--- In AsburyPark@yahoogroups.com, "oakdorf" <[EMAIL PROTECTED]> wrote:
>
>
> And the site will no roll back to the party that sold it for pennies.
>
> I still think if they file BK, they might be able to force partners
hand.
>
> Maybe not.
>
The 7% of sales and infrastructure are structured as a mortgage if I
recall correctly. There is only a memorandum of them recorded. You
must remember that Partners has Lucifer himself (Faiella) as its
attorney. I would not be surprised if there is something in there that
would prevent Partners from closing on its lien in a bankruptcy. I am
sure that that lien is subordinate to any financing liens otherwise I
could not imagine a lender giving money.
Dean will not do a bankruptcy. I suspect if he turns back the keys, he
will give it to the bank. The bank will unload it for peanuts.
This is what Partners/MD Sass does. They never build. They are scavengers.
You say not Partners' fault? No not directly, but you want me to start
blaming the city again? Its the deal's fault. You cannot set up a
middleman. Too high a hurdle for subdevelopers to jump.
In a major redevelopment plan like this, a city needs some control
over scheduling of construction and build out. This has none. It is
not like a regular development on a private site.
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