EToys Sues Kilroy for Return of $15 Million
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Kilroy Realty Corp. said a former tenant, bankrupt Internet retailer EToys Inc., is seeking the return of $15 million from two letters of credit.
EToys, which declared bankruptcy last year, filed a lawsuit against Kilroy for the return of money drawn on the letters of credit by Kilroy, the Los Angeles real estate company said.
EToys signed an 11-year, $100-million lease in late 1999 for a 151,000-square-foot building Kilroy developed in West L.A. Kilroy collected $15 million from EToys in letters of credit when the company defaulted on its lease in January 2001.
Kilroy said “the lawsuit is without merit and intends to vigorously defend the claim.”
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