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November 3, 2009
It came from the Blogosphere...
Brownstoner, Uncertainty, Skepticism Around Arena Bond Offering
There was a lot of discussion last week about the viability and timing of the issuance of debt to finance the construction of Barclay's Arena, the centerpiece of the Atlantic Yards project.
Nets Daily, Stern: Prokhorov Deal Will “Probably Close” in Early 2010
While noting Mikhail Prokhorov’s agreement to buy the Nets “hasn’t been finalized”, it “will be reduced to a full-blown agreement in the next couple of weeks”, David Stern tells Business Week. Then, “the formal review process, background investigations, etc., will go into full swing” and if approved “it will probably close in the first part of 2010.” The Nets need to secure $700 million financing for Barclays Center by Dec. 31.
Red State, Introducing Angelo Maragos, Republican for New York City Council
Bruce Ratner's Atlantic Yards project makes a cameo in a report from the campaign trail of one Republican candidate for City Council:
From the start, the theme of our campaign has been the fight against illegal behavior by the WFP, and the strong special-interest influence on our opponent. We also heavily emphasized the WFP’s connection to ACORN, which has a history of shaking down real estate developers here in New York (the Atlantic Yards case in Brooklyn being a notable recent example).
NetsAreScorching, Nets on the Net: 11/2/09 Edition
By way of NetsDaily, Bruce Ratner quietly trademarked the Russian translation of “Brooklyn Nets,” two weeks before Mikhail Prokhorov agreed to purchase the team.
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Two of Brooklyn’s priciest penthouses are competing for the services of Mikhail Prokhorov.
Field of Schemes, NY to sell Nets arena bonds in three weeks, maybe
We missed this pre-Halloween Neil deMause post.
Reuters reports that New York's state-run Empire State Development Corporation has set the week of November 16 for selling $700 million of construction bonds for a Nets arena in Brooklyn. Read the fine print, though, and it's less certain than that.
...In other words, things are still where they were two weeks ago, with the state and Nets owner Bruce Ratner trying to convince bond rating agencies and insurers that these bonds are safe despite the growing number of lawsuits against it.
Posted by lumi at November 3, 2009 5:27 AM