Monday, November 16, 2015

Placing the Right Bets

I'd bet a reasonable amount that the entire New Jersey pension fund is invested in beanie babies. All those seemingly empty transshipment buildings along 95 probably hold them.
"Despite having had many months to contract for a long-term energy supply and arrange for the necessary heat to prevent the pipes in the Revel complex from freezing, Polo North has waited until the eve of winter to concoct a temporary heating plan that both unequivocally uses ACR's equipment without authorization and threatens that equipment," the utility wrote in a court filing.

And that's not all: Bank of New York Mellon is asking a judge to order Straub's Polo North Country Club to pay $1 million in back electric bills to ACR.

Both matters will be the subject of federal court hearings on Nov. 24.

So far, Straub has sunk well over $100 million into Revel, with very little to show for it.

In case you had forgotten.

Christie’s advisers say he has tried to make the best of a very bad situation. By the time he took office in January 2010, Revel was half-built on the boardwalk, a hulking mass of steel that was losing its financing. Morgan Stanley decided to take a nearly $1 billion loss on the project rather than spending more than $1 billion more to finish the project. One option was to halt construction — leaving an unfinished project looming over a boardwalk already struggling with blight.

Instead, Christie’s administration pushed forward and found new investors by early 2011, luring them with the promise of up to $261 million in tax incentives.