AMC Sells Theater to Ashkenazy for $53M

Ashekanzy Buys AMC Theater for $53M
– The Real Deal

The Real Deal covered Manatt’s representation of American Multi-Cinema (AMC) in its sale of 2318 Broadway. Manatt’s Andrew Morrison, a partner in the firm’s financial services litigation and enforcement practice, represented AMC with assistance from litigation counsel Samantha Katze.

Ashkenazy Acquisition Corp. purchased the movie theater from AMC for $53 million after the Bromley Companies attempted to block the sale, the publication noted. Bromley filed a complaint, alleging that it had right of first offer under an easement agreement from 1985. The court held a two-day trial eight days after the lawsuit was filed, ruling in AMC’s favor four days later.

As part of the deal, AMC will lease the space back from Ashekanzy and will have the option to extend its 15-year lease for two to ten years.

Read the article here