EMERGENCY!
Ezra Levant at Rebel News just had 2 large bank loans recalled. This is, yet again, another play against the right in order to silence Canadian opposition. In case you don't know, Rebel News is the only semi-recognizable conservative voice in Canada.
I have no relation to them - just trying to help. Please donate!
A media company like rebel news has very little tangible assets. If they were paying 2500/month on $380M, that leaves like 15 years+ on the amortization which, on a loan without any tangible assets is way too risky. He calls it a mortgage but he doesn't have properly put up as collateral. It's a cash flow term loan and probably should have been amortized over 3 years. Realistically, the first person who lent him this money should have been given equity not debt for his contribution. What is confusing is why a bank would take on this loan unless the terms of the initial loan were small payments for a short time then to to increase payments and Ezra was unable to meet the shift to ramp up the payment amount.
We aren't getting the full story here at all and 99% chance it has less to do with politics and more to do with Ezra needs to make more money. $30k/yr is not much money so doubling up on payments to reduce amortization to 7 years, likely would have bought him a lot more time with the banker. That means he's barely breaking even or is even in a loss position (most likely) with his company.
I mean donate if you want to but personally, I'd have preferred less of a sob story on the loan and a lot more details. He's only given away like 20% of the truth and of the full story.