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October 21, 2009
As AY endgame approaches, would judges stop the MTA/ESDC from proceeding? Or might the pending cases affect bond sale?
Atlantic Yards Report
So, how exactly could the latest Atlantic Yards lawsuits, regarding the Metropolitan Transportation Authority's deal with Forest City Ratner and the Empire State Development Corporation's approval, stop progress on the project?
After all, both agencies are likely to go ahead and proceed toward a master closing--as described below--which would be void unless arena bonds are sold by January 1, 2010 or alternative financing is in place by March 1, 2010.
If construction seems imminent, Develop Don't Destroy Brooklyn attorney Jeff Baker stated that the group would "seek an injunction to preserve the status quo and protect our rights." If this injunction is granted, the court would probably require the group to put up a bond, the amount of which "is at the discretion of the court."
NoLandGrab: Hopefully, the judge will be somewhat sympathetic and come up with an amount the group can afford, otherwise we'll have to hold the mother of all bake sales.
Posted by lumi at October 21, 2009 7:20 AM