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April 18, 2007
Nets Loan Figures in Annual Report
Nets Daily got a little sore at us yesterday for calling the web site the Nets "team blog," especially after we tried to squeeze in an itty-bitty linky for being the blog's source for a Crain's NY article. The guy who runs the site explained "we try not to link to political blogs." Wow, all along we thought we were blogging about urban planning. Or was it eminent domain-abuse posterboy Bruce Ratner? We've lost track.
Apparently, the Nets Daily blog only looks official, and it's run by some guy who is still waiting for an apology — sorry, our bad.
Yesterday, Nets Daily posted some excerpts from the Forest City Enterprises Annual Report, though he mistakenly pegs the price tag of the project at $6 billion (which may come to pass if construction and labor costs continue to skyrocket).
Specifically, Forest City states:
“The team is expected to operate at a loss in 2007 and will require additional capital to fund the loss. We have agreed to advance up to $13,000,000, in the form of a member loan, which is senior to both common and preferred equity of the partnership that owns an interest in the Nets, but subordinated to third party debt.”
Check out the rest here.
Posted by lumi at April 18, 2007 8:13 AM