From TOM ANDERSON
So, Developers Diversified Realty’s latest election glossy says Mendocino County has a bad case of the financial flu.
Look who’s talking.
Who but DDR, do you suppose, was very first in line for a TALF handout ($600 million) from the New York Federal Reserve Bank?
This weasel is pulling our collective leg, folks, if I may demean you with the term. Its ongoing, inevitable collapse is almost daily news if you’d care to Google it.
With 60 percent of its loans due by 2011, and 15 percent more in 2012, with an operating loss instead of profit, and no income except from assets it can sell at half price and whatever it can beg, Developers Diversified is about 23 months away from oblivion.
Although with $600 million from the feds in October, it can pay creditors now and throw the best election money can buy before it kicks off.
And the Masonite site will be a choice item at the corporate farewell sale, especially rezoned commercial/residential instead of drab old industrial. You get the point.
Can you believe these guys?
. . . Do you?