Does Olsen own the building outright or is there a mortgage on it?
Is AAPT delinquent on any lease payments? Is Olsen delinquent on any mortgage payments and if so has there been any foreclosure proceedings initiated against them?
Lots of forks will try to sell the property (like Olsen is doing) to avoid getting the rug pulled out from under them in foreclosure...
I provided the PROOF. You just need to read. Comes directly from the AAPT SEC filing (Barry signed the disclosure).
The lease states that AAPT's portion of the real estate taxes are $2,336/month. As for the sale of the building, I'm the one that posted that. Again, if you read below (in bold) AAPT does not have the option to purchase the building until April 16, 2015 (three years).
As for your "tax sale" comments....you might want to think that thru. If taxes are due, then LIENS will be filed. Those LIENS will include AAPT. No one will have the ability to purchase "free and clear" until the liens have been released. AAPT might be a tax lien DEFENDANT soon. LoL
From the 12/31/2011 Form 10-K filing......
The Company also subleases 19,000 square feet of a 33,000 square foot warehouse located at 8310 Hedge Lane Terrace, Shawnee, Kansas. The Company utilizes the Shawnee premises for light manufacturing, business offices and warehouse storage facilities. The Shawnee facility lease commenced on April 16, 2012 and runs for a 5 year minimum term with monthly rent of $8,371, taxes of $2,336, insurance of $162, and $110 in common area maintenance fees, plus utilities, as incurred. The Company also holds an option to purchase the entire property at the expiration of the third year of the Lease at a price based upon the most current assessment of the County Appraiser’s office and on terms acceptable to the Lessor and Lessee.
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