Quote:
Originally Posted by PoscStudent
The Telegram had a story on this with Vic Lawlor, who owns the plaza. According to him he renegotiated leases with some of the smaller businesses to help them get through Covid. The businesses owe him a million dollars in rent and this has become an issue with the bank.
https://www.saltwire.com/newfoundlan...aza-100800246/
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That story missed the point. He bought a bunch of properties downtown and they are much more empty. Creditors are circling everywhere.
Also, there was lots of federal government support for commercial tenant rent relief. Did he not use any of it?
Receivership and liquidation is usually the last resort for banks. It typically means losing money. If they're doing it now it's because there are other big risks at play.