James M. Seneff, founder/chairman of CNL Financial Group Inc. and parent of 12 subsidiaries or affiliates, is moving $12.4 million into American Properties to cover the deficit. The loss is blamed on Chapter 11 filers Phoenix Restaurant Group Inc., Roadhouse Grill Inc. and Houlihan's Restaurant Group, all part of CNL Restaurant Properties Inc.

Restaurant Properties had allocated $28.2 million for loan losses in 2001, up from an allocation of $1.8 million in 2000. CNL Restaurant Properties Inc. isn't separately traded on an exchange. American Properties is traded on the New York Stock Exchange.

American Properties was profitable in 2000, showing a net of $2.98 million or seven cents per share, according to the company's financials filed with the Securities and Exchange Commission. Funds from operations totaled $32 million.