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#4467966 - 07/23/17 12:13 PM No Soup For You! Soup Nazi now Bankrupt!
L_Sludger Offline


Registered: 10/04/09
Posts: 3947
Loc: Ohio
https://www.usatoday.com/story/money/201...tion/102840610/
Quote:
Soupman of 'Seinfeld' Soup Nazi fame files for bankruptcy protection

Too bad! I never got to try the soup. I saw it at some stores in the freezer or something, but I couldn't justify trying even the famous soup for $8.00.. for a tiny portion.
Dude was too greedy and too commercial. And he hated the fame he got from the infamous Seinfeld episode that made him world famous.


Anybody here try the soup? Any stories to tell?
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#4467982 - 07/23/17 12:27 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: L_Sludger]
Mr Nice Offline


Registered: 09/12/04
Posts: 21196
Loc: Orlando, FL
Link goes to subscription offer.

Many small time actors go bankrupt. Look at Gary Coleman.

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#4467983 - 07/23/17 12:27 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: L_Sludger]
Yah-Tah-Hey Offline


Registered: 05/26/14
Posts: 3408
Loc: Columbus,Nebraska
There actually was a Soup Nazi?

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#4467986 - 07/23/17 12:30 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: Mr Nice]
L_Sludger Offline


Registered: 10/04/09
Posts: 3947
Loc: Ohio
Originally Posted By: Mr Nice
Link goes to subscription offer.

Many small time actors go bankrupt. Look at Gary Coleman.


Quote:
Soupman, the New York City food company made famous by the popular Seinfeld TV sitcom, has sought bankruptcy court protection, weeks after its chief financial officer was indicted on federal tax evasion charges.

Based on Staten Island, the company licenses the name and recipes of Al Yeganeh, the model for the gruff "Soup Nazi" character in the popular 1989-1998 series that starred comedian Jerry Seinfeld. The character focused fanatically on his culinary creations and refused to serve some would-be customers, barking what became a much-repeated catchphrase: "No soup for you!"

A Chapter 11 bankruptcy petition filed Tuesday in Delaware stated that Soupman had estimated assets between just over $1 million and $10 million, and estimated debts ranging from just over $10 million to $50 million.

The company said in a news release that it has secured a new $2 million debtor-in-possession credit facility from an independent private investment firm to fund working capital needs "and allow business operations to continue as usual."

However, the business was jolted in late May when federal prosecutors in Brooklyn announced an indictment that accused Soupman CFO Robert Bertrand of failure to pay Medicare, Social Security, and federal income taxes.

His job included collecting, accounting for and paying the taxes for Soupman's employees. However, the indictment alleged that between 2010 and 2014 Bertrand instead paid Soupman employees with unreported cash, and compensated certain workers with unreported stock awards.

As a result, the federal government lost $593,971 in total tax payments that should have been paid by the company, prosecutors charged.

Bertrand, who has pleaded not guilty, was released on $50,000 bond, pending a scheduled July 18 legal hearing, court records show.

"The combination of legacy liabilities and recent company developments have made it necessary to seek bankruptcy protection," Soupman CEO Jamie Karson said in a statement announcing the court filing. "This will ensure that our delicious soups remain on grocery shelves throughout the country, which is in the best interests of all our stakeholders and customers."

Pasted in the article but it's a bit of a tl;dr situation.
Sorry about that. I hate paywall sites so much.
I was THIS close to being able to update the original post but I was about 5 seconds too late. The post editing window is too darn short.
The actor didn't go bankrupt btw - it was a man and a real restaurant business. The company that made the soup, and became a retail store product brand, was the one that went BK.
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#4467999 - 07/23/17 12:44 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: L_Sludger]
NoNameJoe Offline


Registered: 06/03/15
Posts: 414
Loc: New York
Yeah not the actor, the real-life restauranteur that the actor was portraying went bankrupt.

One of his SoupMan establishments used to be open near me, never went. They ended up closing a few years back. Not surprised the whole thing folded.

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#4468008 - 07/23/17 12:59 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: Yah-Tah-Hey]
Tegger Offline


Registered: 03/20/06
Posts: 2287
Loc: Canada
Originally Posted By: HosteenJorje
There actually was a Soup Nazi?

Yup. His name is Ali Yeganeh. He had stores that were called "The Original Soup Man". They were never busy whenever I went past one.

I always thought it was amusing that he hated the publicity that he got from the Seinfeld episode, but tried to capitalize on that same publicity in order to expand his single restaurant into a chain.
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2013 Toyota RAV4 - 88,000 miles - Toyota 0W-20, Toyota filter

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#4468023 - 07/23/17 01:24 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: L_Sludger]
Jetronic Offline


Registered: 02/27/09
Posts: 3653
Loc: down in the park
Likely an "investor" talked him into that...
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#4468054 - 07/23/17 02:19 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: L_Sludger]
OneEyeJack Offline


Registered: 09/14/10
Posts: 7479
Loc: S California
There's a difference between having a skill, a product or service and running a business.

God bless the entrepreneur that succeeds and finds out when and how to run while finding the right person to take over.

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#4468276 - 07/23/17 06:27 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: L_Sludger]
Tegger Offline


Registered: 03/20/06
Posts: 2287
Loc: Canada
Originally Posted By: L_Sludger
Anybody here try the soup?

Not me, although I had many opportunities to do so. His attitude -- plus his prices -- turned me WAY off.

He seems to have been unaware that he had a great deal of competition in the fast-food business...
_________________________
2013 Toyota RAV4 - 88,000 miles - Toyota 0W-20, Toyota filter

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#4468280 - 07/23/17 06:33 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: OneEyeJack]
Tegger Offline


Registered: 03/20/06
Posts: 2287
Loc: Canada
Originally Posted By: OneEyeJack
There's a difference between having a skill, a product or service

That makes you a technician. Most technicians are lousy businessmen.

Originally Posted By: OneEyeJack
and running a business.

Running a business successfully is something that cannot be taught to you if you do not have the genetic capability to do so in the first place.

Most people with MBAs cannot run a business. An MBA is unnecessary -- and even detrimental -- for running a business.
_________________________
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#4468325 - 07/23/17 07:34 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: L_Sludger]
ArcticDriver Offline


Registered: 01/27/17
Posts: 1139
Loc: USA
Originally Posted By: L_Sludger
Originally Posted By: Mr Nice
Link goes to subscription offer.

Many small time actors go bankrupt. Look at Gary Coleman.


Quote:
Soupman, the New York City food company made famous by the popular Seinfeld TV sitcom, has sought bankruptcy court protection, weeks after its chief financial officer was indicted on federal tax evasion charges.

Based on Staten Island, the company licenses the name and recipes of Al Yeganeh, the model for the gruff "Soup Nazi" character in the popular 1989-1998 series that starred comedian Jerry Seinfeld. The character focused fanatically on his culinary creations and refused to serve some would-be customers, barking what became a much-repeated catchphrase: "No soup for you!"

A Chapter 11 bankruptcy petition filed Tuesday in Delaware stated that Soupman had estimated assets between just over $1 million and $10 million, and estimated debts ranging from just over $10 million to $50 million.

The company said in a news release that it has secured a new $2 million debtor-in-possession credit facility from an independent private investment firm to fund working capital needs "and allow business operations to continue as usual."

However, the business was jolted in late May when federal prosecutors in Brooklyn announced an indictment that accused Soupman CFO Robert Bertrand of failure to pay Medicare, Social Security, and federal income taxes.

His job included collecting, accounting for and paying the taxes for Soupman's employees. However, the indictment alleged that between 2010 and 2014 Bertrand instead paid Soupman employees with unreported cash, and compensated certain workers with unreported stock awards.

As a result, the federal government lost $593,971 in total tax payments that should have been paid by the company, prosecutors charged.

Bertrand, who has pleaded not guilty, was released on $50,000 bond, pending a scheduled July 18 legal hearing, court records show.

"The combination of legacy liabilities and recent company developments have made it necessary to seek bankruptcy protection," Soupman CEO Jamie Karson said in a statement announcing the court filing. "This will ensure that our delicious soups remain on grocery shelves throughout the country, which is in the best interests of all our stakeholders and customers."

Pasted in the article but it's a bit of a tl;dr situation.
Sorry about that. I hate paywall sites so much.
I was THIS close to being able to update the original post but I was about 5 seconds too late. The post editing window is too darn short.
The actor didn't go bankrupt btw - it was a man and a real restaurant business. The company that made the soup, and became a retail store product brand, was the one that went BK.


Exactly...very kind of you to include the detailed article and also to clarify it was the company CFO that had broken the law and not the Soupman himself.

Great post.
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#4468329 - 07/23/17 07:44 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: L_Sludger]
69GTX Offline


Registered: 09/23/15
Posts: 3815
Loc: Connecticut
Running many businesses successfully 15-25 yrs ago is a whole new ball game today. Many cannot adjust.
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2001 Lincoln Cont 4.6L DOHC/ 39K mi / QS HM 5w30 / FUG XG2
1999 Camaro SS M6 /19K /Mobil 1 0w40 /Fram UG /GM MTL-ATF
1969 Ply GTX/RRs

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#4468357 - 07/23/17 08:17 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: Tegger]
ArcticDriver Offline


Registered: 01/27/17
Posts: 1139
Loc: USA
Originally Posted By: Tegger
Originally Posted By: L_Sludger
Anybody here try the soup?

Not me, although I had many opportunities to do so. His attitude -- plus his prices -- turned me WAY off.

He seems to have been unaware that he had a great deal of competition in the fast-food business...


He seemed to be unaware that his CFO was cooking the books and cheating the tax man.
_________________________
Multiple Diesel and Gasoline vehicles

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#4468469 - 07/23/17 09:55 PM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: L_Sludger]
DuckRyder Offline


Registered: 10/20/05
Posts: 4212
Loc: Atlanta
Is the bankrupt company even related to the soup guy past a licensing agreement...?

I kind of understand they guys line philosophy... pick what you want, pay, take your food and get out so the next person can get served...

Never ceases to amaze me the mindless dolts that will stand in a line for 5 or more minutes and get to the front and have no idea what they want because they have been yammering on about some idiotic foolishness instead of paying attention to the business at hand. Id consider throwing them out excellent customer service.
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#4468557 - 07/24/17 12:58 AM Re: No Soup For You! Soup Nazi now Bankrupt! [Re: ArcticDriver]
L_Sludger Offline


Registered: 10/04/09
Posts: 3947
Loc: Ohio
Originally Posted By: ArcticDriver
Originally Posted By: Tegger
Originally Posted By: L_Sludger
Anybody here try the soup?

Not me, although I had many opportunities to do so. His attitude -- plus his prices -- turned me WAY off.

He seems to have been unaware that he had a great deal of competition in the fast-food business...


He seemed to be unaware that his CFO was cooking the books and cheating the tax man.


Alright, I did a little more reading. This thing goes deeper than it looks.

It appears that Ali "Al" Yeganeh is not affiliated with the SoupMan company at all. It is very easy to assume that he is affiliated with them because they prominently use his likeness in marketing, to make it appear that it is him involved.

The company that licensed his likeness and recipes is indeed the SoupMan brand. And it is this company, whose CEO is Jamieson Karson, that is engaged in imbroglio over Chapter 11 protection with creditors, and of course we know the CFO's legal troubles.

If my first post is construed by anyone as implying that Al Yeganeh has filed for bankruptcy protection, please accept my clarification that he has not made any such filing in this matter.

Looking at the SoupMan company's releases, it is interesting to note that they have made prominent use of the character actor on Seinfeld as the "Soup Nazi" to promote their product - even bringing him out to product tasting events and having him autograph boxes of soup! This actor - Larry Thomas - appears to have made an entire career from that single Seinfeld appearance. He has a website (http://www.realsoupnazi.com/) where he hawks autographed copies of his book. Yes, he actually wrote a book. And he tour(ed) with the SoupMan company on public appearances and commercials. He also offers signed portraits and autographed ladles for sale.
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