Slate Office REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.SOT.DB

Here's an idea...

[pennylane101]

Since there is a lot of animosity between the parties involved and at this rate, anyone can see that things are not going to end well, is for SLAM  to place a bid to take the company private. The Welch brothers would rid themselves of Armoyan once and for all.  The decision on whether to accept or reject the offer would be put forward to all unitholders.  The Welch brothers would be able to keep the company they founded. End of story.  Happy ending for the little guy.

[TVR]

I doubt that SLAM are in a financial position to take the REIT private.  They would have to make good on the debentures and pay enough for the common equity to persuade Armoyan and the other shareholders it was an adequate deal.  While SLAM are also underwater on their 10% holding in the REIT and have some incentive to do something to salvage this, I doubt they can win over Armoyan and

[pennylane101]

Armoyan holds roughly 20% of the units, this is by no stretch a majority. Also, the Welch brothers have well heeled friends and are well connected. I'm sure they would have no problem putting in a bid. The line of credit is in default, so one would assume it is this particular group of lenders that are assigning lawyers and financial advisors to the company. Maybe this is a good thing? I don

[TVR]

I suspect that the lender group that has put in a law firm and financial advisor to "monitor" the REITs finances does have the ability to push the REIT into receivership (CCRA restructuring) if they do not get action.  I doubt this lender group is paying the bill themselves.  This cost will likely be borne by the REIT and probably means the REIT was given the choice of

[pennylane101]

Your "best" outcome is Armoyan coming out on top and the rest of us getting peanuts... Best outcome is probably for Armoyan to get control through a buyout.  He will fare better than the rest of us, but is the only likely possibility for common shareholders to see any recovery on their shares.  Right now this is worth more as a tax loss unless shares are held in a Registered

[rad10]

Problem is, he is more likely to make a secured loan against the assets That he wants and then push for receivership.

[BondManSlate]

I strongly don't believe lenders will entertain more debt, let alone secured debt. The only way for him to come out positive on this is if equity performs well. It looks like he has lost over $50 million so far on this trade.   I love the debs and can't find a reason to expect less than 90% recovery, especially in a market where rates are dropping and workplaces are forcing people

[rad10]

  not if he positions himself at the top of the food chain on the assets he is interested in.......,   Secured loans against individual assets - he can do that.  The Welch brothers are actually important just for checks and balances.   A lot of "he said she said" in that article.  None good.