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Bank Will Auction off Cipriani Piece by Piece to Recoup Debt

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The Cipriani restaurants may be some of New York's most overpriced, but the Cipriani family still can't pay off their debts. In the latest bit of drama surrounding the restaurant group, Capital One bank has announced that it will hold a major auction of Cipriani's assets on September 7 as a way to recoup the $4 million debt owed to them. Some things speculated to be in the auction: fixtures, kitchen equipment, trademarks, licenses, banquettes, glassware, flatware, chandeliers, even recipes. And they reportedly still haven't paid off the $10 million owed to the state for that little tax evasion snafu back in 2007.

But don't worry Cip fans! According to a rep, the bank's "irresponsible behavior...will not in any way affect Cipriani's operations."
· Serving up Cipriani a la carte [NYP]
· A Brief History of Cipriani Restaurant Drama [~ENY~]

Harry Cipriani

781 5th Ave., New York, NY

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