RE:RE:RE:RE:RE:RE:RE:RE:Par for the course...In case you're wondering what got us into this mess...a little further down in the article:
Slate Office REIT agreed to those requests, the Welches say, and after the 2024 unitholders meeting, the REIT now has six trustees – the Welches, Mr. Armoyan, two of his nominees and an independent chair.
But, the Welches allege, Mr. Armoyan’s G2S2 has not yet provided a letter of credit to backstop the tenant obligations. They say he has “repeatedly insisted on new terms or concessions not bargained for.”
Slate Office REIT “now finds itself in default of its obligations to a major new tenant, at risk of losing that new tenant and facing consequential defaults to its lenders,” the Welches say. They also say the REIT’s lenders “are now demanding additional terms” and have insisted on installing a law firm and financial adviser “to examine Slate Office Trust’s financial affairs.”