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post #1 of (permalink) Old 01-22-2007, 12:22 PM Thread Starter
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Paragon may be closing.

See this link:
http://paragonap.com/forum/showthrea...3&page=1&pp=20
Basically, Paragon leases the land. The landowner want to break their lease and sell the land. Paragon is 3 years into a 25 year lease. The land is worth 30 million.

[img]/ubbthreads/images/graemlins/mad.gif[/img]

[img]/ubbthreads/images/graemlins/frown.gif[/img]

[img]/ubbthreads/images/graemlins/lame.jpg[/img]
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post #2 of (permalink) Old 01-22-2007, 02:22 PM
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Re: Paragon may be closing.

[ QUOTE ]
See this link:
http://paragonap.com/forum/showthrea...3&page=1&pp=20
Basically, Paragon leases the land. The landowner want to break their lease and sell the land. Paragon is 3 years into a 25 year lease. The land is worth 30 million.

[img]/ubbthreads/images/graemlins/mad.gif[/img]

[img]/ubbthreads/images/graemlins/frown.gif[/img]

[img]/ubbthreads/images/graemlins/lame.jpg[/img]

[/ QUOTE ]

Generally a landowner doesn't have to break a lease in order to sell the land, but the new buyer DOES have to honor said lease. If Paragon's lawyer did his job the land owner will not be able to break the lease, at least not without compensation to paragon. Of course they will have to watch their step as the lease will have clauses in it concerning late payments etc, that would allow the landowner to legally void the lease if they fail to live up to their end of the bargain.
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post #3 of (permalink) Old 01-22-2007, 08:07 PM
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Re: Paragon may be closing.

I've been to PAP. I saw all those new warehouses on landfilled dirt sitting off in the distance. I knew that it's proximity to the interstate made it vulnerable. I think that it sits on a strip mine. It's too much all over the place for just a pipeline. All the trees are real young.

I'll hate to see it go. Hard to argue with 30 million in value.

Well, there's plenty of room in western PA and NY state <shrug>
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post #4 of (permalink) Old 01-22-2007, 10:08 PM
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Re: Paragon may be closing.



[/ QUOTE ]

Generally a landowner doesn't have to break a lease in order to sell the land, but the new buyer DOES have to honor said lease. If Paragon's lawyer did his job the land owner will not be able to break the lease, at least not without compensation to paragon. Of course they will have to watch their step as the lease will have clauses in it concerning late payments etc, that would allow the landowner to legally void the lease if they fail to live up to their end of the bargain.

[/ QUOTE ]

You are right except, remember that the Supreme Court says that it is ok for a public entity to take away property from a private individual and give it to a third party if it will bring in more taxes. They could use the same argument on the lease.

Kriss
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post #5 of (permalink) Old 01-23-2007, 05:53 AM
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Re: Paragon may be closing.

Paragon is about 45 minutes from me. The real estate market is bonkers here. Especially commercial property & housing development type property. Being close to where I-81&I-80 cross each othermake it worth even more.I guess enjoy it while we can guys.
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post #6 of (permalink) Old 01-23-2007, 10:27 AM
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Re: Paragon may be closing.

Between our club discount, and being able to make it there in a half hour, I should have known this couldn't last. That being said, it appears they intend to fight this for all they're worth, and we should spread the worth that they are still fully operational and could really use our support/buisness.
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