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October 2, 2009
Out of Bounds
The Lamron
by Chris Caggiano
The student newspaper of the State University of New York at Geneseo gets in on the Atlantic Yards action.
Along with Prokhorov's suspected investment, Barclays Bank of London has offered to pay $400 million over the next 20 years to secure the naming rights of the arena. These two sources of foreign investment may be a last ditch effort by Ratner to avoid the collapse of the entire project.
Money is not the only issue preventing the Nets from leaving New Jersey; many attempts are being made to stop the construction. Opponents have argued that Ratner is not planning to build what he originally intended, and that his company's use of the eminent domain statute to remove current property owners in the proposed construction site is unethical. Courts have repeatedly ruled in favor of Ratner and his company Forest City Enterprises, but a final appeal case is scheduled to occur in mid-October.
NoLandGrab: How is it that a student journalist reporting from Geneseo gets more of the story straight than do some "professional" journalists reporting right here in NYC? Maybe there's hope for the future of journalism yet.
Posted by eric at October 2, 2009 10:07 AM