--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:
>
> --- In AsburyPark@yahoogroups.com, "oakdorf" <oakdorf@> wrote:
> >
> >
> > >
> > >
Isn't there a letter of credit in the amount of 25% of the work they
are going to do with a full construction bond?
Fair editorial.
> > >
> >
> > Fair, to say the least.
> >
> > Now it's time for the doc to made public.
> >
> > What date are they supposed to show the $30m?
> >
> Supposedly they already showed the $30 million net worth certified
> by a CPA and they have to maintain that net worth during the entire
> restoration. At least that's what I took from the powerpoint but
who
> knows without the actual document. I don't know what a certified
net
> worth of Partners gives us - the money will be in thier bank not
> ours. That's why you ask for irrevocable letters of credit so you
> can pull down the money. They could have a certified $300 million
> and you can't touch it. Amatuerish on the city's part, but what do
> you expect.
>
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