Oscar Properties' CEO Richard Bagge: 

“That was bad news. The district court hinges much of its reasoning on the question of the company's 'viability'. That they think it is missing. They don't understand that you can acquire new, different business in an attractive shell. They seem to reason that the 'shoemark' should remain at its last'. No matter what. Once a real estate company, always a real estate company, they seem to reason. So-called RTOs, reverse take overs, are an established concept in the stock market context. It can be said that the company after its reconstruction would meet the criteria for the term SPAC established in the financial world. There are a few of these on the Stockholm Stock Exchange. But, you cannot demand that judges and jurors in a district court are familiar with those concepts.

So if it is not explicitly stated in the law or in the preparatory work that the 'shoemaker must remain at his last', i.e. that one may not change business, then their decision today testifies to sheer ignorance. Not about law but about how the world works outside the courthouse.

At the same time, I have to hope that Brf Innovationen is satisfied. They have achieved their goal, a probable bankruptcy on Monday. In the event of a bankruptcy, the outcome for them is zero, zilch as they say in English. I have tried to explain that to them so many times, both by phone and email. They are left with their lawyer's bill, which they hope the bankruptcy estate will pay, but they have to join the ranks of all other creditors. What they may not realize is that they may be liable to repay the SEK 3 million they received in the past year, through a so-called recovery where the bankruptcy trustee has the right to go back 12 months and demand what they received. So this driving us into bankruptcy - if it comes to that - could be a really expensive bill for our friends in one of the towers. Has the board told its members? It is one thing to write off a claim of SEK 15 million, but much more noticeable is having to fork out cash with SEK 3 million plus one's legal fees.

So also for Brf Innovation's part, I hope for a positive outcome from the Court of Appeal!

Good evening!"