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December 15, 2009
On Ratner's Bond Sale
Develop Don't Destroy Brooklyn
Those expecting a white flag from DDDB in light of today's sale of arena bonds are, well...
Ratner has sold his bonds, but if anyone thinks that is the end of the fight against Atlantic Yards, they are sadly mistaken.
Investors liked the paper and were willing to take the risk, and it is a big one. Good for them. But the 6-year long fight against the Atlantic Yards boondoggle—a publicly-funded, money-losing arena, pretending to be an affordable housing project, in the midst of a fiscal crisis—is far from over. That's why they invented escrow and that's why these bond proceeds are going into escrow.
We fully expect that the outstanding lawsuits against various aspects of the project and Governor Paterson's oversight, oversight that the project has never seen, will finally bring an end to the inertia pushing this white elephant on the people of Brooklyn, and the taxpayers of New York State.
Posted by eric at December 15, 2009 9:01 PM