Quote:
Originally Posted by mdiederi
Now here's some genuine bad news.
Two Way Hard Three is reporting that in an Archon (land owner) SEC filing LVTI has missed the second $40,000,000 deposit on the purchase of the land, but an agreement was reached to delay the payment until May 31 with a couple of $250,000 late fees. If they miss that payment the total price of the land will increase from $450,000,000 to $475,000,000. |
Yeah, I've been following the delayed payments for several months now by reading the 8-K's from Archon. (Publicly traded: ARCH.OB) This is the third time that Milan has paid late fees to extend the down payment date. This time it extends to beyond the time that Milam is expecting to hear back from the FAA. Makes sense. Why pay a billion dollars (oops, I mean half a billion) for a property you can't build your proposed building on. In the mean time - he's spent several million in deposits and cleaning up the Wet & Wild site. Which tells me he is still serious.