two emails, that may bring this to a rapid conclusion."

On Monday, the judge merged two competing lawsuits: the first was filed in early December by Khan and his investment firm Stache Investments seeking sole ownership of the business. The other was a countersuit by the Rykalskys, also seeking ownership.

Khan contends that since Stache Investments provided $800,000 of seed money to the Rykalskys to buy the bakery in June, the court should appoint his company as the majority owner and grant control of the business to the firm. The suit says the Rykalskys and Zimmerman, under the business entity U.S. Culinary & Beverage, have hurt the business through waste.

Matt Jackson, attorney for the Rykalskys at Monday's hearing, did not address the emails, but said he would file a motion to dismiss the civil court suit.

Meanwhile, as the case progresses in court, both sides are scheduled to take part in private mediation Wednesday in Orlando.

Jackson said both sides agreed to pay for the mediator and if they do reach an agreement over the ownershi*****ue, Jackson said he's hoping for a binding out-of-court settlement.

"Both sides are willing to sit down and talk about it," Jackson said.

If no mediation agreement is reached Wednesday in Orlando, both sides are scheduled to return to Daniel's hearing room from 1 p.m. to 3 p.m. Friday, when arguments will be made over receivership and ownership. That's when a judge appoints a "receiver," or person to oversee the finances of an operation during litigation.

Daniel said during the hearing Monday that ultimately the case hinges on that disputed ownership of the bakery, no matter what else is happening legally this week, either in or out of court.

"The basis of the receivership and the basis of preliminary injunction are all going to turn on ownership," Daniel said.

Jackson acknowledged that if no mediation is agreed upon Wednesday, Friday's civil court hearing could play a major role toward determining the outcome of the case.

Edgewood Bakery is an institution in Jacksonville that has been operating on Edgewood Avenue for nearly seven decades.

The business remains open. The Rykalskys and about 40 employees continue to manage operations despite multiple notices of termination sent by Stache Investments to the workers there.

The Rykalskys, who were "creators" in the inaugural One Spark crowdfunding festival in Jacksonville in 2013, bought the bakery in June with the financial help from Stache Investments. After meeting with the Rykalskys following their display at One Spark, Stache Investments officials were so impressed with the startup business called Pure Treats that they agreed to provide startup money.

http://jacksonville.com/news/metro/2015-01-05/story/shad-khans-lawyers-say-emails-support-claim-ownership-edgewood-bakery
Title: Judge rules in favor of Shad Khan in Edgewood Bakery suit
Post by: thelakelander on January 22, 2015, 06:51:01 PM
QuoteAlthough the judge in the case says it's clear Shad Khan's Stache Investments Corp. is the majority owner of the Edgewood Bakery, the couple fighting with Khan plan to proceed to a jury trial. Judge James Daniel said evidence presented by the two sides convinced him that Stache would likely win at trial, but stopped short of issuing a preliminary judgment.

Full article: http://www.bizjournals.com/jacksonville/news/2015/01/22/judge-rules-in-favor-of-shad-khan-in-edgewood.html
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: SbahnInJax on January 22, 2015, 10:20:53 PM
So much for the narrative about the big mean non-Jacksonvillian billionaire forcing those poor hardworking folks out of business.   
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: I-10east on February 27, 2015, 05:01:22 PM
The Rykalskys' at Edgewood Bakery concedes majority ownership to Khan

http://www.bizjournals.com/jacksonville/news/2015/02/27/edgewood-bakery-operators-concede-khan-is-the.html
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: I-10east on February 28, 2015, 05:43:02 AM
http://www.firstcoastnews.com/story/news/local/2015/02/27/edgewood-bakery-owners-shad-khan-concedes/24166299/
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: RattlerGator on February 28, 2015, 01:39:25 PM
Honestly, the couple had to know about the eMails given that the husband was a party to them. So, what were they thinking in challenging ownership ? What am I missing? Did they think they had some sort of Court of Equity avenue available to them ?
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Gamblor on February 28, 2015, 11:43:12 PM
I think they wanted to make a fuss in hopes they would be supported over Khan by the community due to the name on the building. Problem, Edgewood use to be one of the best bakeries in town, now imo it's not even one of the best in the RAP-Murray Hill areas and maybe worst of all, it is not even the best one on Edgewood anymore. Not that I mean its totally their fault, but the competition that has opened has been far more tasty and alluring. Maybe I'm bias since they keep trying to play the pity card, which I can't stand, but at this point I welcome someone new in that space. I have a lot of great memories of that place back in the day, I'd like to have some in the future, but they way things have been going there I doubt I would with the Rykalskys in charge.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: I-10east on March 01, 2015, 12:44:39 AM
Quote from: Gamblor on February 28, 2015, 11:43:12 PM
I'd like to have some in the future, but they way things have been going there I doubt I would with the Rykalskys in charge.

The Rykalskys' aren't in charge anymore, Khan is.

Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Gamblor on March 01, 2015, 01:54:13 AM
Yah I could have stated that better, just meant if things kept on the way they had with them running the place
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: mtraininjax on March 01, 2015, 11:02:40 PM
saw on the news that Khan has closed the bakery for the time being, no walk-in customers, no future cake orders, but they will process existing orders. I can't believe that the Husband and Wife would fire Gary and think they knew better. This is a classic case of "inexperienced business owners" and the advice they received or did not receive with regard to winning the hearts and minds by shopping their story on local news, was the absolute worst decision they could have made.

They are now out and without anything.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Rob68 on March 02, 2015, 08:55:35 AM
Has SK hired someone to take over his new bakery?
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Dapperdan on March 02, 2015, 10:17:33 AM
It doesn't matter who is at fault. The perception is that Khan swooped in, caused all this trouble and now has closed the bakery. Everyone I talk to blames Khan and says the bakery will end up being shuttered for good. This is not helping.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: RattlerGator on March 02, 2015, 10:33:46 AM
If everybody you're talking to says that, you're in an odd group.

800k investment, and you get treated like this? You make an obvious agreement in an eMail, and then make absurd assertions that contradict the plain meaning of what was clearly written? No serious person respects that.

Shad isn't getting blamed here.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: thekillingwax on March 02, 2015, 10:36:55 AM
Oddly enough pretty much everyone I know thinks the people running the bakery were tremendous dummies who cratered an already failing bakery, spending a ton of money *somewhere* and then trying a bunch of "david vs goliath" stuff. I honestly don't know anyone that has any sympathy for them, especially when they trotted the letter "written by their son" to the media. That was trashy as hell.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: NaldoAveKnight on March 02, 2015, 11:23:18 AM
This bakery was awesome.  The apple fritters were top notch, if not the best in Jax.  They would almost always sell out before I could get there between 10am and 1pm.  I asked why they didn't make more fritters so they would have them when I showed up.  The answer was always the same, "It doesn't matter how many we make, we would still sell out."  Then they would look at me like I was stupid for even asking such a thing.  That about sums up the ownership, made great treats but didn't have any business sense.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Josh on March 02, 2015, 11:29:26 AM
Quote from: Rob68 on March 02, 2015, 08:55:35 AM
Has SK hired someone to take over his new bakery?

Sounds like it.

Quote"Stache Investments aims to reopen the Edgewood Bakery as soon as possible, under experienced new management and on a solid financial foundation, following a period of reorganization for the business. We will restore it to the high standards of quality and service that Jacksonville customers have celebrated for generations.

"In the meantime, customers who made agreements with the previous operators for wedding cakes or other bakery goods shouldn't worry. The new Edgewood Bakery will honor and fulfill their orders."
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: mtraininjax on March 04, 2015, 06:28:40 AM
He will probably get Gary to re-open the bakery, run it for Stache and get the mojo going again.

Just because you have a good idea at OneSpark, don't think you can be the next Shad Khan.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: undergroundgourmet on April 14, 2015, 04:50:23 PM
Gary junior is back running the bakery. His parents I'm sure were good teachers. It should smooth out. Seems like opening day (today) was a success. Good for them!
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: TheCat on April 15, 2015, 11:18:06 AM
Does anyone actually like edgewood bakery? Or, is it just iconic?

The few times I went there I felt like I was getting an overdose of artificial flavorings, "well, the kool aid orange is a nice addition to the turnover."

I really wanted to like it but I came to quiet terms with its mediocrity. Fresh mediocrity. The goods were never stale or old tasting...just...

I didn't get the buzz.

Maybe the pies were decent? I don't remember.

Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: fieldafm on April 15, 2015, 12:24:10 PM
Quote from: TheCat on April 15, 2015, 11:18:06 AM
Does anyone actually like edgewood bakery? Or, is it just iconic?

The few times I went there I felt like I was getting an overdose of artificial flavorings, "well, the kool aid orange is a nice addition to the turnover."

I really wanted to like it but I came to quiet terms with its mediocrity. Fresh mediocrity. The goods were never stale or old tasting...just...

I didn't get the buzz.

Maybe the pies were decent? I don't remember.

When the Poletta's were running Edgewood Bakery, the baked goods (especially the cakes) were very good. I am glad the son is back running the show.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Steve on April 15, 2015, 01:17:28 PM
Cakes were what they were known for (and well deserved). Didn't have much of their other stuff so I don't know.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: Rob68 on April 15, 2015, 02:44:52 PM
I ne er understood bakeries that tout their goods yet tbey go in the back and open a mix and call that bakery...not many real cake places actually  mix and make their own recipes. The only place ive found is The cake shop of sanjose..
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: TheCat on April 15, 2015, 02:48:13 PM
Quote from: Rob68 on April 15, 2015, 02:44:52 PM
I ne er understood bakeries that tout their goods yet tbey go in the back and open a mix and call that bakery...not many real cake places actually  mix and make their own recipes. The only place ive found is The cake shop of sanjose..

Go to french pantry have your life forever changed.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: CG7 on April 15, 2015, 04:21:26 PM
Edgewood Bakery had won many many national awards with the original owners. Their raspberry white chocolate scone is the best baked good I have ever had.
Title: Re: Khans Investment Group Sues Edgewood Bakery For Control After Investing.
Post by: mtraininjax on April 19, 2015, 04:53:04 PM
QuoteEDIT: I just checked their facebook. Apparently Gary is baking and running the bakery again. Strange turn of events.

Why would that be a shock? Khan had him running the bakery when the crackpots decided to fire him, Khan is no dummy, he wants someone with working knowledge of the business running the show.