Saturday, January 8, 2011

Read iStar Financial's Official Response to Asbury Park's Finding of Default

Not surprisingly iStar disagrees with the City's contentions that the waterfront property owner defaulted as per the City's December resolution and in its response falls back on the bad economy, etc. (As though its predecessors didn't head for default long before the economy headed south.)
Read iStar's reaction here
Funny, they didn't give Asbury Partners -- circa Larry Fishman, private investment company MD Sass and friends -- the same pass for harsh economic times for their deadbeat behavior. And that was Thanksgiving 2009, the depths of the Great Recession. Different strokes for little governments, eh? 
The City has already passed an ordinance to bond --  borrow -- $250,000 for legal fees, which you can be sure will come to at least $250,000 (unless you know any law firms that will leave something on the table). How much more will the citizens of AP be willing to pay for a bad redevelopment plan?
Update: A source close to the proceedings tells Asbury Radio that filing a lawsuit is the next step, but the city's lawyers are hoping to resolve the issues in arbitration instead. Arbitration would mean a faster resolution and, hence, lower costs, says the source. Pray... 

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