Maureen, My point is anyone could have bought them. It was a very public matter when the City tried selling the liens to MD Sass. The Connecticut judge stopped the sale because he wanted the redevelopment rights sold too. At that point anyone could have intervened in the Bankruptcy case and made an offer to the Court to buy the rights.
The reason no one else offered to buy them is, from that vantage point, redeveloping AP did not appear very lucrative. Only in hindsight, now that AP Partners has it going, does it now appear to have been a good investment. Hindsight is 20/20. If you disagree, then tell me why no one else asked to buy the rights? --- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote: > 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 > Restore Radio 88.1FM - "5" Years on the Radio!! > Asbury Park's Own Live Talk Show > 601 Bangs Avenue > Listen 8 - 10 PM Thursdays on 88.1FM or > Listen Live or Later on the Web http://www.restoreradio.com/ > Call the show 732-775-0821 > Call me 732-774-0779 fax 502-0463 Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
