RE:Change Is Good1. Anyone who accepts a management position with a company like this is of extremely dubious integrity and intelligence.
2.Investopedia's definition of a forebearance agreement:
DEFINITION of 'Mortgage Forbearance Agreement'
An agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her payments. A forbearance agreement is not a long-term solution for delinquent borrowers; it is designed for borrowers who have temporary financial problems caused by unforeseen problems such as temporary unemployment or health problems.
This is a grim situation - one step away from probable bankruptcy. LOY's problems are not unforeseen or temporary. It's just that BMO has nothing to lose by waiting for a while. If they called the loan today, they know they would lose.
2a. What assets do they have to sell?
3. How will they ever pay the BMO loan off? They can't even pay their day-to-day expenses. Ryu and his cronies have looted the company.