Investors in a failed Lincoln Oklahoma Joe's location have filed a lawsuit against the owners, claiming their investment was used to subsidize another restaurant.
EAG LLC and John and Sandra Rownd allege in their lawsuit that they bought $210,000 worth of private shares in a startup company whose purpose was to open an Oklahoma Joe's barbecue restaurant in the Haymarket.
The Rownds bought $60,000 worth of shares in the company and EAG LLC bought $150,000 worth.
According to the lawsuit, the owners of the company formed to operate Oklahoma Joe's — OKJ-NE LLC — were the same owners of TPN Enterprises, which owned Yowie's Lodge. Yowie's and Oklahoma Joe's shared space at 800 Q St.
The lawsuit says that the owners of the two companies, Jon Olsen, Chad Schaefer and Jeff Morrow, used the plaintiffs' investment in Oklahoma Joe's as well as the ongoing profits from the restaurant to subsidize the ongoing operations of Yowie's.
The plaintiffs are seeking the return of their $210,000 investment plus interest, as well as attorneys' fees and other unnamed costs.
Oklahoma Joe's closed in January after just six months in business. Schaefer and Olsen opened Yowie's in early 2016 in the same spot where Twin Peaks, which they also owned, had been. It closed about the same time as Oklahoma Joe's.
The pair also are being sued by their landlord, Speedway Properties, for nearly $700,000 in unpaid rent and tenant improvements.