[AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders
Very perceptive Maureen. Didn't know that. S. --- In AsburyPark@yahoogroups.com, radio881gal [EMAIL PROTECTED] wrote: Don't look now, but one of the funds Anselm of Madison Marquette told me is a big investor in Capital Guidance, which owns MM, now faces billions in losses, according to today's Wall St. Journal. See 'Alpha' Bets Turn Sour. Apparently, PERS, the Pennsylvania State Employees Retirement System used a strategy called, portable alpha to finance investments of $9.2 billion in hedge-funds. Now PERS could be forced to make cash payments of $2.5 billion or more to Wall St. trading partners, according to the Journal. Last month Anselm and I argued over whether Capital Guidance is a hedge fund or not. At that time I was concerned that MM's investments here could be in trouble if Capital Guidance were a hedge fund and found its credit lines had dried up, since hedge funds are highly leveraged. Anselm insists Capital Guidance isn't a hedge fund. But the PERS situation is another matter. PERS may have to liquidate some of its investments to shore up its losses. Let's hope Capital Guidance has them locked in for couple of years. Anyone want ot venture forth on this one? Maureen Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders
Maureen, I think that sometimes people stay away from discussions on matters like this because we feel that: 1. I have no idea what is being discussed here. This conversation is way beyond me. 2. Does this talk about Madison Marquette's investors have anything to do with me? Let's dig into these legitimate concerns/questions and do some explaining. For everyone's benefit, can you please answer the following questions in a way that even a novice on these matters could understand? 1. What is a fund? 2. Who is Capital Guidance? 3. How much of Madison Marquette does Capital Guidance own? 4. If Capital Guidance loses billions of dollars, how might this impact Madison Marquette and their dealings here in Asbury Park? 5. What is a hedge fund? And why would it matter if Capital Guidance was or was not a hedge fund? 6. What is PERS and what does there using a strategy called portable alpha have to do with Asbury Park? 7. What is a Wall Street trading partner and why does PERS have to pay them $2.5 billion and again, what does this have to do with Asbury Park? 8. What does liquidating investments mean and how does one shore up their losses by doing this? 9. What should Capital Guidance have locked up for a couple of years? And again, what does this mean for Asbury Park? I think that answering these questions may help people understand the situation a little better and could give all of us the information we need to make intelligent comments. Now, I am sure that I am not the only person that had questions like this, so for those of you on the list that had similar thoughts/questions and did not speak up, please do so in the future. There is no reason to be embarrassed about a lack of knowledge or understanding on these complex financial/investing matters. This is serious stuff. Give yourself a break, if this is not your field of expertise, why would you have any/all of the answers or even the right questions? However, given the current global, national and local financial situation, it is important for all of us to start to understand these things better and to make policy decisions for our community in light of the best data and analysis available. Ok, Maureen, fire away. Peace, Councilman Jim Keady Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders
--- In AsburyPark@yahoogroups.com, radio881gal [EMAIL PROTECTED] wrote: Don't look now, but one of the funds Anselm of Madison Marquette told me is a big investor in Capital Guidance, which owns MM, now faces billions in losses, according to today's Wall St. Journal. Good HW. Just follow the dotted lines. A wake up call again as with the rest of the world that jsut because someone gives you money doesn't mean they don't want something in return. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders
--- In AsburyPark@yahoogroups.com, radio881gal [EMAIL PROTECTED] wrote: Don't look now, but one of the funds Anselm of Madison Marquette told me is a big investor in Capital Guidance, which owns MM, now faces billions in losses, according to today's Wall St. Journal. Really...check the dotted lines. They often rate a cirlceCherokee to MM... Like: It also would help the development in Camden, said Anselm Fusco, Cherokee's senior vice president of development. It will create enthusiasm in the marketplace and enhance home buyers' perception of all the projects, Fusco wrote in response to questions. ... Fusco said Cherokee felt the plan strikes a good balance between preservation and redevelopment but was open to changes, provided they addressed economic realities - a sentiment echoed by Pennsauken's township administrator, Robert Cummings. ...Anselm Fusco, Cherokee's senior vice president of development, reported that preliminary investigations have found 500,000 gallons of petroleum products in the soil of Petty's Island that are leaking into the Delaware River. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders
--- In AsburyPark@yahoogroups.com, jwkeady [EMAIL PROTECTED] wrote: Maureen, I think that sometimes people stay away from discussions on matters like this because we feel that: 1. I have no idea what is being discussed here. This conversation is way beyond me. 2. Does this talk about Madison Marquette's investors have anything to do with me? Let's dig into these legitimate concerns/questions and do some explaining. For everyone's benefit, can you please answer the following questions in a way that even a novice on these matters could understand? 1. What is a fund? A place where generally securities - either stocks or bonds - property or cash can grow. There are as many types of funds as ideas, within the regulatory framework. 2. Who is Capital Guidance? Capital Guidance is a private fund mainly invested in real estate. 3. How much of Madison Marquette does Capital Guidance own? CG owns all of Madison Marquette, according to its website. 4. If Capital Guidance loses billions of dollars, how might this impact Madison Marquette and their dealings here in Asbury Park? Woe, no one said Capital Guidance was losing billions. If it did, it might have huge reserves to offset the loss. We don't know, since it's a private fund - no transparency -- we can't say one way or the other. Everyday we become more dependent on MM. Now they own Wesley Grove, one of three fast tracks, if you still include Metro Homes. If CG did have to restrict cashflow to MM, the city could be stuck with an unfinished boardwalk retail strip and no company to continue the construction or run what has been provided. It's more complicated than that since MM has a joint venture with Asbury Partners for this purpose, which also owns the land. But you get the general idea. I think this is why City Mgr Reidy is pushing for a developer agreement in writing with them. 5. What is a hedge fund? And why would it matter if Capital Guidance was or was not a hedge fund? Hedge funds operate in utmost secrecy and rely heavily on borrowed money. If Capital Guidance were a hedge fund in this bad credit market I would be concerned about their ability to continue borrowing. But Anselm has assured me they are not a hedge fund. 6. What is PERS and what does there using a strategy called portable alpha have to do with Asbury Park? Doesn't matter about the strategy, just that they'll probably need to liquidate assets, investment positions to pay their counterparties back. 7. What is a Wall Street trading partner and why does PERS have to pay them $2.5 billion and again, what does this have to do with Asbury Park?The trading partners here are probably investment banks, like the ones we've agreed to bail out. The PERS strategy was based on the market going up, and worked well then. But when the returns on the hedge fund investments were lower than the interest rate on the investments the loses mounted. Since PERS is said to be a large investor in Capital Guidance, I'm concerned that they may want to liquidate in order to raise cash for the counterparties. 8. What does liquidating investments mean and how does one shore up their losses by doing this? Selling your car for the cash - you liquidate your asset - and use the proceeds to make good by paying off your obligations. 9. What should Capital Guidance have locked up for a couple of years? Some funds, usually hedge funds, lock their investors in for a few years so they can't take their money out unexpectedly. This allows funds to take longer term positions, which can be lower risk projects. So it can balance out. And again, what does this mean for Asbury Park? If PERS did decide to liquidate their CG position, they might think twice and pull out of a different fund if they had to pay a penalty for early withdrawl. That could buy Asbury Park another couple of years, to when the economy may be much healthier and the demand for oceanfront condos may be back. And Tillie comes back to life, and... sorry. I think that answering these questions may help people understand the situation a little better and could give all of us the information we need to make intelligent comments. Sorry it took so long. I had it all done and decided to use the text option so my answers wouldn't get lost in the questions, which wiped out all my answers. Thanks for asking though. Maureen Now, I am sure that I am not the only person that had questions like this, so for those of you on the list that had similar thoughts/questions and did not speak up, please do so in the future. There is no reason to be embarrassed about a lack of knowledge or understanding on these complex financial/investing matters. This is serious stuff. Give yourself a break, if this is not your field of expertise, why would you have any/all of the answers or even the right questions? However, given the current global, national and local financial situation, it is important for all of us to start to
[AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders
Oak - So Fusco worked for Cherokee before? I am surprised. He doesn't strike me like someone with a long history in the business. So what's the deal with Cherokee. We never hear about them, even though they own or did own 50% of the partners. We've never heard a peep out of them. Any ideas on that? Maureen --- In AsburyPark@yahoogroups.com, oakdorf [EMAIL PROTECTED] wrote: --- In AsburyPark@yahoogroups.com, radio881gal restore881FM@ wrote: Don't look now, but one of the funds Anselm of Madison Marquette told me is a big investor in Capital Guidance, which owns MM, now faces billions in losses, according to today's Wall St. Journal. Really...check the dotted lines. They often rate a cirlceCherokee to MM... Like: It also would help the development in Camden, said Anselm Fusco, Cherokee's senior vice president of development. It will create enthusiasm in the marketplace and enhance home buyers' perception of all the projects, Fusco wrote in response to questions. ... Fusco said Cherokee felt the plan strikes a good balance between preservation and redevelopment but was open to changes, provided they addressed economic realities - a sentiment echoed by Pennsauken's township administrator, Robert Cummings. ...Anselm Fusco, Cherokee's senior vice president of development, reported that preliminary investigations have found 500,000 gallons of petroleum products in the soil of Petty's Island that are leaking into the Delaware River. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
Re: [AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders
Fusco was a VP with Cherokee and involved with EnCap. From: radio881gal [EMAIL PROTECTED] To: AsburyPark@yahoogroups.com Sent: Monday, December 1, 2008 6:04:41 PM Subject: [AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders Oak - So Fusco worked for Cherokee before? I am surprised. He doesn't strike me like someone with a long history in the business. So what's the deal with Cherokee. We never hear about them, even though they own or did own 50% of the partners. We've never heard a peep out of them. Any ideas on that? Maureen --- In [EMAIL PROTECTED] ups.com, oakdorf [EMAIL PROTECTED] wrote: --- In [EMAIL PROTECTED] ups.com, radio881gal restore881FM@ wrote: Don't look now, but one of the funds Anselm of Madison Marquette told me is a big investor in Capital Guidance, which owns MM, now faces billions in losses, according to today's Wall St. Journal. Really...check the dotted lines. They often rate a cirlceCherokee to MM... Like: It also would help the development in Camden, said Anselm Fusco, Cherokee's senior vice president of development. It will create enthusiasm in the marketplace and enhance home buyers' perception of all the projects, Fusco wrote in response to questions. ... Fusco said Cherokee felt the plan strikes a good balance between preservation and redevelopment but was open to changes, provided they addressed economic realities - a sentiment echoed by Pennsauken's township administrator, Robert Cummings. ...Anselm Fusco, Cherokee's senior vice president of development, reported that preliminary investigations have found 500,000 gallons of petroleum products in the soil of Petty's Island that are leaking into the Delaware River. [Non-text portions of this message have been removed] Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders
--- In AsburyPark@yahoogroups.com, radio881gal [EMAIL PROTECTED] wrote: Oak - So Fusco worked for Cherokee before? I am surprised. He doesn't strike me like someone with a long history in the business. So what's the deal with Cherokee. We never hear about them, even though they own or did own 50% of the partners. We've never heard a peep out of them. Any ideas on that? Maureen The Internet reveals alot with minimal free research. Those blurbs were from Zoom came across while searching for something else. http://www.zoominfo.com/people/Fusco_Anselm_406998076.aspx I guess you have someone you can ask that question of. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders
For what it's worth: My only knowledge of Cherokee is from an academic perspective, studying environmental remediation and brownfield redevelopment. From what I have seen about them (specifically some major projects in Denver) they are excellent at what they do, which is to tackle redevelopment and adaptive reuse projects that other government or private entities are incapable of even contemplating. They have some very respected professionals among their executive ranks. In my opinion, if Cherokee and MM are tangentially related, AP is better off for it. Doug --- In AsburyPark@yahoogroups.com, Allan Peterson [EMAIL PROTECTED] wrote: Fusco was a VP with Cherokee and involved with EnCap. From: radio881gal [EMAIL PROTECTED] To: AsburyPark@yahoogroups.com Sent: Monday, December 1, 2008 6:04:41 PM Subject: [AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders Oak - So Fusco worked for Cherokee before? I am surprised. He doesn't strike me like someone with a long history in the business. So what's the deal with Cherokee. We never hear about them, even though they own or did own 50% of the partners. We've never heard a peep out of them. Any ideas on that? Maureen --- In [EMAIL PROTECTED] ups.com, oakdorf oakdorf@ wrote: --- In [EMAIL PROTECTED] ups.com, radio881gal restore881FM@ wrote: Don't look now, but one of the funds Anselm of Madison Marquette told me is a big investor in Capital Guidance, which owns MM, now faces billions in losses, according to today's Wall St. Journal. Really...check the dotted lines. They often rate a cirlceCherokee to MM... Like: It also would help the development in Camden, said Anselm Fusco, Cherokee's senior vice president of development. It will create enthusiasm in the marketplace and enhance home buyers' perception of all the projects, Fusco wrote in response to questions. ... Fusco said Cherokee felt the plan strikes a good balance between preservation and redevelopment but was open to changes, provided they addressed economic realities - a sentiment echoed by Pennsauken's township administrator, Robert Cummings. ...Anselm Fusco, Cherokee's senior vice president of development, reported that preliminary investigations have found 500,000 gallons of petroleum products in the soil of Petty's Island that are leaking into the Delaware River. [Non-text portions of this message have been removed] Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders
Thanks, Allan. Wasn't that the plan to create a golf course, etc. up in the Meadowlands? --- In AsburyPark@yahoogroups.com, Allan Peterson [EMAIL PROTECTED] wrote: Fusco was a VP with Cherokee and involved with EnCap. From: radio881gal [EMAIL PROTECTED] To: AsburyPark@yahoogroups.com Sent: Monday, December 1, 2008 6:04:41 PM Subject: [AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders Oak - So Fusco worked for Cherokee before? I am surprised. He doesn't strike me like someone with a long history in the business. So what's the deal with Cherokee. We never hear about them, even though they own or did own 50% of the partners. We've never heard a peep out of them. Any ideas on that? Maureen --- In [EMAIL PROTECTED] ups.com, oakdorf oakdorf@ wrote: --- In [EMAIL PROTECTED] ups.com, radio881gal restore881FM@ wrote: Don't look now, but one of the funds Anselm of Madison Marquette told me is a big investor in Capital Guidance, which owns MM, now faces billions in losses, according to today's Wall St. Journal. Really...check the dotted lines. They often rate a cirlceCherokee to MM... Like: It also would help the development in Camden, said Anselm Fusco, Cherokee's senior vice president of development. It will create enthusiasm in the marketplace and enhance home buyers' perception of all the projects, Fusco wrote in response to questions. ... Fusco said Cherokee felt the plan strikes a good balance between preservation and redevelopment but was open to changes, provided they addressed economic realities - a sentiment echoed by Pennsauken's township administrator, Robert Cummings. ...Anselm Fusco, Cherokee's senior vice president of development, reported that preliminary investigations have found 500,000 gallons of petroleum products in the soil of Petty's Island that are leaking into the Delaware River. [Non-text portions of this message have been removed] Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders
I don't think most environmentalists today share your opinion of Cherokee. I did at first. But then the Petty's Island incident surfaced. Maureen --- In AsburyPark@yahoogroups.com, dougandcathy_mcqueen [EMAIL PROTECTED] wrote: For what it's worth: My only knowledge of Cherokee is from an academic perspective, studying environmental remediation and brownfield redevelopment. From what I have seen about them (specifically some major projects in Denver) they are excellent at what they do, which is to tackle redevelopment and adaptive reuse projects that other government or private entities are incapable of even contemplating. They have some very respected professionals among their executive ranks. In my opinion, if Cherokee and MM are tangentially related, AP is better off for it. Doug --- In AsburyPark@yahoogroups.com, Allan Peterson nnjallans1@ wrote: Fusco was a VP with Cherokee and involved with EnCap. From: radio881gal restore881FM@ To: AsburyPark@yahoogroups.com Sent: Monday, December 1, 2008 6:04:41 PM Subject: [AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders Oak - So Fusco worked for Cherokee before? I am surprised. He doesn't strike me like someone with a long history in the business. So what's the deal with Cherokee. We never hear about them, even though they own or did own 50% of the partners. We've never heard a peep out of them. Any ideas on that? Maureen --- In [EMAIL PROTECTED] ups.com, oakdorf oakdorf@ wrote: --- In [EMAIL PROTECTED] ups.com, radio881gal restore881FM@ wrote: Don't look now, but one of the funds Anselm of Madison Marquette told me is a big investor in Capital Guidance, which owns MM, now faces billions in losses, according to today's Wall St. Journal. Really...check the dotted lines. They often rate a cirlceCherokee to MM... Like: It also would help the development in Camden, said Anselm Fusco, Cherokee's senior vice president of development. It will create enthusiasm in the marketplace and enhance home buyers' perception of all the projects, Fusco wrote in response to questions. ... Fusco said Cherokee felt the plan strikes a good balance between preservation and redevelopment but was open to changes, provided they addressed economic realities - a sentiment echoed by Pennsauken's township administrator, Robert Cummings. ...Anselm Fusco, Cherokee's senior vice president of development, reported that preliminary investigations have found 500,000 gallons of petroleum products in the soil of Petty's Island that are leaking into the Delaware River. [Non-text portions of this message have been removed] Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: One of Madison Marquette's Parent Fund's Funders
--- In AsburyPark@yahoogroups.com, radio881gal [EMAIL PROTECTED] wrote: I don't think most environmentalists today share your opinion of Cherokee. I did at first. But then the Petty's Island incident surfaced. Maureen = New Jersey Politics Flare in Scuffle Over Delaware River Island http://www.bloomberg.com/apps/news?pid=1103sid=a6r_kpw1KkFYrefer=us or http://tinyurl.com/5l4n4e Werner Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
