--- In AsburyPark@yahoogroups.com, "bluebishop82" <[EMAIL PROTECTED]>
wrote:
>
> --- In AsburyPark@yahoogroups.com, "dfsavgny" <dfsavgny@> wrote:
>
>
>
Don't forhet that it was a Conn. Judge not a NJ Judge. Which makes a
big difference. That would still be in court. Carabretta held all the
cards except for the tax liens, that's the only card the city had and
they sold them.Why didn't anybody else bid on the tax
liens? Because they couldn't cut a deal with Carabretta. They tried.
> All one needed to do was to get the waterfront out of
> > litgation. A master developer was not needed.
>
> Carabetta owed the City over $12 million in taxes (about half of
one
> year's budget at the time). Carabetta's creditors were owed a
> fortune.
>
> If I recall correctly the price tag the Bankruptcy Judge put on it
> to step into Carabetta's shoes was $13,000,000, (which went $6.5
> million to Asbury and $7.5 million to Carabetta's creditors).
>
> Such luminaries as the State of New Jersey, Hovnanian, Westminster
> Realty Corp., The Applied Cos.,Berman Development Co. and Kushner
> Companies each looked into it and took a pass.
>
> Can you be more specific about how we should have gotten the
> waterfront out of the clutches of the Bankruptcy Judge?
>
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