--- In AsburyPark@yahoogroups.com, "oakdorf" <oakdorf@...> wrote:
>
> And how can you pick on IStar?
> Now bumped over $10 per share.
> That $1,000 investment now $9200. Only if....
>
> They are getting about $3 BILLION in refinancing/financing from gvt saved JP
> Morgan.
>
> So you will say that has nothing to do with the redevelopment.
>
> They are sitting and will protect something very valuable - the redevelopment
> rights. The land is a bonus.
>
You miss the point - Redevelopment is a governmental process not free
enterprise. Its purpose is to benefit the community not to provide profits and
speculation to private entities.
Certainly there needs to be a 'profit' motive to interest developers but that
is not the primary purpose. Profit can come in many forms.. even a loss on a
large balance sheet to offset tax liabilities can be a 'profit'.
Point being - that the benefit to the community MUST be foremost.
Werner
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