New judicial presentations say that Hudson’s Bay has threatened to put an end to a lease agreement that has a BC billionaire who wrote directly to a judge twice, against the retail council, to try to persuade him to see it favorably.
In a 50 -page material package, Ruby Liu sent the Judge of the Superior Court of Ontario, Peter Osborne, positions his multimillionaire agreement to buy 25 leases held by the missing retailer and his banks of Saks Canada as in danger.
“HBC has repeatedly threatened to terminate our agreement and lose our deposit,” he said in the July 10 note, which was held in the Judicial Registry on Tuesday.
Neither Liu nor Hudson’s Bay immediately responded to a request for comments on Tuesday on the new presentations.
Liu, which has three BC shopping centers and a golf course, reached two agreements to buy Bay leases in May, approximately two months after the beetle bearding requested the protection of creditors under the weight of $ 1.1 billion in debt.
The first Liu agreement was valued at $ 6 million and covered three leases in shopping centers that it owns. It was approved by a court last month.
The second agreement is for 25 more leases. He arrived with a tank of $ 9.4 million, which would be equivalent to a purchase price of $ 94 million, but has not yet been submitted to the court.
The BC billionaire, Ruby Liu, hopes to expand his empire of the mall assuming 28 former retail spaces of Hudson’s Bay. He joined Gloria Macarenko from CBC with a translator to share her vision for department stores, in her first interview with the media in English in Canada.
Osborne has given the bay until Tuesday to present a motion requesting the approval of the court for the second agreement. It has not yet been submitted, but the agreement is being fought vehemently by the owners opposed to her to move to her properties because she has not given them enough information about their plans for their spaces.
If you can obtain the leases, Liu has said that it will use them to open a departmental store that will have retail, gastronomic, entertainment and recreational spaces.
The new documents presented to the Court on Tuesday include two notes sent to Osborne, which justified a letter from the president of the president who remind Liu that the parties in active cases should not, under any circumstances, reach the judges.
Liu said in one of the two notes that she felt “forced” to communicate with the judge because he wants him to understand a little more about who he is.
In the first of the letters, he describes his education in China and moves to Canada before saying: “I am a person of great capacity and I ask you, please give me a chance.”
“Through the transformation, I will create brilliance again,” he wrote.
The second asks that “defend justice” and is added with several letters of the lawyers of the bay to Liu and their previous lawyers, urging it to take measures or risk that the agreement collapses.
In one of those notes, the Bay’s lawyers say that Liu “has not continuously been able to use commercially reasonable efforts” to obtain the owner’s approval for agreement during meetings with the variety of owners who must consent to move.
“The buyer decided to ignore the advice of the supplier and did not prepare any substantive material or presentation for the owners’ meetings and could not provide adequate answers to the basic questions of the owners about the financial pact of the proposed tenant, the experience of retail operation, the capital expenses plan for each lease location and the planned suppliers and the mix of products, a letter to Liu.
The letters say that the Bay’s lawyers have been “impressing” the need to provide the owners with several articles, including a business plan completed with details about renovations, goods, marketing and finance that their stores will have in the next five years.
A Liu solitary package sent the owners in early June, which the Canadian press obtained, showed that he thought he was able to open up to 20 stores within 180 days after the lease firm. He offered a broad financial budget and mentioned hiring efforts and meetings with possible suppliers, but did not appoint possible suppliers.
Cadillac Fairview, Oxford Properties and Primaris told a judge last month that they have been “very worried” with their interactions with Liu and have not had “productive discussions, without significant dissemination.”
