Miami River restaurant Seaspice, 422 NW N. River Dr., announced this week that it settled a multimillion-dollar lawsuit with a hedge-fund investor.
California-based Drever Capital Management had filed suit in Miami-Dade Circuit Court, seeking to foreclose on a $2.5 million loan and looking for a 30-percent stake in Seaspice.
Miami attorney Robert Zarco, who represented Seaspice, said the restaurant will pay back Drever’s $2.5 million investment plus interest, but that the hedge fund will not receive the equity share it was seeking.
Carlos Miranda remains the majority owner of the restaurant, which changed its name in January from Seasalt & Pepper to Seaspice after a trademark-infringement lawsuit and made $20 million in revenue last year, according to Zarco.
News of the settlement was first reported in the Daily Business Review.
Evan S. Benn is Miami Herald food editor. On Twitter: @EvanBenn.