Maverick Posted January 27, 2015 Share Posted January 27, 2015 Porter is now metaphorically burning the furniture and I'm thinking it's going to a very cold few winters. Link to comment Share on other sites More sharing options...
vikingwarrior Posted January 27, 2015 Author Share Posted January 27, 2015 Has the deal been finalized....was one of my previous questions....was $400 million actually paid for the terminal...A mortgage was granted by ScotiaBank today (as evidenced by the land registry-a public searchable registry) in the amount of $650 million dollars at 25% interest rate for 30 years.......maturity is 2055So this is the interesting part boys and girls....the Tripartite ceases to exist in 2033 with no right of extension under the current lease.....what does Scotiabank know the public or Toronto City Council doesn't?25% says its all folks.....OUCH!!! Link to comment Share on other sites More sharing options...
conehead Posted January 27, 2015 Share Posted January 27, 2015 25% per annum? Link to comment Share on other sites More sharing options...
vikingwarrior Posted January 27, 2015 Author Share Posted January 27, 2015 Land registry says the loan is at 25% per year.....this obviously shows the high risk involved (as determined by ScotiaBank in evaluating the risk) the market values this as a very, very, very risky asset...Clearly it is a very risky asset with literally one sole tenant and another one maybe pulling out (AC)....25% sounds right..Now if you look further down the road...this looks more like a real estate development with some of the partners aboard....not an airport, IMHO!!! Link to comment Share on other sites More sharing options...
DEFCON Posted January 27, 2015 Share Posted January 27, 2015 There's got to be a lot more to the details of this transaction than we've heard to date. For all we know, Porter could turn around and purchase the old AO hanger in London from its current owners and begin ops there; they'd be a reincarnation of the old Air Ontario. No matter, the little airline that many claimed 'couldn't' is now debt free and headed forward. Link to comment Share on other sites More sharing options...
vikingwarrior Posted January 27, 2015 Author Share Posted January 27, 2015 The Relentless Robert Deluce: Porter’s founder wants jets on the waterfront. Who’s going to stop him? From Toronto Life: http://www.torontolife.com/informer/features/2015/01/27/the-relentless-robert-deluce/ Link to comment Share on other sites More sharing options...
Super 80 Posted January 27, 2015 Share Posted January 27, 2015 So this is the interesting part boys and girls....the Tripartite ceases to exist in 2033 with no right of extension under the current lease.....what does Scotiabank know the public or Toronto City Council doesn't?For the purposes of federal expropriation the city owned land that encroaches on the runway is worth in the tens of thousands of dollars. Link to comment Share on other sites More sharing options...
Super 80 Posted January 27, 2015 Share Posted January 27, 2015 Porter is now metaphorically burning the furniture and I'm thinking it's going to a very cold few winters.How many passenger terminals does WestJet own? Link to comment Share on other sites More sharing options...
UpperDeck Posted January 27, 2015 Share Posted January 27, 2015 The fact that the mortgage on title indicates a rate of 25%pa does not mean that is the actual rate paid. FYI Link to comment Share on other sites More sharing options...
DEFCON Posted January 28, 2015 Share Posted January 28, 2015 That's quite a flattering and yet balanced article. Link to comment Share on other sites More sharing options...
Sixsigma Posted January 28, 2015 Share Posted January 28, 2015 vikingwarrior, I was wondering what Land Tiles office is showing info on any property @ CYTZ ? I was not aware that mortgage interest rate info was available at all. The press release(s) that I read indicated a close in the deal sometime in the 1st half of this year. I am understanding that Ports Toronto is a very big piece in the transaction as it was indicated to me that they will become the defacto lessor. Truth will be told, within time I am sure.Operationally, a bad couple days for Porter with this snow issue on the east coast with EWR and BOS out of the lineup. Good news on their leaseback. Link to comment Share on other sites More sharing options...
vikingwarrior Posted January 28, 2015 Author Share Posted January 28, 2015 The fact that the mortgage on title indicates a rate of 25%pa does not mean that is the actual rate paid. FYI ....And it also could mean the new buyers are paying 25% per annum; the principal paid was $650 million and the mortgage is listed at 30 years (which is listed longer than the current lease at 2033) What do you think looks wrong with this picture that hasn`t been disclosed... Link to comment Share on other sites More sharing options...
MD2 Posted January 28, 2015 Share Posted January 28, 2015 When Porter built the terminal out of necessity, they said it was a white elephant, waste of money, and also complained that it was a monopoly and it should be controlled by third party; but when Porter sells it, they say it's burning its furniture...there's just no pleasing some, plus as pointed out, how many terminals do other airlines own that not owning one would equate to burning furniture? Looking beyond the usual rhetoric and "war" chant, this cash infusion positions Porter well to fund its future growth and focus on its airline, so good for them. Link to comment Share on other sites More sharing options...
Lando Calrissian Posted January 28, 2015 Share Posted January 28, 2015 What's your purview, Little Lord Fauntleroy? Link to comment Share on other sites More sharing options...
QFE Posted January 28, 2015 Share Posted January 28, 2015 Robert Deluce was just interviewed on BNN.Looking forward to Bean and the "best balance sheet" comment. Link to comment Share on other sites More sharing options...
moeman Posted January 28, 2015 Share Posted January 28, 2015 http://www.bnn.ca/Video/player.aspx?vid=540118 Link to comment Share on other sites More sharing options...
boestar Posted January 28, 2015 Share Posted January 28, 2015 Translation. We made out like bandits selling a 50 million dollar asset for a heap of cash. Now we are above 0 on the balance sheet ...... for a while Link to comment Share on other sites More sharing options...
chaster Posted January 28, 2015 Share Posted January 28, 2015 Porter is now metaphorically burning the furniture and I'm thinking it's going to a very cold few winters.Really!! Look's to me like the guy is a GENIUS!!! Congrats Porter!! Over to you BEAN ! You have been beating on these guy's day in day out but not much to say today!!! Lot's of cash gonna spill from a couple of players me think's Link to comment Share on other sites More sharing options...
J.O. Posted January 28, 2015 Share Posted January 28, 2015 I must track down the deed to that property I have along Aligator Alley. Surely AEG has some money left over. Link to comment Share on other sites More sharing options...
MD2 Posted January 28, 2015 Share Posted January 28, 2015 What's your purview, Little Lord Fauntleroy? Ok Johnny come lately, you are so impressive! How many other handles do you have or need ace?! ...it's really not surprising that some people don't "get" this, and that's probably a good thing! Link to comment Share on other sites More sharing options...
MD2 Posted January 28, 2015 Share Posted January 28, 2015 Translation. We made out like bandits selling a 50 million dollar asset for a heap of cash. Now we are above 0 on the balance sheet ...... for a while And you're upset about a private transaction that has nothing to do with you exactly why? After seeing other airlines being a drag on the government and taxpayers, it's a waft of fresh air to see Porter's creativity and success in the private sector. Link to comment Share on other sites More sharing options...
Lando Calrissian Posted January 29, 2015 Share Posted January 29, 2015 Ok Johnny come lately, you are so impressive! How many other handles do you have or need ace?!...it's really not surprising that some people don't "get" this, and that's probably a good thing!Oh, I get it just fine, big boy. This is another end-around. I don't need to call it crafty - you've got your toadies for that. Link to comment Share on other sites More sharing options...
anonymous Posted January 29, 2015 Share Posted January 29, 2015 If Porter got 10% of the "reported" value, I'd be impressed...watched BD on BNN, he didn't say a thing...lots of cliches and platitudes... and then I just read him in the Toronto Star...“For us, it was not just about dollars. Obviously, those were important,” said Deluce, who said there were several bidders. “We wanted to find the right party, with the right background and experience, and the right chemistry.”He's so full of sh!t..I don't know why the press bother talking to him since he refuses to deal in facts...all cliches...waste of BNN's airtime... Link to comment Share on other sites More sharing options...
Zan Vetter Posted January 29, 2015 Share Posted January 29, 2015 I bet executives and hockey players get the same media training and are merely taught a slightly different buzzword vocabulary. Working in media, needing quotes to fill out a story or airtime seems a particularly pointless vocation because of this. You need quotes, but they add nothing to the story. [bashes head on laptop for 30 years] Link to comment Share on other sites More sharing options...
MD2 Posted January 29, 2015 Share Posted January 29, 2015 Oh, I get it just fine, big boy. This is another end-around. I don't need to call it crafty - you've got your toadies for that. If Porter got 10% of the "reported" value, I'd be impressed...watched BD on BNN, he didn't say a thing...lots of cliches and platitudes... and then I just read him in the Toronto Star... For us, it was not just about dollars. Obviously, those were important, said Deluce, who said there were several bidders. We wanted to find the right party, with the right background and experience, and the right chemistry. He's so full of sh!t..I don't know why the press bother talking to him since he refuses to deal in facts...all cliches...waste of BNN's airtime... Wow...repeat after me...goose fraba, goose fraba... Link to comment Share on other sites More sharing options...
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