>Owner drained hundreds of millions from Buffets Holdings, suit alleges

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>Restaurant operator Buffets Holdings wants more than $39 million in fees back from its former owner, saying in a new federal lawsuit that private equity firm drained cash from the company as it struggled to remain solvent.

According to the suit, filed in Minneapolis’ U.S. District Court Thursday by the court-appointed bankruptcy trustee for Eagan-based Buffets Holdings, the New York-based Caxton-Iseman took the unnecessary advisory and transaction fees and more than $225 million in dividend recapitalizations that left the Old Country Buffet operator with more debt than it could stomach.

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