Peter Thomas explains lawsuit
There’s a little more to the story when it comes to Peter Thomas’ lawsuit. When news broke that Peter was being sued for more than $100,000 in unpaid fees for Bar One, most people assumed that he had mismanaged his funds. That’s not so, according to Peter.
“The place (Bar One) is in foreclosure court right now, for the fact that the two guys who are my landlords (Showtime Cafe) didn’t pay the rent that I was paying them every month for over a year,” Peter told StraightFromTheA.com. “They were upside down on the property but I wasn’t aware of that until I got the letter from the bank saying don’t give them money anymore.”
Shortly after that the property went into foreclosure.
“They guy who is partners with them actually owns ‘Industry Studios’ across the street. And because he has cross-collateral for them (Showtime), his property got caught up too,” Peter explained, adding that he plans to purchase the property. “So now he stepped in and filed Chapter 11 and dealing with that. He’s getting ready to put it on the market and I’m partnering with a group of people to buy it.”