Saturday, January 26, 2008

Court Trouble: Woe$ In The Political Arena

I've run out of words to describe the eminant domain highway robbery of Prospect Heights, but this screen grab above says it all. Betty White ("Lake Placid", Fox 200 Pictures, 1999) as the widow Bickerman responds to her cow being used as bait to lure a 30 foot long crocodile:

"You can't take my cow by eminant domain!
You're all c--k s-----s!
I knew that at first but I didn't want to say it!
You're all c--k s-----s!

Speaking of eminant domain c--k s-----s, it looks as if the mega-developer FCR is running into financial problems with the Nets Arena. Who knew that the sub-prime mortage mess would get tangled into the Nets' arena funding mess. That's like finding out that smog protected us from atmospheric radiation. The New York Post reported that an affidavit from Forest City Ratner's Director of Finance admitted fundraising difficulties. From the recent article "Ratner Admits Arena-Funding Woes" (Rich Calder, NY POST, January 28) Rich Calder reports:

"Ratner is running into trouble securing funding for his controversial $4 billion Atlantic Yards project...The biggest development in Brooklyn's history is in jeopardy because of dragging litigation and a slumping fiscal market."

"The credit markets are in turmoil at this time . . . There is a serious question as to whether, given the current state of the debt market, the underwriters will be able to proceed with the financing for the arena while the appeal is pending,"

The affidavit contends that Ratner is "likely to encounter significant difficulties and cost increases in concluding the bond financing that is essential to the arena's completion should the appeal not be decided quickly.

And Eminent Domain ?

Of course this all happens as Ratner himself is trying to pressure the courts into ruling the eminant domain case in his favor. As judges flee this case in fear of jeapordizing their political futures, FCR and their legal team want people to believe that the pesky protesters (DDDB) are costing Brooklyn a civic boon. But Bruce Ratner decided a long time ago that fighting it out in court was cheaper than submitting Atlantic Yards to a transparent public-approval process... yadda, yadda, yadda. This just makes me sick to my stomach. Broo0klyn, what have we allowed?

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