Business Services Industry
Benihana Inc. Announces Dismissal of All Claims Against the Company by Benihana of Tokyo, Inc. by Delaware Supreme Court
Business Wire, August 24, 2006
MIAMI -- Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation's largest chain of Japanese theme and sushi restaurants, today announced that the Delaware Supreme Court, in an opinion dated August 24, 2006, affirmed the Chancery Court's decision dismissing all claims asserted against the Company by Benihana of Tokyo, Inc. in connection with the Company's issuance of Preferred Stock to BFC Financial Corporation.
"Our Preferred Stock financing has been a critical component in the implementation of our growth plans and in we are very gratified that this burdensome litigation has now been finally resolved," said Joel A. Schwartz, President and CEO.
About Benihana
Benihana Inc. (NASDAQ: BNHNA; BNHN), now in its 41st year, operates 75 restaurants nationwide, including 57 Benihana teppanyaki restaurants, seven Haru sushi restaurants, and eleven RA Sushi Bar restaurants. Under development at present are ten restaurants - three Benihana teppanyaki restaurants, one Haru restaurant, and six RA Sushi restaurants. In addition, eleven franchised Benihana teppanyaki restaurants are now open in the U.S. and seven in Latin America and the Caribbean, while another two are under development.
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