Tom -
The redevelopment rights didn't become available for sale, that I know of, until the bankruptcy judge in Conn. freed them, at which time Fishman and Co. bought them.
Maureen
In a message dated 8/2/2005 4:49:06 AM Eastern Standard Time, AsburyPark@yahoogroups.com writes:
Date: Tue, 02 Aug 2005 03:51:44 -0000
From: "bluebishop82" <[EMAIL PROTECTED]>
Subject: Re: Digest Number 1368
And Vince's offer to purchase the redevelopment rights was how much?
--- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote:
> Tommy -
> I checked with Vince to be sure of my facts.
> He offered 100c on the dollar years before the Conn. deal went
down, when the
> taxes were about $3 million. He made the offer prior to Weldon's
time and
> then told Weldon when he came on, showing him all the documents.
At that time, he
> told Weldon that using the Jones Act, which allows for discounting
the tax
> liens, wasn't necessarily the best way to go any longer.
> The Jones Act was at one time the best way to go, when no one
wanted to buy
> tax liens. But by the time Fishman and Co. came along interest
rates were
> dropping and tax liens were a popular option, making the
discounting of them
> unnecessary.
> There was actually no purpose in selling the liens to Fishman at
all, at the
> time he was buying the land and development rights from
Carrabetta, because
> the outstanding taxes would've had to have been cleared in order
to transfer the
> property and development rights attached to them.
> Carabetta probably would've redeemed most of the liens if they'd
been sold
> prior to the deal in order to keep the properties from being
foreclosed on him.
> Fishman was probably very pleasantly surprised by the whole deal.
> Maureen
Speak up - It's America!!
Maureen Nevin
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