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

[John Swindler]

Nothing like a sale at arms length to find out what the property is 'really' worth.
 
> From: fwschneider at comcast.net> Subject: [PRCo] Re: The public believes in the tooth fairy?> Date: Sat, 15 Nov 2008 12:52:18 -0500> To: pittsburgh-railways at dementia.org> > AGREED BUT THEN HOW MUCH CASH IS OUT THERE TO BUY UP THE > PROPERTIES. SOME WILL GO FOR A LOT LESS THAN THEY ARE WORTH.> > 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> >> > 
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