Shells swaps stock for one-year loan extension

TAMPA Fla. Shells Seafood Restaurants Inc. has been granted a one-year extension on an outstanding $1.44 million loan in exchange for $100,800 in the company’s stock, the company disclosed Wednesday.

The loan's maturity date is now May 23, 2009. The extension on repayment was granted by three lenders: Trinad Capital LP of Los Angeles and Fredrick R. Adler and Bruce Galloway IRA of New York.

The number of shares that constitutes the $100,800 fee was

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