Investors in Chubby Noodle, San Francisco’s hugely popular pan-Asian restaurant, are crying foul
praised Mrabe’s fried chicken and pan-fried noodles as ideal drinking snacks. In particular, diners gathered in droves — as they still do — for boozy weekend brunches: three 90-minute seatings per day of all-you-can-eat dim sum and all-you-can-drink mimosas decorated with floating rubber ducks.
After the fight, however, Mrabe ousted Floulis from the business, per the lawsuit. He never received his salary, the loans, or the equity allegedly promised to his mother, the lawsuit claims. Mrabe and Floulis settled out of court earlier this year for undisclosed terms. The matter was “resolved amicably,” a lawyer for Pete Mrabe tells Eater. “At this point, we have a mutually agreed upon settlement, and everyone is trying to go their separate ways and walk away from it now.
“We’ve paid taxes on profit above and beyond our original principal, but haven’t actually received it,” one furious investor, who is considering a lawsuit against the business, tells Eater.A lawyer for Mrabe concedes that some distributions haven’t been made, but offers an explanation. “Distributions were made for many years [to the investors],” Mrabe’s lawyer says — up until the lawsuit with Floulis, when “the decision [was] made to withhold distribution during litigation.
But instead of carrying over investors’ shares of the original North Beach business to the new location, Chubby Noodle’s North Beach investors would be given diluted shares of the new business, or receive a one-time buyout payment of $16,500 per one percent share, paid out over five years. The problem: That’s less than the initial $20,000 share cost, and it doesn’t include the allegedly unpaid profit at all.
Observing the fate of Chubby Noodle North Beach, some investors in Chubby Noodle’s Marina location predicted they’d be next. Another of Mrabe’s failed business ventures, Don Pisto’s Tequila Bar, is closed down the block, and the restaurateur has hinted at plans to move the bustling Chubby Noodle Marina location to that empty space.
“I think there’s a lot more people that have good things to say about me than bad things to say about me.”
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