in october 2012, the company, headed by james boyd as ceo, filed for chapter 11 bankruptcy protection. the filings listed debt at about $62 million and assets around $13 million. around the same time, back yard burgers closed 22 stores in several states. cherokee advisors owned the "bbac merger sub" used as the acquisition vehicle in the merger. cherokee's principal investors were reported to be reid m. zeising, pharos capital group, llc, and c. stephen lynn