That's absolutely expected Werner. Dan is right about this. The
Trustee is trying to sell off an asset for the benefit of the
creditors. Remember - the Trustee OWNS the redevelopment rights at
the point in time you are referencing, not Carabetta or the City.
If the MOU induces the sale so he can get Millions for his asset and
wrap up a 10 year old case, he has the power to do it, because he is
operating under the jurisdiction of the Federal Court, which pre-
empts the state laws to the contray (this is the part you just don't
want to accept).
I encourage you to go read up on the pre-emption doctrine. Post
again after you are familiar with it, because I don't think you are
going to understand what Dan is saying until you do.
--- In AsburyPark@yahoogroups.com, "wernerapnj" <[EMAIL PROTECTED]>
wrote:
>
> --- In AsburyPark@yahoogroups.com, "dfsavgny" <dfsavgny@> wrote:
>
> > That is what the City agreed to, not what the Court dictated.
See,
> the
> > Court allowed the City to determine what the land use should be.
> >
>
> Of course the court did not dictate the land use, but the City
used
> the cover of the Bankruptcy court to illegally and out of the
public
> eye modify it's land use plan. Nobody caught it or challanged it
in
> the excitement of getting away from Carabetta.
>
> Werner
>
> FROM THE MOU:
>
> Whereas, Carabetta, the developer and SASS came to an agreement
which
> is subject to approval by the United States Bankruptcy Court on
> August 14, 2001, by which terms Carabetta shall transfer its
> redevelopment rights to Smoked Fish Holdings, L.L.C., an
affiliated
> entity of the developer (the "Contract"), subject to execution of
a
> Memorandum of Understanding agreeable in form and substance to the
> City on or before August 14, 2001 and Sass' purchase of the tax
> liens, a copy of which Contract is attached hereto;
> ...
> ...
> Further, once this MOU is executed and approved by Judge Shiff it
> shall incoporate by reference all terms and conditions set forth
in
> the agreement and the Modification unless such terms and
conditions
> are modified herein.
> ----------------------------------------------
>
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