more change!

[dmarc117]

http://biggovernment.com/2010/01/26/the-fi...eal-in-chicago/

 

[westvirginia]

Can anyone tell me a possible legitimate reason for this?

[Perchoutofwater]

Can anyone tell me a possible legitimate reason for this?

 

The only way I can see for this to happen is if the high bidder had questionable financing.

[bpwallace49]

As I read it, the top bidder had a committment from ACORN. Is that considered "secure" tenants?

 

The other "secure": tenant was the SEIU union. Again, is that considered secure with all the blowback to unions and their role in conventions leaving Chicago (according to the conventions that have left . . their words, not mine)?

 

It sure doesnt look good, but if information comes out that proved a lack of fiancing because of these two "tenants", then it is much ado about nothing. What was his third tenant? Circuit City?

 

PS- Then again . . Chicago has some pretty dirty politics, as does all of IL. I beleive three governors in a row facing federal corruption charges might be a all time record . .

[i_am_the_swammi]

The only way I can see for this to happen is if the high bidder had questionable financing.

 

possibly...or his equity was non-committal.

 

Then again, an owner/owner's rep can sell to whomeever they choose. For instance, I can sell my asset to anyone I wish, for any reason I wish. If this was preferential treatement to an ally, then I would thinkt here are plenty of cases where someone sold an asset to a friend/ally at a lower price than the highest-bid?

[Perchoutofwater]

possibly...or his equity was non-committal.

 

Then again, an owner/owner's rep can sell to whomeever they choose. For instance, I can sell my asset to anyone I wish, for any reason I wish. If this was preferential treatement to an ally, then I would thinkt here are plenty of cases where someone sold an asset to a friend/ally at a lower price than the highest-bid?

 

I agree that you can sell to whoever you want to, but I believe we are talking about public entity. I don't think they have the same flexibility as you do.

[westvirginia]

possibly...or his equity was non-committal.

 

Then again, an owner/owner's rep can sell to whomeever they choose. For instance, I can sell my asset to anyone I wish, for any reason I wish. If this was preferential treatement to an ally, then I would thinkt here are plenty of cases where someone sold an asset to a friend/ally at a lower price than the highest-bid?

 

You, yes, but you aren't a government with a fiduciary responsibility to the taxpayers. This is called graft and corruption, unless there's something else not being revealed.

[bpwallace49]

You, yes, but you aren't a government with a fiduciary responsibility to the taxpayers. This is called graft and corruption, unless there's something else not being revealed.

 

WV, if the tenants have a high chance of defaulting like ACORN getting 10% of their budget withheld by the federal gubmnet, isnt it a safer deal to sell to the next bidder? Not defending by any means, but just askin' . . .

[Perchoutofwater]

WV, if the tenants have a high chance of defaulting like ACORN getting 10% of their budget withheld by the federal gubmnet, isnt it a safer deal to sell to the next bidder? Not defending by any means, but just askin' . . .

 

I guess it would depend on who was doing the financing. If the city was providing the financing then yes, but if it was 3rd party financed then it shouldn't matter.

[westvirginia]

WV, if the tenants have a high chance of defaulting like ACORN getting 10% of their budget withheld by the federal gubmnet, isnt it a safer deal to sell to the next bidder? Not defending by any means, but just askin' . . .

 

Yes, and that could be a part of the real reason. The government can NOT just decide to sell to help out an ally. People have and should go to jail for that.

[bpwallace49]

Yes, and that could be a part of the real reason. The government can NOT just decide to sell to help out an ally. People have and should go to jail for that.

 

WV, ACORN was part of the FAILED bid that did NOT get the building . . . If it was aiding allies, (as has been implied) wouldnt the SEIU and ACORN landlord WIN the bid?

[westvirginia]

WV, ACORN was part of the FAILED bid that did NOT get the building . . . If it was aiding allies, (as has been implied) wouldnt the SEIU and ACORN landlord WIN the bid?

 

Re-read the article. They weren't bidding, they were going to be tenants. And I'll bet they still are.

[bpwallace49]

Re-read the article. They weren't bidding, they were going to be tenants. And I'll bet they still are.

 

_sigh_

 

Chicago real estate developer Thomas Bennett thought he had a deal in hand to purchase the old Chicago Housing Authority (CHA) building at 626 West Jackson, just blocks from Union Station. Bennett thought he was paying a fair price for the property as he had a written commitment from two tenants –SEIU and ACORN- to occupy office space in the building.

 

Bennett bid based on the fact that he "had" two tenants.

 

“Occupancy in leasing or their purchasing a few floors that was the model but they were going to occupy,” Bennett said. “When you go in the market with a client, they know what their growth needs would be for a 10-year period. Absent that commitment, I’m not looking at that building. What made this a pragmatic deal was I had commitment from two credible users (SEIU and ACORN). Those don’t come down the road every day. It allowed me to put together a competitive bid. No way was someone going to compete with my bid.”

 

But Bennett didn’t put forth the winning bid.

 

But Bennett didnt win WV, if ACORN and SEIU still lease space from teh NEW owner, then I completely agree with you. But if they dont, then Obama "sold out" two major allies for the chump chnage of 30 grand in donations? That is so de minimus it isnt even funny . . . and no way that Obama would do that for such a small contribution. I just doesnt add up or pass the smell test . . .

[westvirginia]

_sigh_

 

 

 

Bennett bid based on the fact that he "had" two tenants.

 

 

 

But Bennett didnt win WV, if ACORN and SEIU still lease space from teh NEW owner, then I completely agree with you. But if they dont, then Obama "sold out" two major allies for the chump chnage of 30 grand in donations? That is so de minimus it isnt even funny . . . and no way that Obama would do that for such a small contribution. I just doesnt add up or pass the smell test . . .

 

Dude, think about what your saying. With those two possible tenants, there was enough profit there to bid $9 mil on the building. So obamessiah's buddy gets it for $1.3 mil off, and he won't sign up the same deal for those two tenants? Do you really think just because it was sold to a different person, that it won't be used for the same thing? It's not like the other guy is going to turn it into apartments, a factory, or ???

 

However, if that's the case, then it would be a good reason. That's the THIRD time I've said it. I'd be willing to bet decent money that oak-nut and the fedgov union goons will STILL be tenants in that building, if they aren't already.

[bpwallace49]

Dude, think about what your saying. With those two possible tenants, there was enough profit there to bid $9 mil on the building. So obamessiah's buddy gets it for $1.3 mil off, and he won't sign up the same deal for those two tenants? Do you really think just because it was sold to a different person, that it won't be used for the same thing? It's not like the other guy is going to turn it into apartments, a factory, or ???

 

However, if that's the case, then it would be a good reason. That's the THIRD time I've said it. I'd be willing to bet decent money that oak-nut and the fedgov union goons will STILL be tenants in that building, if they aren't already.

 

Which means we have to wait and see who becomes the tenants . .

 

WV I would not be surprised, as the Chicago politics are as dirty as you can get. But to tie it to Obama is pretty thin . . . but we will wait and see . .

[chester]

Taking absolutely no sides in this, but curious as to what this means:

 

“I asked him ‘What did the building trade for?’ and he said $7.7 million, $1.3 million less than what we offered in the revised bid. That’s a substantial drop.”

[i_am_the_swammi]

I agree that you can sell to whoever you want to, but I believe we are talking about public entity. I don't think they have the same flexibility as you do.

 

Correct, my bad. If thats the case, it looks dubious at best....