Quarterly report pursuant to Section 13 or 15(d)

Subsequent events

Subsequent events
6 Months Ended
Jun. 30, 2014
Subsequent events [Abstract]  
Subsequent events

Note 18 - Subsequent events:


On June 19, 2014, the Company received a notice from The Perry Hotel terminating its service agreement to operate the food and beverage services for The Perry Hotel. In connection with this termination, The Perry Hotel made a payment to the Company of $2.0 million on July 28, 2014. As part of the Transfer Agreement that was executed on October 23, 2013, the Company agreed to pay the previous minority shareholder 40% of any termination fees received by the Company. This agreement results in a net payment received by the Company from The Perry Hotel of $1.2 million.


On July 25, 2014, Little West 12th entered into a transfer and release agreement to purchase the remaining minority interest of Basement Manager for $75,000 and currently has a 100% ownership interest in this entity.


On August 6, 2014, the Company entered into Amendment No. 4 and Addendum to Credit Agreement with Bank United to, among other things, increase its credit facility for up to $9.1 million, as well as update certain definitions, remove the advance ratio covenant and add a debt service coverage ratio calculation. The covenant calculations are effective for the period ending June 30, 2014 and the Company was in compliance with all of the new covenants as of June 30, 2014.