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tel/fax:
718.362.4784
Please note our new postal address when sending
contributions to the legal fund:
121 5th Avenue, PMB #150
Brooklyn, New York 11217
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.
More about
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Scarce Lenders, Underperforming Properties
In Atlantic
Yard Report, Norman Oder details the
latest Morningstar evaluation of Forest City Enterprises stock
value and finds that the analysts have dialed back the
odds on an FCE bankruptcy, boosting their assessment of the stock's
value. But the analysts are still cautious, noting that some of FCE's
dealings are "opaque in nature, making them difficult to assess." That, of
course, is not exactly a surprise to those who follow Atlantic Yards, although
"opaque" is certainly a polite way to say it.
Morningstar does, however, provide another reminder that borrowing funds just to
keep its current operations going will not be easy for FCE--not to mention
raising huge amounts for new efforts:New commercial
mortgage-backed securities issuance is nonexistent at this point, meaning Forest
City will have to find other means to refinance 17% of its maturities--roughly
$577 million. In addition, banks in general are less willing to loan against
commercial real estate, as this asset class is poised for at least a year of
falling prices and rising defaults. Morningstar also offers a
suggestion: "If Forest City were to hand back a few
highly leveraged underperforming properties, its overall debt picture could
improve materially..." It's not quite what they mean, but when one
hears "underperforming" it's hard not to think "Nets." And coincidentally,
just yesterday, Newark mayor Cory Booker, a man who actually wants the
Nets in his neighborhood, said this on WBGO's
show Newark Today:"Let me tell you exactly what I think is
going to happen. I believe the project in Brooklyn is not going to work
and not going to go forward. I believe the team's going to be put up for sale.
I think there's going to be a national competition for it, because people want
the team, from Seattle to New Jersey. I think New Jersey cannot afford to lose
the Nets, so we're working double time to make sure that, when that
opportunity comes, it's bought by New Jersey investors with the intention of
putting the team in Newark."
Sounds like a win-win: and it would probably make those Morningstar analysts happier too.
Posted: 4.24.09
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