--- In AsburyPark@yahoogroups.com, "bluebishop82" <[EMAIL PROTECTED]>
wrote:
>
> 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?
>
The ASSUMPTION that the "development rights" were properly protected
under the bankruptcy is where the problem is. The City had always
maintained that Carrabetta had defaulted and thus no longer had those
rights.
A challange to the issue was made but the City was weak and non-
performing in litigating. The reason was, that Carrabetta always held
out the "carrot" that a settlement and transfer was eminent. Thus
stalling the City's will to expend legal fees, on a tight budget, to
litigate.
Part of the recent settlement was that the City had to withdraw its
claim that there were no rights to transfer. That's HOW the rights were
able to be transfered 'clean'.
Under the the State's offer carrabetta would have been bought out. The
Attorney Generals office would have litigated on the City's behalf and
the rights transfered to the City.
The City was weak, did not take a strong stand, did not want the
State's help and took the quick way out. In doing so they also violated
land use law by entering into an agreement that violated the existing
zoning for the area.
A federal bankruptcy court has no jurisdiction over local land use, yet
that is the explaination given (the MOU) for selling public assets,
3000 condos, eminent domain, etc, etc,
If the City had aggressively litigated and proved that carrabetta had
defaulted, we would not be in the current position of having
another "master developer"
Werner
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