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Subsequent Events
9 Months Ended
Apr. 27, 2013
Subsequent Events

12.  Subsequent Events

On May 24, 2013, the Company entered into the Tyngsborough Agreement pursuant to which it agreed to sell its parcel of undeveloped land located in Tyngsborough, MA to Tyngsborough Common for a total purchase price of $3.5 million, of which an aggregate amount of $125,000 has been delivered to Sycamore as non-refundable deposits to be credited against the purchase price to be paid by Tyngsborough Commons at closing. The Tyngsborough Agreement contains customary provisions relating to, among other things, the conditions of the title to the property, environmental conditions, representations and warranties, closing conditions and apportionment of taxes. The Company expects to complete the sale on or about August 30, 2013, subject to the right of Tyngsborough Commons to request a 45 day extension. The closing of the sale is subject to the satisfaction of customary closing conditions, some of which are outside of the Company’s control and, accordingly, there can be no assurance when or if such closing will occur.

On April 22, 2013, the Company commenced litigation against Buyer and certain of its affiliates with respect to certain amounts due under the Asset Sale Agreement. In connection with such litigation, on May 28, 2013, the Company and such parties reached an agreement pursuant to which (1) the Company agreed to dismiss the pending litigation without prejudice, (2) Buyer paid certain undisputed amounts owed to the Company and (3) the parties agreed to submit the remaining issues relating to amounts in dispute of approximately $1.4 million to arbitration for resolution by a neutral accountant. For additional information concerning this litigation, see Note 10: “Commitments and Contingencies.”