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October 26, 2008
Ratner Parent Company Stock Slides on Concerns over Brooklyn
NetsDaily
Forest City Enterprises, the Nets’ single largest stockholder at 23%, saw its own stock crumble this week, with one rating agency dropping its credit rating even after the IRS agreed to permit tax-free financing for the Nets new arena. Standard & Poor’s, noting FCE has already sunk $250 million into Bruce Ratner’s Atlantic Yards–and the Nets, said it was “particularly concerned” about the project’s viability.
As usual, there's a raging debate over the significance of this news in the comments section (link).
Posted by lumi at October 26, 2008 1:03 PM