The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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@thecouchman
I think you are missing the point - Mooky has made a big play about how they have kept rents down whilst closed and negotiated concessions, deferrals or waivers.
And as I said in the original post, this particular settlement is a drop in the ocean.
The thing to keep an eye on is how many other 'forced concessions' there are on the Cine estate where the landlord will look at this judgement and think "that's a nice bit of precendent" and go back and insist on payment when Cine's was betting that the debt would be written off.
I look after quite a lot of commercial property in London and the South East and on the whole we've given waivers for when the pandemic hit, then some half rent as it dragged on and some deferrals for other bits.
The important point of this case is that unless Cine has come to a written agreement with its landlords to waive or cut rent, this judgement puts the landlord in the driving seat.
I certainly will be pursuing several tenants who I think have acted in bad faith for back rent using this as a useful example.
I have a significant stake in the success of Cine and believe it will prevail, but I point the above out for anyone who wants to take a balanced view and see the pitfalls as well as the pluses.
Must admit not sure how this worked but I rent a house out and I wouldn't like my tenant not to pay rent.
I understand through Covid and being shut down allowances should be made but surely pay what is owed when all is well.
Imo
Money that should have been paid anyway. And 2.9m is nothing to cineworld paid.. move on
Drop in the ocean but hopefully not to many more like this out there. Share price seems to have taken it in its stride.
https://www.cityam.com/londons-trocadero-wins-high-court-battle-against-cineworld-over-millions-in-unpaid-rent/