(UCC refers to New York real estates Uniform Commercial Code.)
All the underlying assets were suffering, he said.
Interest rates, interest costs were too high.
Spencer Weiner/Los Angeles Times via Getty Images
There were a lot of other challenges.
For the movie theaters, it was people not going … And these theaters continued to suffer for that reason.
Thats just part of it.
The deposition continued:
Q: So had the value of that collateral decreased?
Okay, do you know by how much?
Was it tens of millions of dollars?
Q: Hundreds of millions of dollars?
A: In the case of Landmark, yes.
The timing was rough as Covid shuttered theaters for much of 2020.
Exhibition suffered another major blow from Hollywood strikes last year.
Like Alamo and other smaller chains, Landmark began to mix its arthouse fare with wide releases.
