Corona, Cheesecake & Testing The Mirage of Lease-Debt Equivalence by @LAForeverHallhttps://lizardbrain.substack.com/p/corona-cheesecake-and-testing-the?utm_campaign=post&utm_medium=web&utm_source=twitter …
In the case of assignment, the tenant can extract embedded value & prevent landlord from capturing lease spread. In the case of rejection, the tenant has a sort of embedded put option for rents that aren't economic or otherwise above market. Or at least, that's my perception.
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Makes sense...but theoretically if I own CAKE’s best assets, and CAKE intends to survive as a biz, they would want to operate their best assets. That would put me in a good position when it came to rent relief/lease restructuring
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I mean possibly for sure. It's not impossible for me to see a scenario where CAKE can play its landlords against each other for rent reductions which could alter the ordering of "best" leases. My perception is that such things are fluid, but I am an amateur.
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