Algoma’s assessed property value has decreased from $89 million to $39 million, resulting in a lower tax bill.
A motion to stay the assessment appeal application by Algoma has been filed with the court and agreed upon by MPAC until at least the new year, Horsman said. 

So, are we to assume that the game plan here is to allow the property value to decrease further by allowing this extension to be accepted.  I do not understand how such a drop in value could take place, unless the creditors are allowing Algoma to deteriorate on purpose to make the purchase price even cheaper for themselves, and / or their business associate Tom Clarke.  I see this whole act as a means to write-off the loss, and then turn around and buy the whole company at a bargain.  The fact that tax payments are being issued is only a ploy to further decrease the purchase value; IMO.  Let's not forget our government gave Essar Steel Algoma millions of dollars in funding years ago, which if taken into consideration should up the value of Algoma.  That is unless we are talking about only the ground it stands on.  Maybe someone can explain why this property value has decrease by so much, because I fail to see how over 3 years they have managed to lose 50 million dollars in property value.

Once again.  Is this just land value, or are we talk all of Algoma?

 https://www.mentorworks.ca/blog/government-funding/steel-manufacturer-awarded-60m-in-ontario-government-funding/

Essar Steel has recently been announced as the recipients of $60 million in Canadian government funding, which will provide capital to modernize and expand their production facility. Federal and provincial funding, distributed evenly between the Advanced Manufacturing Fund (AMF) and a variety of Northern Ontario Heritage Fund Corporation (NOHFC) programs, will provide a 25% government contribution to the project, which is valued at $240 million.