Paul C. Kanavos, Robert F.X. Sillerman, and Brett Torino signed a letter of intent to acquire remaining 24% stake in Circle Entertainment Inc. (OTCPK:CEXE) from Atlas Real Estate Funds, Inc., TS 2013 LLC, and others for $0.47 million on December 27, 2013. The shares of Circle Entertainment shall be purchased for $0.03 each. Paul C. Kanavos, Robert F.X. Sillerman, and Brett Torino, each hold more than 10% stakes separately and collectively own approximately 76% stake in Circle Entertainment.

Board will establish a special committee composed solely of independent and disinterested members of the Board to negotiate the terms of the transaction. Pursuant to the terms of the transaction terms, the buyers have agreed to pay certain of the professional fees of Circle Entertainment (including those of the special committee of the Board) incurred in connection with the transactions. The proposed going-private transaction would have the elements like private placements and merger.

Buyers would purchase directly from Circle, in a private placement transaction, a number of newly-issued shares of common stock that, upon issuance, would cause the number of shares of Circle common stock owned by buyers to exceed 90% of the resulting number of outstanding shares. Private placement would include approximately 179 million newly-issued shares. Following the closing of the private placement, buyers would cause all of their shares of Circle common stock to be owned by a newly formed corporation and would effect a short-form merger with Circle.