--- In AsburyPark@yahoogroups.com, "wernerapnj" <[EMAIL PROTECTED]> wrote:
>
> On these two issues the following questions pop out. Why were the
> taxes never requiered to be up to date by the trustee, Why did the
> City never foreclosed for non-payment, Why was a paper contract for
> which no money was paid, and was in default, held up in a bankruptcy?
>
Whether or not money was paid for the development rights, they, and
Carabetta's interest in the contract was an ASSET of the debtor and
thus, protected by the Court. I don't whether taxes must be up to date,
but it would seem to me that a City might have a different standing in
the Bankruptcy Court, however, I believe the Court trumps all others.
The Court administers the sale of the assets out which the City's liens
would have been satisfied, either in whole or in part. Why the City
didn't do certain things is the crux of the problem, but as they say,
it's water under the bridge. What is relevant however, is that all of
this is proof that the City wasn't too smart and wasn't advised
properly. That being the case, some of these same individuals sitting
on the Council should not be so smug and act as if they know best or
get their hackles up when people question why the same legal advice is
being taken as gospel. It is exactly that know it all attitude and
legal advice that got them in the predictament they are in today.
>
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