Chapter Five: The One-Dollar Mall

would acquire title for one dollar and assume the $3.1 million tax debt. Existing bank debt would be reduced to a nine-million-dollar senior loan, while lenders received fifteen percent of future appreciation. “Why should creditors abandon a cash auction?” the judge asked. Ava displayed the escape clause in Skydome’s contract. Its offer depended on securing residential approval within twelve months. The planning department had already stated that local roads could not support two thousand apartments. If approval failed, the fund lost only a $500,000 deposit. Creditors would still own a rotting mall. Lena brought forty-three conditional leases. The hospital wanted one floor of the old department store. A kitchen cooperative wanted the loading wing.