On Thursday, October 15, 2020 at 6:35:50 PM UTC-4, Zob wrote:
OK, so Victoria bought the mortgage loans of the Grand Phoenix. But
she talks as if she OWNS 75% of the hotel. She told Phyllis that makes
her Phyllis's boss. Um, that's not how it works -- or am I missing something?
I still owe about $10,000 on my car loan. Does that mean that the
bank where it is financed can tell me where and how I can drive it. Of course not! It's strictly a financing contract. Same with the Grand
Phoenix; just because Victoria holds the mortgage doesn't make her an
owner or a partner -- in the hotel. AFAIK she didn't enter into an
LLC or other business partnership with Phyllis. She just holds the
mortgage.
But, remember...Phyllis was having trouble raising the money for her bank loan. If she doesn't make the hotel pay, Victoria may take possession of the hotel. It doesn't make her Phyllis' 'boss'...which, I agree, was a poor choice of words. But, at a
certain point, the hotel becomes hers, if Phyllis can't or won't pay on time.
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