--- In [email protected], "dsher4" <[EMAIL PROTECTED]> wrote:
>
>
> We have to be careful what we wish for here. The disaster
scenario
> would be MM pulls out of Asbury and nobody else steps up to take
> over the project because other real estate opportunities are
trading
> at distressed prices now but don't have nearly the risk that
Asbury
> has. Or MM funds for Asbury get diverted elsewhere because of the
> opportunities arising. I spent all day at a distressed conference
> today and spectacular properties are trading at enormous
discounts.
>
> It becomes very difficult, virtually impossible to get funding for
> long term projects in this environment particularly ones that
don't
> generate near term cash flow (asbury is a long tailed, long term
> cash flow play with big potential reward but bad near term
> economics).
>
> I wonder what the cotingency plan would be if MM backed out and
cut
> its losses to focus elsewhere. This is probably a much more
serious
> risk than most on this board perceive. Any thoughts?
>
> dan S.
very sobering post....even in a great market/ideal economic
environment it would be difficult to pull off what MM is
attempting. all I can say is I hope they stick it out....they have
made a huge bet on AP and I hope it pays off for us all.
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