Exhibit 10.47
Catherine R. Adler
1520 South Ocean Blvd.
Palm Beach, Florida
VIA FACSIMILE and MAIL - ----------------------
November 9, 2001
Shells Seafood Restaurants, Inc. 16313 North Dale Mabry Highway Suite 100 Tampa, FL 33618
Attn: Mr. David Head, President and CEO
RE: Abandonment of Warrants - ----------------------------
Dear Mr. Head:
Please accept this letter as notice that the Adler Children Trust hereby abandons all of the warrants to purchase shares of Shells Seafood Restaurants, Inc. ("Shells") that it presently holds. We deems these warrants to be worthless. Specifically, the warrants are as follows:
Warrant To Buy Exercise
Number # Shares Price
-----------------------------------------------------------
1 175,000 $3.15/share
4B 100,000 $3.50/share
6 75,000 $3.50/share
These warrants are held by Sheldon Nussbaum, Fulbright & Jaworski, LLP. Please acknowledge the cancellation of the above described warrants by signing below and returning by facsimile to 212-935-1976 this letter.
Sincerely,
/s/ CATHERINE ADLER - ------------------------------------- Catherine Adler Trustee Adler Children Trust
The above described warrants are hereby acknowledged as cancelled and are therefore worthless, null and void:
By: /s/ DAVID HEAD 11/20/01
-------------------------------- --------
David Head, CEO Date
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