Wilmington Trust and Wells Fargo have appointed Gregg Williams of Trident Pacific as the receiver of the mall in a legal action filed Monday.
A lawsuit filed with the Superior Court of San Francisco shows that the beleaguered . Wilmington Trust and Wells Fargo have appointed Gregg Williams of Trident Pacific as the receiver of the mall in a legal action filed Monday, giving him full control of the property with compensation of $30,000 each month. This will take effect after Williams takes the receiver’s oath and posts a $10,000 bond.
“Based on my experience, I believe these security measures will discourage bad actors from engaging in bad acts, and will provide comfort to customers knowing that security at the Mortgaged Property is in place.” The suit also gives William the ability to sell or liquidate the property, including renegotiating agreements it holds with the San Francisco Unified School District, which owns the land and has granted a lease for the space through June 2043.
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