--- In AsburyPark@yahoogroups.com, "bluebishop82"
<[EMAIL PROTECTED]> wrote:
> Do some more homework on the enforceability of that Bankruptcy
> Clause and then get back to me, OK counsellor?
>
So are you saying that Jim Aaron, our redevelopment attorney wrote
an agreement with a meaningless and unenforceable reverter clause? I
believe I read some of the incumbents tout this specific clause
recently as to how they took precautions that AP would not find
itself in the same predictament. If what you say is true, you make
the critics case that our council doesn't know what is going on and
that we are not adequately protected by the agreement. I wish you
had given us your legal opinion on this matter before the election.
In the meantime, I will send Jim Aaron your post and ask for his
legal opinion. BTW, I am not a lawyer as you are, but if I may ask,
how many redevelopment agreemenbts have you written?
>
>
> --- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]>
wrote:
> > --- In AsburyPark@yahoogroups.com, "bluebishop82"
> <[EMAIL PROTECTED]>
> > wrote:
> > > Enough stalling and
> > > litigation could create a risk of the Master Developer putting
> the
> > > LLC into Bankruptcy, and we would have had Carabetta all over
> > > again. Real Estate in Asbury would drop like a stone if that
> > > occurred. I was not willing to risk that investment, even if
> others
> > > on this board were willing to do so. Call it belt and
> suspenders if
> > > you wish, but it was just a personal decision on my part about
> being
> > > risk adverse.
> > >
> > >
> >
> > Tommy, I m surprised at you. A smart attorney like you and a
> newspaper
> > writer who pens many articles on AP? I would assume from how you
> speak
> > that you are familar with the redevelopment documents, but by
this
> > remark I guess you are not. If you were, you would see that
there
> is a
> > bankruptcy clause in the agreement (I guess they learned the
first
> > time) that upon the developer being bankruptcy, the agreement is
> void
> > and the development rights revert back to the city. You see, us
> > critics did our homework. Lastly, as an attorney you should know
> that
> > eveverything is a bargaining position. No one is lucking to winn
> 100%
> > of the time.
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