Until we see the re-organization plan, we won’t know if the current common shareholders will be part of the future. But NOVCQ is looking ahead, asking the BK Court to let them rent new smaller quarters in Kansas City. For a very slimmed down company.
Today, NOVCQ asked the BK court to allow them to reject their existing lease in KC in favor of another one in the same city. They have already succeeded in rejecting leases in Tampa that they were responsible for, at a savings of nearly $1M. The latest lease rejection is their longtime Kansas City headquarters, more than 12,000 square feet of space at a savings of nearly $675k or an annual savings of nearly $200K after paying a lease on a smaller space. NOVCQ has asked for approval to move on October 1 to a mere 2,300 square foot office. They will save a lot of money, but a significant come down from the heady days when their trendy, high tech Milwaukee offices were gaining national recognition. The new offices, for which NOVCQ plans to sign a 5-year lease, offers a single “google fiber jack”, to be shared with other tenants.