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About DDDB
Our coalition consists of 21 community organizations and there are 51 community organizations formally aligned in opposition to the Ratner plan.

DDDB is a volunteer-run organization. We have over 5,000 subscribers to our email newsletter, and 7,000 petition signers. Over 800 volunteers have registered with DDDB to form our various teams, task-forces and committees and we have over 150 block captains. We have a 20 person volunteer legal team of local lawyers supplementing our retained attorneys.

We are funded entirely by individual donations from the community at large and through various fundraising events we and supporters have organized.

We have the financial support of well over 3,500 individual donors.

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"Why should people get to see plans? This isn't a public project."
Bruce Ratner in Crain's Nov. 8, 2009

Forest City Enterprises Whines

A few weeks ago Morningstar investment research firm listed Forest City Enterprises (FCE-A, parent to Atlantic Yards pusher Forest City Ratner) as one of five stocks it deemed "worthless," with a "fair value of zero."

Apprently Cleveland-based FCE did not take too kindly to that and is now fighting back by claiming Morningstar's reasoning was flawed and wrong, and its conclusion baseless.

A Cleveland Plain Dealer blog entry discusses the fight back:
Forest City fights back
Firm rebuts negative stock assessment
-- Michelle Jarboe, Plain Dealer

Forest City Enterprises Inc. on Wednesday strongly disagreed with a recent Morningstar Inc. article, saying the author's opinion that Forest City's stock is worthless was based on flawed assumptions and inaccurate interpretations of the company's debt obligations and its construction costs.

"We disagree in the strongest possible terms with Morningstar's opinion," spokesman Jeff Linton wrote in a statement. "Further, we are astonished and appalled that Morningstar would issue such an opinion without having made contact with Forest City."

Linton said no Morningstar representative has contacted or spoken to any senior-level executive at Forest City in two years. In a recent article, Morningstar analyst Matthew Coffina named Forest City among five stocks that he considered to have a fair value of zero. Five analysts who regularly cover Forest City have taken a neutral stance on the stock or expect it to perform slightly better than the market...

"We are astonished and appalled" that Forest City Enterprises' child company Forest City Ratner would propose to build the largest single-source development in New York City's history and the densest residential development in the United States without making any contact with the community it would displace or the political leaders that represent that community, or the broader Brooklyn community.

FCE does have a point or two:

When evaluating situations it is always important to converse with the stakeholders. Okay.
It's too bad it's child company Forest City Ratner didn't do that when it decided to level a section of Prospect Heights so that a "billionaire using public funds, [could] construct a private playground for the rich and powerful," and hasn't done it any time over the past five years.

"Flawed assumptions and inaccurate interpretations" are deplorable according to FCE. Okay.
It's too bad FCE's child company Forest City Ratner has spent five years pushing "flawed assumptions and inaccurate interpretations" in relation to its Atlantic Yards proposal—blight, construction timelines, revenue generation just to name a few.

Since we done expect any trickle down self-evaluation from FCE or FCR, we look forward to Morningstar's response.

(As for the five analysts who regularly cover FCE, NoLandGrab retorts: Wonder what rating these analysts had on FCE stock 18 months ago, when it was trading above $70.)

Posted: 12.26.08
DDDB.net en español.
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Eminent Domain Case
Goldstein et al v. ESDC
[All case files]

November 24, 2009
Court of Appeals

[See ownership map]

EIS Lawsuit

DDDB et al v ESDC et al
Click for a summary of the lawsuit seeking to annul the review and approval the Atlantic Yards project.

Appeal briefs are here.

Appellate Divsion
Rules for ESDC
What would Atlantic Yards Look like?...
Photo Simulations
Before and After views from around the project footprint revealing the massive scale of the proposed luxury apartment and sports complex.

Click for
Screening Schedule
Isabel Hill's
"Atlantic Yards" documentary
Brooklyn Matters

Read a review
Atlantic Yards
would be
Click image to see why:

-No Land Grab.org

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