I have an executed letter of intent from a REIT to lease six businesses in four states. We negotiated this for three months and they were anxious to get me in and signed up. Now, after the LOI has been signed, they are shopping the businesses, trying to find a "better" tenant while making me wait. They had months to do this before and found no one. We negotiated a special financing package for me, and now they are shopping these businesses with this new financing and are getting interest. They have told me that if they find someone else, I'm out. I can't afford to walk away, and this smells like bad faith or fraud to me.

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Originally Posted by stvdooner

I have an executed letter of intent from a REIT to lease six businesses in four states. I can't afford to walk away, and this smells like bad faith or fraud to me.

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Hello stv:

It really depends on the details of your letter. But, beyond that, you need someone who can, how shall I say it, bring the REIT back in line. Apparently they are not intimidated by you, so I'd hire me the meanest ugliest lawyer that I could find, who WILL intimidate them.

excon