Not only the mortgagor would take the beating. Once again, so would the taxpayers, who apparently put up some of the money to purchase/acquire and renovate the buildings in the first. place.
In October 2011, we entered into an agreement with the City of Indianapolis pursuant to which the City has agreed to provide up to $11.1 million in funding and tax credits to support redevelopment and infrastructure improvements in and around our headquarters. Because Henry Amalgamated historically has maintained ownership of the Company’s headquarters properties and the Company has not been a property owner, a portion of the City’s funding has been and will be used by Henry Amalgamated to purchase and improve buildings around our headquarters.
And don't forget the fat salary increases for all the executives as the company losses more and more money & the stockholders take it in the, well, you know.