--- In AsburyPark@yahoogroups.com, "wernerapnj" <[EMAIL PROTECTED]>
wrote:
>
> It's only an asset if it's in force, which goes back to the
dysfunction
> of the City not forcing the claim of default. (which was pretty
obvious
> when reading the contract). There were no "rights" to be held in
> bankruptcy or later sold to the Fishman/MDSAS. The City should
have
> litigated.
>
> I Keep asserting that the bankruptcy court had no jurisdiction
over
> local land use and no one seems to be realizing the significance
of
> that. ???
>
I think that is a separate issue and I don't think that anyone,
including the Bankruptcy Court, suggests that it could dictate local
land use. The problem as you point out, is that the city failed to
claim default beforehand. Everything stops once the assets enter
Bankruptcy Court. The development rights, whether they are valid or
not, and whatever they entitle the holder to, become an asset
administered by the Court. If they are invalid they are invalid. But
that is not what the City said. As usual, the city just waited too
long until Carabetta claimed bankruptcy. That is why you, Tom,
myself and others suggest to the current council that they shoudl
have claimed default already. Fool me once, shame on you, fool me
twice, shame on me.
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