"or they just want the sale .. " I'll have to a
Post# of 43066
(Total Views: 435)
Posted On: 06/27/2019 4:16:49 PM
"or they just want the sale .. "
I'll have to agree with 4kids on this one. As I previously said, listing the blending facility for sale for $1M was probably to sucker in an unwary lender or two (the directors??). If a naïve lender sees the listing for $1M, they will probably assume that's somewhere in the ballpark of the real value. However my guess is that the property is literally worthless but it didn't cost Mr. Heddle anything to ask $1M for it.
PTOI, under control of founder Mr. Bordynuik about a decade ago, bought the blending facility from Mr. Bordynuik's uncle for $130,000 CAD. The land might have appreciated a little but the buildings and equipment are now ten years older and have been neglected. I'm certain that fuel tank on the property is also full of 'fuel' which can't be sold. Mr. Heddle shipped the oil to the tank (250,000?? gallon tank) years ago and let it sit--he would have sold it if he could have found anyone willing to buy it. Now the oil has been sitting for years. Disposing of that old oil would probably cost more than the value of the land.
My guess is that the property is worthless as it sits. I would guess Mr. Heddle just wants any sale...although I don't know what game he's playing by still asking that much for it. Maybe he wants to convince the director lenders that he was clueless about the real value and a sharp drop would bring into question as to when he discovered the real value.
I'll have to agree with 4kids on this one. As I previously said, listing the blending facility for sale for $1M was probably to sucker in an unwary lender or two (the directors??). If a naïve lender sees the listing for $1M, they will probably assume that's somewhere in the ballpark of the real value. However my guess is that the property is literally worthless but it didn't cost Mr. Heddle anything to ask $1M for it.
PTOI, under control of founder Mr. Bordynuik about a decade ago, bought the blending facility from Mr. Bordynuik's uncle for $130,000 CAD. The land might have appreciated a little but the buildings and equipment are now ten years older and have been neglected. I'm certain that fuel tank on the property is also full of 'fuel' which can't be sold. Mr. Heddle shipped the oil to the tank (250,000?? gallon tank) years ago and let it sit--he would have sold it if he could have found anyone willing to buy it. Now the oil has been sitting for years. Disposing of that old oil would probably cost more than the value of the land.
My guess is that the property is worthless as it sits. I would guess Mr. Heddle just wants any sale...although I don't know what game he's playing by still asking that much for it. Maybe he wants to convince the director lenders that he was clueless about the real value and a sharp drop would bring into question as to when he discovered the real value.
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