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Earlier quoted context omitted.
Enforced how? Sure you have a contract but you need to enforce it. So you have to sue which takes time - a lot of time. Then you “win” but the other party can still not pay, or they could appeal - back to court and even more time. The landlord has an iron clad contract sure - but Twitter has what they want ($) and the leverage as a result.
How does twitter get out of paying short of bankruptcy?
Earlier quoted context omitted.
Twitter could just declare bankruptcy and restructure.
Filing bankruptcy doesn't sheild them from a judge order to empty the building, right?
That is what the automatic stay does--it provides the pause to make sure nobody gets to jump ahead in line. As long as the stay remains in place, the landlord (or any other creditor) is forbidden from taking steps to evict a debtor. But it is possible to get relief from the stay if you can demonstrate that you would not be jumping ahead in line, and often relief from stay motions can be heard quickly. If the debtor needs the stay in order to reorganize (the theory being that it is better to have a bigger pie) then the debtor can apply for an extension, but only if it provides "adequate protection," which generally means paying according to the terms of the contract, or supplying additional collateral, or some such.
Timing is important. Once you file, all legal actions against you cease, and that is a very powerful tool. Unfortunately, you can only use that tool once. (Well, if you are a human individual, you get another chance years later.)
That is a very brief sketch. I haven't been a lawyer for years. You can ask a real bankruptcy lawyer for details.
Luckily they don't need an office with their great remote work policy. Oh... wait.
Their policies aren’t exactly written in stone. Yes, on November 11, it was ( https://apnews.com/article/elon-musk-twitter-inc-technology-... ) “an email to employees from Musk on Wednesday night ordering workers to stop working from home and show up in the office Thursday morning” , but that was ages ago. Last week, we got ( https://nypost.com/2022/12/30/twitter-closing-seattle-office... ): “Twitter is closing down…
I’m not sure if this is really well done sarcasm, but the original article is less than 2 months old.
Many companies did this during the pandemic- landlords don’t have strong rights.
Many companies did this during the pandemic- landlords don’t have strong rights.
Many companies did this during the pandemic- landlords don’t have strong rights.
Musk could have also got the same, but he decided to go fill scorched earth so it will have to go through the legal system instead.
> Twitter hasn’t paid rent on its headquarters, or any of its other global offices, in weeks, the New York Times reported on Dec. 13. Isn’t rent paid once per month? When I was a renter, this could’ve been said about me literally every month, once two weeks had elapsed between payments.
According to the landlord Twitter is supposed to have been “in default” on their lease as of Dec 21. It’s like the second sentence of the Bloomberg article we’re commenting on, before the subscription fold.
I wonder if politics has any bearing on their choice to file? Or the fact that Elon has publicly been considering closing the SanFran HQ?
Many companies did this during the pandemic- landlords don’t have strong rights.
Some claim Twitter is attempting to renegotiate. That may well be true. But this doesn't fit in well with the greater narrative. Since Elon's takeover of Twitter, it's been one PR disaster after the next. Mass layoffs, begging people to come back, cutting remote work, cutting in-office catering, the whole Twitter Blue debacle, unbanning some of the worst, the drop of advertising spend on Twitter (which, at least in p…
https://youtu.be/HE5CTKqWEV0?t=3570
Wasn't twitter supposed to stop working by now? They are still functioning, despite the layoffs. Maybe it worked?
Earlier quoted context omitted.
Landlords have very strong rights. They can get tenants evicted through legal means.
They don't need to evict: they can lock the doors and turn power off to all computers.
Power would only really be an issue if anything important was running in their offices, but running servers in the office has been unfashionable for quite some time, so I wouldn't expect much if anything to break there.