On a positive note, the fact the company has come up with $85 million bodes well for
First of all, no sane company would ever continue putting down deposit money if in fact the seller decided to change their terms all of a sudden with regards to the date the buyer takes possession. Anyone with a brain has to call B.S. on this for sure.
Why? The buyer renigged on completing payment by 6/30, so turn the tables and the seller is bending over to extend the time by 6 mos. for the buyer to close with full payment. IMHO the buyer is lucky to still have any deal on the table and LPH knows it. A lot like real estate. Everyone is just trying to spin this in abashed light to instill sentiment to sell and hope for an even better entry price before the deal closes. The only real negative is just wanting to hold ANY RTO for a few months due to the general time value of holding risk in this space for any reason other than a short term flip.
The buyer (LPH) didn't renig on a thing, as full payment was never intended to be made by June 30th, yet a transfer of possession WAS intended by June 30th, regardless of full payment. This stinks to high heaven and back, period. Anyone that wants to hold this till the 10-K is filed is taking a big risk and a risk without a catalyst. Thanks, but no thanks.