The headline was something about a dispute between Marc Katz and Barry
Katz. I don't take the statesman and haven't had time to pick up a
copy, so can anyone fill me (and the rest of the newsgroup) in on
what's going on?
"In order to be prepared to hope in what does not deceive,
we must first lose hope in everything that deceives."
I didn't know you could actually get the text of Stateman
articles on-line, but I just found out otherwise. It's at
Judging from on the URL, the article may not be around forever.
The jist of it is that Barry Katz owns 49% of Katz's Austin location
and Marc Katz owns 51%. Apparently Barry decided to open a Houston
location by himself recently, and but he had the Austin location give
the new Houston location a $1 million loan at no interest for 20 years,
and also he pays himself $414,000 annual salary. No wonder that prices
at Katz's are so high!
That said, the article is available at
"Borrowed" from the article:
"I can't help it, I gotta tell ya -- the Katz family feud has spilled
out of their famous restaurant and into court.
Katz's Deli & Bar owner Marc Katz has asked a judge to order the Sixth
Street eatery sold because Katz and his son can't resolve a years-long
dispute over how to run the family business.
In his lawsuit, Katz, 54, accuses 30-year-old Barry Katz of funneling
money from the New York-style deli to a second Katz's Deli in Houston
that the younger Katz owns. Barry Katz was given a 49 percent
ownership stake in the Austin restaurant and runs the business for his
father, who is semi-retired but owns 51 percent. "
from the article:
"If the judge orders the restaurant sold, Marc Katz said he hopes to find a
buyer who would run the business as-is -- under the same name and with Marc
Katz still playing a role in it."
actually, *I'd* like to see someone run the business a little better. the
food quality has, IMO, been on the decline over the last 10 years or so, as
the food prices have steadily increased. last time i got french fries
there, they were terrible. the grilled muenster cheese sandwich (which i
tired for the first time in 1990), is nothing like it used to be. i no
longer have any interest in eating at Katz's deli, and that's sad to say.
it used to be one of my favourite restaurants.
>The jist of it is that Barry Katz owns 49% of Katz's Austin location
>and Marc Katz owns 51%. Apparently Barry decided to open a Houston
>location by himself recently, and but he had the Austin location give
>the new Houston location a $1 million loan at no interest for 20 years,
>and also he pays himself $414,000 annual salary. No wonder that prices
>at Katz's are so high!
So are there any other 6th street enterprises that earn $400,000
yearly in profits? It was my understanding that most profits are from
liquor sales but this seems a bit much. A 1 million dollar loan is
not much when your salary is 400K/yr unless your lifestyle is really
"Dewitt" <dew...@texas.net> wrote in message
> and also he (Barry Katz) pays himself $414,000 annual salary.
> No wonder that prices at Katz's are so high!
I could hardly believe my eyes when I saw this. $414,000/yr for managing a
freaking deli PLUS PROFIT? Ludicrous.
Dusty Rhodes wrote:
Yeah. That's the combined incomes of all the readership of a.f ! Sonny boy
pays himself $414,000/yr. and Pappa lives off somewhere in happy retirement
(surely NOT in a one-bedroom-shack) ... these guys have more than 99% of the
rest of the world and they're *still* not happy? They *still* have to have
something to fight about?
A friend of mine, when I told him the story, said, "Well, that's what
happens when you send your son off to college to get a business degree."
Actually, katzsneverkloses.com says Barry has a Hotel and Restaurant
Management degree, but I still think it's funny.
To be fair, the business used to also include Top of the Marc, so until
recently, the $414,000 salary was a little closer to justified.
The thing that scares me about $414,000 is that that's over $47 an
hour, 24x7 all year. The salary *alone* almost accounts for the high
prices. But hey, I guess they're still in business, aren't they? So
maybe it's just good business.
> The thing that scares me about $414,000 is that that's over $47 an
> hour, 24x7 all year. The salary *alone* almost accounts for the high
> prices. But hey, I guess they're still in business, aren't they? So
> maybe it's just good business.
Think of it this way. The same money buys 8-10 trained chefs.