377. Having to give consent to have our lease terminated

Transcript

Speaker 1 0:01

Good morning , happy Monday , all right . Well , thanksgiving's over . Back to the normal work week , things in development right now . I believe I mentioned it on the last episode , but we had our hearing mid last week . The trustee essentially said hey , things look good . However , I'm missing a statement from a brokerage account . It's my grandma died . My great grandma died years ago . She gave us a thousand dollars of stock and said hey , never sell this and we never sold it . And so we haven't touched that

Bankruptcy Hearing Update

Speaker 1 0:32

in years . And the judge said hey , I need statements showing you haven't touched it . And so we , we get a dividend every three months for like $5 . And , uh , we just need to get a statement for that , showing that we haven't transferred money in or taking money out , that sort of thing . So that was a quick ask .

Speaker 1 0:51

And then that meeting ended , but we had to do that as some follow-up homework on our side . Additionally , from there , uh , we had what else we have to do . I can't quite remember the other thing , but the landlord sent us an email over the weekend saying hey , we need to terminate your lease so that we can sign a brand new lease with the new owners , whoever that is . So we can do that . That's easy . I forgot to do that over the weekend , so I'll do that today . Landlord is also taking over utilities , since I am not on site today . Landlord is also taking over utilities , since I am not on site , and so everything from electric to natural gas to everything to keep the place warm and operating .

Landlord and Lease Termination Issues

Speaker 1 1:34

Landlord is asking for that contact so they can do that , which makes sense because we're not going to pay it , as well as signing a lease termination document .

Speaker 1 1:44

And since we bought the business , the landlord technically has a lease with the prior owners , and so when they sent us the lease termination form , it had the prior owner's names on it . So we kicked it back . I said , hey , happy to sign it , no issues there . I just switched out their name from my name so that the lease ends in my name . We sent a lease I can't remember the formal term , but basically a document between the former owners and ourselves saying that Nathan and my wife were taking over the lease . We're not getting a new lease , we're just taking over the lease that they had . So I don't know if it's a lease transfer or a lease addendum or a lease sub I don't know the right term for it but we signed it and the business broker put that together . So now the seller needs just our names and our LLC and then we'll sign the lease cancellation form , meaning the landlord is going to sign a brand new 10 year . Most likely we'll sign a brand new 10 year lease with the new franchisees , so they probably won't have an eight or nine year lease . I think ours we only have like a two year lease , but we had eight years of , if I remember correctly , we had a two year lease with an annual renewal option , and that way the lease values could go up . So I don't know if that's normal or if ours was atypical , but it sounds like the landlord is just me sending a new lease form with the franchisees , so we have to agree to let the lease transfer away from us , which is kind of surprising because we haven't paid them in months .

Speaker 1 3:19

Other than that , that's pretty much it . It's pretty low drama , nothing really eventful . I haven't heard from the sellers that I owe a finance note to . I thought there'd be a lot more tension or conversation . Uh , and there hasn't . I haven't heard from them since .

Managing Communication with Creditors

Speaker 1 3:35

I responded back to them and so , at the end of the day , I if , if it does pick back up , I'll simply respond like , hey , happy to have a conversation , we can talk about life , family , fit , whatever we want to . Uh . But if he starts attempting to collect , I'll just put up a wall and say , hey , if this is an attempt to collect , please contact my bankruptcy attorney at their websitecom . I'm not giving out like personal contact , cause that's up for my attorney to figure out if he wants to have one-on-one combos . But that's my , my block off , because I don't only want anything beyond that .

Speaker 1 4:09

So that's kind of a nice bumper to have , which is , which is , a perk of having an attorney . If I was doing this solo , I could have saved some money . But I also can now like stone , not stonewall . I can put a wall up between myself and collectors now that I have an attorney representing me , which I have the whole time . That's where we're at right now . Nothing too crazy , I guess we just move on with our life . That's where we're at , that's where we're going . Let's rock and roll .