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Capelli Executes Letter of Intent to Settle All Claims with EPT; Definitive Agreements Still in Negotiations

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Capelli Executes Letter of Intent to Settle All Claims with EPT; Definitive Agreements Still in Negotiations

June 14, 2010 - 22:26
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Louis Capelli.jpgEntertainment Properties Trust has asked Judge Ortrie D. Smith for a 14 day extension in their case against LC New Roc LP, LLC, a Capelli entity, according to court documents filed in the U.S. District in Western Missouri last week.

On June 11th, J. Emmett Logan, an attorney at Stinson, Morrison, Heckler LLP representing EPT filed the request:

The extension is requested because the parties have executed a Letter of Intent to settle all claims in this and other actions and, while they have worked diligently to complete the Definitive Agreements that will implement the Letter of Intent, they have not yet completed
those Agreements.

The filing goes on to say that both sides have agreed to what would be the second 14-day extension.

Louis Capelli told Talk of the Sound on Friday that he expects to sign the Letter of Intent imminently.

Sources tell Talk of the Sound that as part of the deal, EPT will turn over the City Center at White Plains which has been "upside down" since losing two major tenants, Circuit City and Filene's Basement. The Capelli entity that had been managing New Roc City has already been replaced by CB Ellis.

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Cappelli must be the Italian word for "extension" because once you hear one, the other isn't far behind. Over and over, like a record with a skip. Lying, melodrama, secrets, for a while there was a certain humor to it, but it's time to let him fade away and get his act together.

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