Originally Posted by
artds
I don't know what "down to its last dollar" has to do with anything or why you felt it was necessary to use a rude tone.
Your whole argument was that GM can't walk away from the RenCen since they own it and don't have a lease to break.
But if there were lenders involved in GM's acquisition of the RenCen, then its possible that GM only has a small amount of equity in the RenCen that it would be walking away from. Normally in that situtation, the borrow still has to honor its obligations to the lender even after the lender forcloses, but when a company files for bankruptcy protection, it wipes or or greatly reduces their outstanding liabilities.
Foreclosures of commercial properties in Detroit aren't even that rare. Comerica Tower aka One Detroit Center was in foreclosure back in 2007 when its former owner, Hines, couldn't honor its debt obligations to its lender, iStar financial, so iStar foreclosed and took over control of the property.