donedeals

PCP and dental practices are much harder to roll up. The doctors start a competitor, and bring their patients, the second the non-compete ends wiping the practice that was bought

Highly doubt the conservative court rules against an American company in favor or a foreign owned entity.

It’s a letter of credit not line of credit. It’s basically a certified check in a way.

This is super simple. Twitter put a deposit (think rental deposit) down on their lease in 2020. Instead of depositing $900k with the landlord they deposited 900k into a bank. In turn the bank issued a $900k letter of credit to the landlord who can use the funds in the same fashion a deposit could be used. This is done because LOCs are harder for other creditors to seize in bankruptcy court.

At some point Twitter stopped paying their rent and I’m sure there is a clause in the lease that allows the LL to draw down the letter of credit to pay the rent. Twitter also has an obligation the replenish the LOC.

It’s called a go dark clause. Fairly common in retail, not as common in office but it happens.

@dang - title should be changed.

Typically IPO approvals include a carve out that says this approval cannot bed used a defense in a SEC action. CB will still use it as an argument.

US has similar system called escrow that title companies (a third party) manages.

Inflows from weaker banks will cause larger banks to increase lending activity as they accumulate dry powder. Banks are in the business of lending and having deposits burns a hole in their pants.

I have a line of credit from them - will that terminate. The line of credit rate is dependent on me making deposits there and a min deposit.

MBS is a critical part of the american economy. You wouldn’t be able to buy a house without it.

She was found not guilty on the patient related matters.

It’s probably because the parentco is filing. Need to see the BK filing to understand.

Yup. Exactly that text.

Got the same but from NJ.

He would be “dirty” ie has knowledge of Stolen IP.

Why would someone from wework want to outline their lack of lease liability. I don't see how anything I commented was positive or negative, I stated some facts.

Most of the items you cite are code requirements. Operators like CBRE maintain buildings to class A standards that don’t allow for any violations.

The $1M is escrow is standard and par for the course and a guarantee against credit risk. Many landlords actually require a letter of credit from banks so that if your company were to go bankrupt the money wouldn’t be subject to seizure by bankruptcy courts.

Source: Work at similar landlord.

edit: spelling

Wework Brooklyn #22 LLC signs the lease with the landlord and thus is responsible for the lease obligations. Wework LLC (proper) guarantees these lease payments for only 6- 12 months of the lease. After this time the only party responsible for the lease is the LLC that was formed.

Landlords are likely agreeing to this only because Wework would never be able to sign a lease with any owner if they defaulted on a location.