Maroc - NEWSDAY.CO.TT - A la Une - 24/Aug 06:50

MovieTowne tenants concerned over new ownership

WITH rent due in one week, MovieTowne tenants say their biggest concerns were the renegotiation of their lease and who they should pay their rent after bailiffs took control of the office and the banquet hall on August 23. This as MovieTowne reportedly owes $10.9 million in rent accumulated between May 2021 and August 2024. The outstanding $10,904,121.23 is owed to the Port of Spain Infrastructure Company Limited (POSINCO). Tenants were given letters on August 23, with a Port Authority of TT (PATT) letterhead titled, ‘Re: Your occupation of premises at MovieTowne Complex.’ In the letter, the tenants were told that Port of Spain Infrastructure Company Limited (POSINCO) is now the owner of the premises. The letter said those premises are part of larger premises leased to the Trinbago Cultural Development Company Limited (TCDC) since May 2001. It said the lease with TCDC had ended as POSINCO had exercised its rights to terminate the lease and take possession of the premises. It said because that lease had ended, “Any agreement which you had with TCDC has also come to an end. “It is therefore necessary that new arrangements should be made to ensure that you continue in occupation of the premises without any interruption.” The letter stated any further rent payments should be made to POSINCO with immediate effect. Tenants were encouraged in the letter to complete and sign an attached form with details of their business and submit it to acting divisional manager of property development Kyle Reid, within 48 hours of receiving the letter. “This will facilitate new commercial arrangements with POSINCO for the continued conduct of your business on the premises.” The document asked tenants to submit contact information, the name of their bankers and copies of their certificate of registration, notice of registered office or recent utility bill, notice of directors, last annual return, a copy of their lease with TCDC, and the names of any contracted service providers. However, business owners told Newsday they were unhappy with the timeline to submit the documents. Several wanted clarity on when the documents were due and raised concerns over the ability to source the documents over the weekend. They also noted the difficulty in securing legal advice at such short notice. Reid told Newsday the information and/or documentation “will be due within 48 hours business time (August 27).” Asked about possible repercussions for tenants who do not meet the 48-hour timeline, Reid said, “I am unable to give confirmation on that issue at this point in time.” Many business owners said MovieTowne was a good landlord and they had little issues with them. One kiosk owner said, “They are a good landlord and an understanding landlord. They have been very lenient with us.” Another added, “They don't hound us down for rent. They are fairly good landlords. The only problem is the upkeep of the place but it only started after covid because they too suffered a drop in terms of number of people coming to movies.” They said Friday’s developments caught them by surprise but they remain optimistic it will be sorted out. “I'm pretty sure MovieTowne will handle their stories. I'm positive that they will sort out whatever they need to sort out because I really don't think Derek Chin will give up his legacy for $10 million. Let's hope he could work a miracle and sort this out.” The tenants plan to have a meeting before the lease negotiations. They said they hope the negotiations with POSINCO can lead to a rent reduction after rent was increased for some earlier this year. “A lot of people are hoping to take advantage of this, especially if they are locked into a long-term lease. “They would take the opportunity to negotiate new terms, whether it’s a different length (of lease) or less money.” The tenants say they are hoping for answers before next Friday when their rent is due. “Who do we pay? That's the scariest part of the letter. I don't want to pay one party and then if it is sorted, the other party says, ‘You are still owing us.’ That needs to be dealt with.” The tenants say if the issue is not sorted soon, they may consider relocating their business. “If they raise this rent, a lot of people are going to move out. That is the be-all and end-all.” Another business owner said, “It makes you wonder if this is of value to be here and what is the future with MovieTowne…I think they just need to check themselves and get themselves organised.” Trinbago Commercial Development Company Ltd emailed tenants, telling them the mall will remain open. In an email sent around 2 pm on August 23, it said, “This email serves to advise that despite information being circulated by the media, the mall and cinema operations will remain open for business. Any further developments on this situation will be circulated and informed.” Who owns MovieTowne? According to the company registry, on August 9, 2001, three months after the lease was granted, TCDC changed its name to Trinbago Commercial Development Company Ltd. The notice of beneficial interest dated August 19, 2024, states the directors of Trinbago Commercial Development Company Ltd are Derek Chin, Ernesto Abraham (secretary), Winfield Henry Scott, William Harold Pierpont Scott and Hayden-John Gadsby. The notice also states the sole shareholder of TCDC is a company called MovieTowne Holdings Ltd, which owns 100 ordinary shares. The notice of beneficial ownership states the owners of TCDC are Chin, Abraham, Scott, Pierpont Scott, Nicole Ann Abraham, Ryan Abraham, Tonya Anne Abraham, and Kelly Marie Bosscher. The post MovieTowne tenants concerned over new ownership appeared first on Trinidad and Tobago Newsday.