10/31/2014

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Dempsey out in Tully's Coffee partnership

Dempsey out in Tully's Coffee partnership
SEATTLE - In a confidential settlement Friday, actor Patrick Dempsey bid farewell to ownership of a Seattle coffee chain his investment group rescued from Chapter 11 bankruptcy less than a year ago.

Tully's Coffee lovers rejoiced when Global Baristas, an investment group led by Dempsey, completed its $9.2 million acquisition of Tully's Coffee chain. The group won an auction of Tully's assets in federal bankruptcy court in January, beating out a combined rival bid of about $10.6 million from AgriNurture Inc. and Starbucks Corp.

Reports show Dempsey filed a lawsuit Tuesday, suing his business partner, Michael Avenatti, for taking a $2 million loan against Tully's assets without Dempsey's knowledge.

In a statement released early Friday, Dempsey, Avenatti, and Global Baristas announced a tentative agreement to terminate the recent litigation, and resolve the disagreement amongst themselves.

Hours later, Dempsey was quoted in a press release saying "Although Michael and I have dissolved our business relationship, I am happy to have been a part of the effort that brought awareness to the Tully's brand. I wish the Company and Michael all the best."

"I am happy that we have resolved our differences and have put this behind us, and I know we each wish the other well in our respective future endeavors." Dempsey added.

The future for Tully's has never been brighter, the group said.

"Great things are on the horizon for Tully's and Seattle," said ex-partner Avenatti.
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