Misery loves company: The white elephant buildings that bind two cash-strapped bilyonaryos
Property

Misery loves company: The white elephant buildings that bind two cash-strapped bilyonaryos

When two high-flying bilyonaryos made a big splash with the construction a massive project two years ago, you just know it’s going to be wack.

One, who is derisively called by his peers as typhoon not tycoon (TNT), is notorious for his buying binges and ostentatious display of wealth.

The second, all-saliva businessman (ASB), has a track record of seeking out big-ticket items just because he is long on influence but short on capital and competence.

A Babbler said the two businessmen, who share a fondness for highly-leveraged acquisitions and puff pieces about themselves, crossed paths when TNT contracted ASB to build several buildings in the former’s dream project.

A Babbler said when ASB completed the main structure or roughly 50 percent of three buildings, he sent TNT a progress billing (a common industry practice where the contractor bankrolls the project and collects from the client for the percentage of work completed to date).

Unfortunately, the Babbler said TNT could not pay ASB because the former’s highly-leveraged businesses got hammered by the pandemic. TNT asked for a payment extension thinking ASB would be more sympathetic to his plight considering they were in the same boat.

The Babbler said the dismayed ASB decided to stop all work in the three structures, specifically the fitting and finishing stages, not only because he doubted TNT would ever pay, but also because ASB had no more funds to roll over as he has been missing loan payments since the pandemic struck in 2020.

No wonder TNT’s real estate project, which was supposed to bfinished in 22 months or in the third quarter of 2021, is shaping up to be another white elephant in that area. It always ends ugly when businessmen eat more than they can chew.

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