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Twitter Sued for Nonpayment of Rent on San Francisco Office

205 点作者 webwielder2超过 2 年前

23 条评论

nrp超过 2 年前
It’s not made obvious by the article, but this lawsuit is for non-payment on a lease of one floor of 650 California St, not for non-payment on the 1355 Market St headquarters. They are also not paying rent at the latter, so presumably another lawsuit is coming. My assumption though is that they have already vacated the now extraneous space at 650 California and will settle with the landlord to break the lease.
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coldcode超过 2 年前
I once worked for a company during Dotcom that failed to pay rent for 7 months, was then forced into Chap 7 at 4:30 PM on a Thursday (we were given 30 mins to vacate the office). The building management then padlocked the doors leaving everything inside for the next 7 months while the they and the major creditor fought over rent and the contents. Turned out the building and the creditor were in fact parts of the same company - Merrill Lynch. They locked themselves out.<p>You can go quite long without paying rent.
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eganist超过 2 年前
Alternate URL (still bloomberg, via yahoo): <a href="https:&#x2F;&#x2F;www.yahoo.com&#x2F;now&#x2F;twitter-sued-nonpayment-rent-san-032811999.html" rel="nofollow">https:&#x2F;&#x2F;www.yahoo.com&#x2F;now&#x2F;twitter-sued-nonpayment-rent-san-0...</a><p>&gt; Read more: Twitter’s Skipped Lease Payments Hit Bonds Tied to Headquarters<p>the Read More link (still bloomberg, via yahoo): <a href="https:&#x2F;&#x2F;news.yahoo.com&#x2F;twitters-cost-cutting-efforts-hitting-200015748.html" rel="nofollow">https:&#x2F;&#x2F;news.yahoo.com&#x2F;twitters-cost-cutting-efforts-hitting...</a>
bunnyfoofoo超过 2 年前
<a href="https:&#x2F;&#x2F;archive.ph&#x2F;78H1W" rel="nofollow">https:&#x2F;&#x2F;archive.ph&#x2F;78H1W</a>
pipeline_peak超过 2 年前
&gt; Refusing to provide toilet paper or pay rent, but employees can’t work remotely.<p>Why do people worship this clown again?
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rchaud超过 2 年前
Some real &quot;Art of the Deal&quot; management here: delay invoice payments in an effort to bully suppliers into offering better terms, betting that they won&#x27;t want the hassle of a court trial.
joegahona超过 2 年前
&gt; Twitter hasn’t paid rent on its headquarters, or any of its other global offices, in weeks, the New York Times reported on Dec. 13.<p>Isn’t rent paid once per month? When I was a renter, this could’ve been said about me literally every month, once two weeks had elapsed between payments.
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jmyeet超过 2 年前
Some claim Twitter is attempting to renegotiate. That may well be true. But this doesn&#x27;t fit in well with the greater narrative.<p>Since Elon&#x27;s takeover of Twitter, it&#x27;s been one PR disaster after the next. Mass layoffs, begging people to come back, cutting remote work, cutting in-office catering, the whole Twitter Blue debacle, unbanning some of the worst, the drop of advertising spend on Twitter (which, at least in part, is somewhat explained by the general market but part of it isn&#x27;t), trying to fire the previous executives for cause to avoid golden parachutes, arguably not paying promised severance, Elon&#x27;s controversial politics going front-and-center, the list goes on.<p>Reputation matters.<p>Not paying rent fits into the broader narrative that Twitter is desperately cutting costs and is haemorrhaging money. Elon&#x27;s Tesla stock sales fit this too. How do you attract and retain talent when people aren&#x27;t sure about the company&#x27;s future or they see how easily Elon discards staff?<p>Even in today&#x27;s market, companies have to work to hire and retain good staff. And they can&#x27;t completely rely on work visa indentured servitude, as much as they seem to be trying.
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chasing超过 2 年前
Reputation matters.
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mathattack超过 2 年前
Many companies did this during the pandemic- landlords don’t have strong rights.
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romellem超过 2 年前
Is the calculation just that the cost of litigation will be less than the full contract lease? I don’t understand how that could work.
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ck2超过 2 年前
He&#x27;s never going to pay and then use it as an excuse to move everyone to Texas.<p>I mean that&#x27;s not a difficult or outlandish guess.
iancmceachern超过 2 年前
One thing is for sure, if Twitter ever is looking for new space they will have trouble finding a commercial landlord willing to lease to them. Perhaps a smaller space in the same area as a larger space they had but closed, this behavior makes it more difficult to do business int he future for them.
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anuraaga超过 2 年前
Do these lawsuits usually end with a significant punitive fee? If it&#x27;s just a small, if any part, on top of rent it&#x27;s a free loan - which is very scammy but similar to tax optimization, what is possible will be done.
lenocinor超过 2 年前
Happening in Seattle too (minus the suing), seems like a trend: <a href="https:&#x2F;&#x2F;www.seattletimes.com&#x2F;business&#x2F;facing-eviction-twitter-closes-seattle-office-reports-say&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.seattletimes.com&#x2F;business&#x2F;facing-eviction-twitte...</a>
zamalek超过 2 年前
Luckily they don&#x27;t need an office with their great remote work policy. Oh... wait.
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MrMan超过 2 年前
it should be easy to recapitalize Twitter using sales of Tesla stock, so I cant believe its an actual shortage of cash. Probably trying to game the litigation cycle and pay at the very last minute? But to what end, it seems like a doomed game to play, you either have money coming in or you dont.
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whiddershins超过 2 年前
None of this is as interesting as most people seem to think.<p>Businesses do lots of stuff to negotiate and renegotiate and bully &#x2F; squeeze &#x2F; etc. each other.<p>It will likely be worked out without the lawsuit actually making its way through the court system.
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MrOwnPut超过 2 年前
This just in, Hacker News is now pro-landlord.<p>California property owners are under attack!
d-jones超过 2 年前
&quot;Twitter, which doesn’t have a media department, didn’t respond to a request for comment.&quot;
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joshe超过 2 年前
Mid term (2-5 years) it seems like it would be optimal for Twitter to leave SF. Downtown isn&#x27;t that great to work in and the Elon hate is red hot. They could still keep their SF employees as a satellite office. Bailing on what is surely a very pricey lease is an attractive bonus :-).<p>Though, it would be hilarious if Twitter&#x27;s no work from home policy lead to downtown revitalization :0).<p>I still think SF has a lot to offer startups, but it&#x27;s no longer essential. Talent has scattered a bit and work from home will continue to drain people away.<p>Also you probably want to run content moderation from somewhere a little less lopsided ideology-wise. A little more normie like Salt Lake City, Phoenix, or Austin. Ideally a content moderator should be able to have a civil lunch with 80% of the country.
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xqcgrek2超过 2 年前
Seems HN is does not have expertise in this and who holds the cards in the current market in SF.<p>The lease previously negotiated by the past regime has little relevance as Twitter is currently occupying less than 50% of the floor space.<p>The landlord has to either accept lower payment, or look for a new tenant and Twitter moves to Austin. Given the current environment in SF, it&#x27;s likely a new tenant won&#x27;t be found for years.
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drc37超过 2 年前
My biggest question is: who cares? Lot’s of people in this community (and the media) love to pounce on people and companies who don’t think the same as them. These people&#x2F;groups talk about being inclusive right up and until the others don’t share their points of view. It’s exhausting<p>There are 1,000s of companies across the country do this very same thing without any fan fare.<p>Just stop it!!!
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