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October 16, 2009
It came from the Blogosphere...
Field of Schemes, WSJ: Atlantic Yards bond sale a "toss-up"
The Wall Street Journal's Serena Ng and Matthew Futterman have weighed in on the question of whether New Jersey Nets owner Bruce Ratner will be able to sell bonds for his planned Brooklyn arena what with two lawsuits pending, and their verdict is: It "looks like a toss-up." The key, they write, is whether Ratner will be able to buy bond insurance, which would cover bond buyers in case the lawsuits are successful and the whole project has to be canceled.
...Ratner could normally wait out Assured, as well as the turbulent bond market, but remember, he has a deadline: If the bonds aren't sold by December 31, his tax-exempt bond approval turns into a pumpkin, and the bonds really become unsellable. Assured, then, has Ratner over a barrel and surely knows it — that must be one fun negotiating table right about now.
NetsAreScorching, NAS INTERVIEW: EMINENT DOMAIN LEGAL EXPERT WILLIAM WARD
While it’s still far from a slam dunk that team owner Bruce Ratner will eventually be able to move the Nets to a new arena in Brooklyn, one legal expert who has more than three decades of experience working on eminent domain cases, believes it’s doubtful that Atlantic Yards opponents did enough in Wednesday’s oral arguments in Albany to prevent Ratner from getting the property he needs for development.
William Ward, who runs the legal blog, New Jersey Eminent Domain Blog, said the justices at the Wednesday hearing before the New York State Court of Appeals asked fair and tough questions to both sides in the case. But working against the opposition is legal precedent that will likely result in another instance of forward progress for the Atlantic Yards development.
NetsAreScorching, NETS ON THE NET: 10/15/09 EDITION
A piece in New York Magazine heaps some praise on the Nets rebuilding effort and hints that New York fans might have a tough choice to make if the Nets make their move to Brooklyn.
...Al Iannazzone says that if he becomes majority owner of the team, Mikhail Prokhorov needs to break the Nets’ lease at the Izod Center and play in Newark until an arena in Brooklyn is ready to be moved into.
Washington Square Park, Freddy’s Brooklyn Roundhouse Cable/Internet Show Covers Jane Jacobs’ Event at Judson Church in Two Episodes
Freddy’s Brooklyn Roundhouse is a well produced “non-corporate media” outlet, viewed on MNN (Manhattan Neighborhood Network), BCAT (Brooklyn Community Access Television) and YouTube, which covers topics such as The Atlantic Yards, media consolidation, Eminent Domain abuse, as well as changes linked to (over) development in NYC. The program is airing a two part show from September 22nd’s Jane Jacobs event organized by Reverend Billy and held at Judson Memorial Church across from Washington Square Park.
...You can watch Freddy’s Brooklyn Roundhouse weekly Tuesdays at 8 p.m. on BCAT and Thursdays at 8:30 p.m. on MNN. Episodes are then also uploaded to YouTube.
No York, Brooklyn’s Atlantic Yards project on hold…for now
A let's-keep-LeBron-in-Cleveland blog reports on Wednesday's court hearing.
This whole process has become very complicated. The bottom line is that the court will make it’s ruling sometime around Thanksgiving. If they rule in favor of the Atlantic Yards project Ratner will have a good chance to move the Nets to Brooklyn. If the decision drags out much longer he will probably not get the support and funding he needs from Russian billionaire Mikhail Prokhorov.
I’m hoping that this project doesn’t work out, and you should be doing the same. If the Atlantic Yards project doesn’t materialize it makes the case for LeBron to the Nets a lot less likely.
Hoops Analyst, NBA Preview 2009-10: Atlantic Division
It appeared that Bruce Ratner was out of capital last year to invest in payroll or to keep the long talked about move to Brooklyn alive. Alas some hope is coming in Russian billionaire Mikhail Prokhorov, who should be around to fund the move and, perhaps, raise payroll.
NetsDaily, WSJ: Arena Financing a “Toss-Up”
If the Court of Appeals rejects eminent domain for Atlantic Yards…no Brooklyn. If Bruce Ratner can’t get financing for Barclays Center…no Brooklyn. No Mikhail Prokhorov either. And the Wall Street Journal reports that selling as much as $700 million in bonds will be “tough” as a skeptical market wonders if the Nets can pay off all that debt from ticket sales, sponsorship deals and TV contracts. It’s a “toss-up”.
Posted by eric at October 16, 2009 1:05 PM