Overview

• KingSett’s lawyer argued Liu’s touted $400 million launch budget is non-existent, noting no personal guarantee and no binding commitments from the international firms she cites for backing.
• Court filings presented by landlords said Liu’s three B.C. malls posted about $19 million in combined losses over 2023 and 2024 and would be insolvent if charged interest on related-party loans.
• Hudson’s Bay contends the assignment is lawful, represents the highest and only executable bid after a broad sales process, and could return up to $50 million to senior lenders.
• The court-appointed monitor, Alvarez & Marsal, urged rejection, calling Liu’s plan insufficiently developed with a risk her new retail venture could face near-term insolvency.
• Liu has pledged to prepay a year of rent, invest roughly $120 million in store repairs, and purchase fixtures for about $670,000, while major landlords including Cadillac Fairview, Oxford and Ivanhoé maintain the plan, costs and timelines are unrealistic and a ruling is pending.