Never mind: dissolved City Center company wants back in

LC White Plains LLC, a company formed by the Cappelli Organization in 2001 for the development of the City Center retail and residential complex in White Plains, is asking for a do-over.

The company was voluntarily dissolved in March, but now it is asking Westchester Supreme Court to restore its status to an active limited liability company.

Paul H. Slaney, the company’s attorney, filed articles of dissolution on March 17 “under the mistaken belief that a majority of the members had consented,” he states in an affidavit.

The New York Secretary of State recorded the dissolution on July 29 and notified the company’s members of the action.

“I was subsequently advised by a majority of the members that they did not consent to a voluntary dissolution,” Slaney says in the affidavit.

The Secretary of State needs a court order to reverse the action, so Slaney petitioned Westchester Supreme Court on Aug. 26 to reinstate the company.

Although LC White Plains is based at the Cappelli Organization headquarters in White Plains, it is an affiliate of Kite Realty Group, Indianapolis, the company that owns and operates City Center.

The petition is silent on why the reversal is necessary but the motive might have something to do with a pending lawsuit.

This past May, Wilmington Trust and ACA Financial Guaranty Corp. sued LC White Plains and other entities associated with City Center, in Westchester Supreme Court.

Wilmington Trust, of Delaware,  represents investors who bought $27.25 million in municipal bonds that financed construction of City Center’s parking garage. ACA, of Rye, insured the bonds.

LC White Plains broadly denied the allegations in the foreclosure action, in its formal answer to the complaint, and asked the court to dismiss the case.

The company’s answer was filed on July 13, four months after it filed for dissolution and a week before the state made the request official.