Pennsylvania Real Estate Investment Trust continued to operate its malls during bankruptcy. When it filed bankruptcy, PREIT listed as having $2.4 billion in assets and total debt of just over $2 billion. Of its debt, $913 million is an unsecured loan it has with Wells Fargo, which is its largest creditor.
https://www.bizjournals.com/philadelphia/news/2020/11/30/bankruptcy-court-approves-preits-reorganization.html
Annual bonuses are still on around 75-80% of target. I was pleasantly surprised.
What position as a creditor are we? I highly highly doubt we lose a dime. If there's one area at the bank that has their act together its credit risk, it's the best in the world.
I would think the folks in our REIT group that provided that loan would have a ton of explaining to do!!! I guess Scharty has grounds to terminated these geniuses without severance!
Wells Fargo will always keep finding new ways to F up. It’s in the company’s DNA.
Yawn
But at the same time we get bonuses based on successful loans. Way to cherry pick.
Who makes a $913 million unsecured loan? Sure hope this is an error in the reporting