--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:
> For instance, I am uncertain whether the city could have simply
> condemned the development rights or was that trumped by the
> Bankruptcy Court. I don't think it was tried.
The second part of your answer is correct. The moment Bankruptcy is
filed, all existing and future efforts by a third party toward the
Bankruptcy Estate assets is stayed. To make an attepmt toward them
is a violation of Federal Law. Huge trouble.
>There were others interested who were not allowed to bid. From what
>I hear second hand, Partners had special access.
When you consider who was in control, you'll know whomever told you
that was wrong. As soon as Bankruptcy is filed, every asset by the
filier immediately comes under the control of a Bankruptcy Trustee
appointed by the Judge. That Trustee is the one you have to deal
with - not the City or Carabetta. All they can do is object to a
price that a bidder wants to pay - nothing more.
> Since the city could rescind its own tax liens, all it had to come
> up with was $7.5 million.
Very valid point.
>I think it was possible to cut a deal with someone. All of this is
>futile, but since you ask: consider the city
> getting $7.5 million from someone and making them a 50% partner is
> selling off the parcels for redevelopment with the $7.5 million
>paid first. I don't know, but I don't think anything like that or
>fair was ever tried in this city.
Very valid point.
>
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