Mash The Monster Mall – Letter To The Editor


From TOM DAVENPORT
Redwood Valley

Proponents of any initiative always want some sort of special treatment and if it takes 300 pages written by mercenaries in the legal profession to express that, how could it possibly be trustworthy?

My frequent sparring partner John McCowen, is quoted in the UDJ as sharing the simple, safe view of initiative referendums we both learned from our parents:  If in doubt, vote “NO”.

DDR is literally betting the farm on this one.

It’s their last chance at shooting the moon in high-roller real estate speculation, unless kept on artificial life support by sucking transfusions of stimulus money out of the District of Criminals in Washington.

Expect to see them out of business entirely in less than two years if they are unable to seduce our county’s voters.  Their nationwide string of shopping malls are untenanted to a fatal extent.

DDR’s indebtedness is a lot bigger than their income, and due dates are approaching.

This situation is not unnoticed by Wall Street investors, whose lack of confidence in DDR is reflected in abysmal DDR stock prices.

Why should voters believe DDR would actually be able to carry out any of the things they claim they might do?  Have we forgotten how ephemeral election campaign promises always are?
~~

One Comment

“Fitch Affirms Developers Diversified at ‘BB’, Outlook Negative”

Oct. 6, 2009 (Business Wire) — Fitch Ratings has affirmed the credit ratings of Developers Diversified Realty Corporation (NYSE: DDR) as follows:

–Issuer Default Rating (IDR) at ‘BB';

–$1.325 billion unsecured revolving credit facilities at ‘BB';

–$1.6 billion unsecured medium-term notes at ‘BB';

–$536 million convertible unsecured notes at ‘BB';

–$555 million preferred stock at ‘B+’.

The Rating Outlook is Negative.

“The ratings take into consideration other credit strengths and offsetting factors. For example, the company exhibits a broad tenant roster, deep joint venture platform, and diffuse geographical footprint. However, it continues to face future development funding needs and impairments on both consolidated and joint venture property holdings.”

Maybe that is taken out of context. Visit http://www.updown.com/DDR for a view of DDR’s stock. The article was a link from that page under “DEVELOPERS DIVERSIFIED (DDR) Stock News & Analysis”

FWIW

wxw

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