This is the key paragraph you are talking about...
'If the US LLC fails to meet the leasing and asset sale parameters set out in the modification agreement they have agreed to deliver a ‘deed-in-lieu of foreclosure’ to the lender, effectively transferring ownership of the Loan Portfolio and forfeiting any equity value in the Loan Portfolio.'
To us plebs, not knowing the fine print, this may well be triggered at any time based on delays in asset sale, falling prices of the assets up for sale, issues with numbers of signed leases, etc, etc, etc.
We just don't know at what point the lenders can trigger this clause.
The way I read it, if triggered, all assets will be handed over to the lenders.
The company won't have any debt after this point, but will have no properties either. Company becomes 'shell' value at best.
Milesy
RNY Price at posting:
3.9¢ Sentiment: None Disclosure: Not Held
