James Lasky News Today

Johann Moonesinghe, a tech entrepreneur and restaurant owner from Texas, has big plans for Etta

Etta Collective's bankruptcy is the latest blow to owner David Pisor, who's restructuring the company that still has locations in Bucktown, West Town and Arizona.

David Pisor — owner of Etta and Aya Pastry — defaulted on a $2.5 million loan on Jan. 17, according to a filing from lender Wintrust Bank in Cook County court.

Investors in the popular steakhouse are suing the company for using PPP money on personal expenses.

Maple & Ash, a steakhouse in Chicago and Arizona, is accused of spending $2 million in PPP funds on a private jet and $32,000 for country-club access.

Multiple staffers at the corporate level were laid off earlier this month as well

Investors are suing the Chicago steakhouse Maple & Ash for allegedly misusing funds received via the pandemic Paycheck Protection Program.

The suit accuses the restaurants of diverting taxpayer money for private jets and country club dues, which the owners of the Gold Coast steakhouse and a sister restaurant in Scottsdale, Ariz., deny doing.

As the feud between co-founders enters its eighth month, new claims allege harm to other restaurants owned by the North Side eatery's parent company.

One co-founder of the Gold Coast steakhouse has accused the other of opening accounts at Chase to divert restaurant income.