So, this doesn't sound good..
Or, it could just mean theyIf this is an accurate, and based on their statement it seems to be, this is really bad for SEAS. The liens aren’t even for that much money, which means they likely have mega cash problems. If the parks don’t open soon with real revenue coming in, I’d assume bankruptcy court is right around the corner.
I doubt it‘s just short staff in accounting. That can get that cleared up with a phone call or email. Liens are a legal remedy and not one to take lightly as they can burn the business relationship.Or, it could just mean they
firedfurloughed all their accountants and so getting the checks written is taking a while.
So this strikes me as very interesting because without a doubt its something that's going to be major discussion point. Especially if the contractor has allowed other companies to slide on payments. Although the article seems to really frame my original thought that the payments were stopped due to COVID.The article does mention that the park did have discussions with contractors about delaying payments; however, no deal was ever approved.
It will depend on the language used in their contract. There may be something in the pertaining to 'Acts of God' which might actually cover pandemics. Thus, SEAS would have exercised the contract appropriately. However, I would say that the lien holder is likely right in that SEAS probably never did put that specific stipulation in the contract.The only one that bothers me is the one lien holder stating there’s nothing in the contract about the parks being open as a condition of a payment.