Ravelin Properties REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.RPR.DB.A

Now that Armoyan has control I will evaluate his performance

[MARKOPOLIS]

although the Welch brothers may have issues for past financials ie NAV values etc

[HRc60to65]

If Welch brothers have wrongly evaluated the sot assets, it can be possible to take action to get back some millions $. Up to now no proof of wrong doing

[HRc60to65]

Volume today November 25 over 1 400 000 shares traded !

[HRc60to65]

1 345 750 at 0.45$/unit

[HRc60to65]

Nov 25, 2024 12:48 PM at 0.45$  seller Cormark Securities Inc. buyer Cormark Securities Inc. cross traded

[pennylane101]

I saw that too.  Do you have a theory?  My first thought was wash trade to give the illusion that someone is dumping this stock.

[HRc60to65]

It is look like a cross trade.  A transfert from an acount to an other one.

[pennydredful]

Well troll man  or  should  I say Troll Persons  there  has  to be  beneficial change  of  ownership  , however  one  can "park"  units   in   friendly   hands   to allow   "selling" party to   realize   a tax   loss   

[pennylane101]

Sorry, I'm having trouble reading between the lines.  Can you speak English?

[ABDPhil]

Open your eyes and you will understand.

[pennydredful]

My   policy  is  to  ignore Karen  Plows.

[pennylane101]

Dear Dreadful, Have a nice day. Sincerely,  Karen Plow, John Blow, Joe Blow, John Plow  (Have a I forgotten anyone?) 

[pennydredful]

suggest   you  change  your   handle   to    Pennyless   to  reflect   the   facts   .  Collect  a few  beer  cans  and   join   TD,s     partial    paid    share   program   to  elevate  your

[HRc60to65]

We are not knowing G. Armoyan intention. We are knowing he had sold for more than 150M$ of investments at profits. He had 100M$ invested in Slate Office reit. We are knowing the average selling price of Slate properties is around 125$ per sqft. We are knowing Slate properties at book value (1 375M$) are at 195$ per sqft. We are knowing the total Slate debts (without debenture) (1 050M

[HRc60to65]

The problem, it is the selling price per sqft (around 160$) is marginaly over the debt.  Most of the properties sold are just a bit over the debt on those properties.  The average selling price is around 154$ per sqft when the average debt is 149$ per sqft.   G. Armoyan took the right decision in stopping all properties sales.

[Tree2tree]

HR your analysis of the various stakes by square foot is interesting and useful.  I agree that GA wants to avoid sales that do not improve the company's position.  (The Welch bros would have continued to feed on the bones of SOT if they were allowed to.)   However, your sentence about how the restructuring might take place is not clear: "The dip financing (150M$) will be

[HRc60to65]

In a restructuring in BK process all assets will be valued at fire sale.: All debentures (unsecured 158M$ + accrued interest) will be exchanged in new common shares.  If they are rejecting the plan, the Tribunal will decided The dip financing (150M$) is 100% secured  and will get the maximum of shares.  The ratio 80/20 will be negotiated, it can be 70/30, never 50/50

[TVR]

Your suggestion Armoyan could provide DIP financing in a formal CCRA or bankruptcy proceeding seems like it could be one of the possibilities here.  However the suggestion that the secured debt could be renegotiated to 4% (or lower) is unlikely to fly.  No way the debt secured by the Ireland portfolio is going to go down to 4%.  Also highly unlikely the debenture holders will agree

[HRc60to65]

You are surprised how well the unit price has been holding up.  It because the SOT assets are valued at a minimum of 80$ per sqft lower than normal market value (274$ per sqft).   To built a similar properties it will cost more than 400$ per sqft. Today SOT assets are at bargain price.

[HRc60to65]

To compare         SOT Slate Office       Q3  -  2024   GLA $/sqft assets 1 375 648 000 $ 7 068 038 194,63 $ debts 981 228 000 $ 7 068 038 138

[Tree2tree]

HR, if SOT's assets are a bargain, then a competent entity can make an offer for the common shares and have them all.  Or they can provide capital in return for a large number of common shares and become the majority owner.  All with the debentures remaining intact.  But if the acquirer also buys some debentures from willing sellers, it might make it an even better bargain from

[rad10]

  GA is in control, and he will look after GA and G2S2. Try to align yourself with what he is doing, and you may come out ahead. A formal CCAA restructuring is one of several options available to him.

[BondManSlate]

LOL, I couldn't disagree more! You're talking as if Armoyan can just wave a magic wand and do whatever he pleases. Why not go all the way, take a massive write-off, and boot out the secured holders too while he's at it? News flash: that's not how the real world works! Just take a look at his track record with Bonavista Energy— debt holders had the most by end of restructuring. I

[TVR]

BMS - Your assessment matches mine regarding the position of the debenture holders.  I had  experience of a couple of CCAA restructurings in the energy sector fifteen years ago. In both cases once the company was under CCAA an external party came in ith an offer to restructure and the debenture holders were reasonably well treated in terms of the equity they received for giving up their

[BondManSlate]

I agree with you—debentures are in a solid position, It’s true that some newer voices on the board seem to be throwing around scenarios that don’t hold up to much scrutiny, so staying quiet makes sense for now. The strength of the common share price is a bit surprising, but it’s definitely a positive development for everyone, including debenture holders. It’s nice to see things aligning well

[Tree2tree]

I don't think GA needs to rob the debenture holders in order to make money from this opportunity.  I assume he invested in SOT because he saw the value of the assets (and how previous management was wrecking it), not because he had a plan in mind to cheat the debenture holders out of their share.  Since his first investment, things obviously went downhill, but (a) he succeeded in

[rad10]

I love it when a "new poster" with a single issue handle steps in spewing nonsense.   I am well-versed in corporate restructuring of an upside down capital structure. The thing to watch out for is who is buying the secured debt and is that secured debt recourse to an individual building or the company. I stated a few weeks ago that the fog of war starting to lift. The

[BondManSlate]

RAD10, cool your jets—I wasn’t even talking to you. My reply was aimed at HRc60to65, the other keyboard warrior in this restructuring smackdown. Also, let’s brush up on Corporate Restructuring 101: debentures can use CCAA too. It’s not some exclusive club for secured lenders, despite what you might have skimmed over in the footnotes of your 'basics.' You know, that part of the syllabus

[HRc60to65]

I understand your opinion. When I invest in a distress stock like SOT.  I try to put all scenarios on the table, to evaluate my risk. The first thing the default shall be cured, by refunding the loan or replacing the lender. 

[HRc60to65]

G. Armoyan and SOT have some option to turn around SOT.  The Court restructuring is the worst scenario for Mr Armoyan and I think he do not want that. The stock price is to low to issue common units. 160M$ in Preferred shares or 160M$ in new debentures are possible, to be fair to all units holders it can be via right issued to all units holders. It can also offer to exchange actual

[pennylane101]

Yes. Okay, what about a 5 to 1 reverse split followed by an equity raise.  I don't believe Sot  management needs shareholder approval for a share consolidation.  I remember reading this in one of the reports and this point really stood out for me.  They could announce a reverse split tomorrow and unit holders would have no say in the matter.

[Tree2tree]

A reverse split makes no difference to anything in terms of who is entitled to what share of assets.  They could do that later, after restructuring and stabilization, just to make the share price look more respectable.

[Tree2tree]

"The stock price is to low to issue common units."  I disagree.  If GA and associates are the ones subscribing for shares, then the lower the better for them.  But the exact price doesn't matter much, if they end up owning a large majority of the new shares, which will happen if the share issue is for $100 million or more.  So they can propose to issue shares a