Yes yes look over there and ignore the shell game. Bethpage and Plano will be sold and leased back by the opposite orgs and when the planned bankruptcy stops being the worst kept secret in business, both successor orgs will default on their obligations. But make sure to bring your a-s to work to a desk you had to request with no trash can because that would be too many hours in the cleaning contract. Badge swipes above all. What is anyone even doing here anymore?
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@hd That's not good. Just a matter of time before they start looking at that closet in Morris they call a depot.
Been taking pictures over in Oakland. Writing is on the wall.
Section 365 of the Bankruptcy Code is actually one of the most powerful tools in Chapter 11 — it allows a company to reject burdensome leases. In bankruptcy Optimum could:
• Reject the Bethpage lease entirely — walking away from remaining obligations
• Renegotiate dramatically reduced terms with U.S. Realty Advisors
• Assume only the floors they actually need
• Give back the vacated wings entirely
The aggressive consolidation happening right now — vacating D Wing, closing multiple floors by September 25 — may be specifically designed to minimize the footprint before a lease rejection in bankruptcy. The less space they're actively using, the easier it is to argue they only need the 7 consolidated floors.
Not possible. Bethpage is owned by US Reality Advisors and Plano by Granite Properties. Both buildings are leased. Cablevision did buy Bethpage in 1997, but sold it right away for a profit to get cash to buy more networks in a sale-leaseback agreement.
Slow death spiral to the bottom. I’ve been gone for over a year now and it was the best thing that happened to me since these !diots took over. They couldn’t have destroyed the company any faster if they had a script to go by. 6 and 7 figure payouts to the C level club and they walk away smiling as the ruble burns from what was a great company.