Naperville Business Lawyer Discusses Unexpected Opportunities

opportunities, Naperville business law attorneyIn the business world, it is always important to make decisions carefully and with advance planning. A single rash decision could dramatically impact your company’s future and your own financial well-being. Sometimes, however, a situation will present itself in such a way that immediate action is necessary, and failing to act could cause you to miss a valuable opportunity.

As a business law attorney, I certainly understand why many entrepreneurs would hesitate to make spur-of-the-moment business decisions. I also realize that, sometimes, you will have the chance to get ahead when you least expect it. Such was the case regarding a shopping center in Pittsburgh last month.

Mall Sells for $100

Several weeks ago, The Galleria at Pittsburgh Mills was a sold at a foreclosure auction. The shopping center was opened in 2005 by Zamias Services and the now-bankrupt Mills Corporation, but—as is the case with malls across the country—has been struggling to compete with online shopping outlets like Amazon. According to reports, The Galleria’s developers owed about $143 million on the property, but the center was recently appraised at only $11 million.

Reports indicate that the foreclosure auction drew exactly one bid—a bid of $100 made by a local attorney on behalf of Wells Fargo Bank. Interestingly, Wells Fargo is the same institution which foreclosed on the mall last year, meaning the bank “essentially bought the mall from itself,” local news outlets reported. While the 1.1 million-square-foot facility is only about 55 percent occupied, the mall remains open, and bank officials have not offered any information about its plans for the future.

Missed Opportunities?

The fact that the only bid came from the bank itself suggests that other investors in the area may have missed out on a potentially valuable opportunity. However, the news outlets that reported on the sale could also be leaving out important details about the property and the possible obligations that would have come with the purchase. With that in mind, it is possible that this situation is an example of something that was too good to be true.

A quick business decision does not always mean a reckless one. It is still crucial to gather as much information as possible to determine if making a particular choice is worth the inherent risk. Before making such a decision on short notice, you should consult with an experienced Naperville business attorney. A qualified legal professional can help you understand the potential advantages and drawbacks to your decision and will assist you in making the right choice for your situation. Call 630-756-1160 for a confidential consultation at The Gierach Law Firm today.

 

Sources:

CNN Money

Pittsburgh Post-Gazette