[PRCo] Re: The public believes in the tooth fairy?

[Schneider Fred]

That isn't an argument.   The question is, where will the money come  
from to fund the sale of those properties?   Credit is short.


On Nov 13, 2008, at 9:08 AM, John Swindler wrote:

>
>
> Park City Mall is not going away.  It will either get refinanced,  
> reorganized, some properties sold off to pay off the debt.  My bet  
> would be refinanced or selling off of some properties.
>
> John
>
>> To: pittsburgh-railways at dementia.org> From:  
>> fwschneider at comcast.net> Subject: [PRCo] The public believes in  
>> the tooth fairy?> Date: Wed, 12 Nov 2008 19:48:08 -0500> > Last  
>> night our friend from Donora and Jacksonville teased the >  
>> "professor" into a diatribe. Tonight's newspaper set me off  
>> again.> > In the early 1970s more-or-less local investors decided  
>> to create a > new shopping mall. It was to be an uncover mall with  
>> four anchor > department stores, two movie theaters (since closed)  
>> and over 100 > smaller shops all laid out in the form of an X. The  
>> Park City > Shopping Center, now known simply as Park City Center,  
>> wiped out > downtown. In fact, the strongest bus routes left in  
>> the county run > from the city to that suburban mall. Overtime the  
>> local investors > sold out.> > Tonight's newspaper carried an  
>> announcement that "General Growth > Properties Inc. shares plummet  
>> Tuesday after the mall owner warned it > faces solvency trouble  
>> and may be forced to file for bankrupt!
>  cy if it > can't refinance or extend nearly $1 billion in debt due  
> next > month." Is this the only problem? No. The company has an >  
> additional $3.07 billion in debt due in January that it probably >  
> cannot cover considering what is going to happen to Christmas sales  
> > this year. Mall owners usually charge rents both as a fixed price  
> > and a percentage of sales. And like the American consumer who  
> used > his Visa card as a hedge against next month's pay checks,  
> these mall > owners were probably planning on the percentages  
> coming from sales in > the stores. Guess what guys, you don't make  
> those kind of plans.> > I looked up General Growth Properties on  
> the internet. There are at > least five locations in Ken  
> Josephson's home town. Mark McGuire and > Jerry Matsick have one in  
> Jacksonville. Now when they can't pay > their property taxes, do  
> Lancaster and Las Vegas and Jacksonville and > Cleveland and  
> Baltimore and Washington DC foreclose or do they > forgive the  
> taxes?> > There!
>   was an Associated Press story in tonight's paper too. Polls >  
> show th
> at "only 36 percent say trimming income taxes should be a top >  
> priority when the new priesident takes office in January, according  
> > to an AP-GfK poll. That was less than half the 84 percent who  
> cited > improving the economy as a number 1 goal and the 90 percent  
> who said > creating jobs should be a paramount task." If we have  
> spent all > our lives believing we can use VISA and MasterCard to  
> charge this > months spending so we can it with next month's money  
> instead of > building up savings to pay for it (I'm excluding you  
> Mr. Swindler) > how the hell do we expect to teach the public  
> enough responsibility > to improve the economy over night? And we  
> will create great jobs > too for the public who believes that the  
> lawn sprinkler that should > built using $45 an hour union workers  
> should only sell for $2.00 at > Wal*Mart. The tooth fairy is alive  
> and well. We'll fix everything > tonight and the world will be  
> great tomorrow.> > Fred Schneioder > >
> _________________________________________________________________
> Color coding for safety: Windows Live Hotmail alerts you to  
> suspicious email.
> http://windowslive.com/Explore/Hotmail? 
> ocid=TXT_TAGLM_WL_hotmail_acq_safety_112008
>