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Thursday, March 18, 2004

Busted

My bills are all due and the baby needs shoes and I'm busted
Cotton is down to a quarter a pound, but I'm busted
I got a cow that went dry and a hen that won't lay
A big stack of bills that gets bigger each day
The county's gonna haul my belongings away cause I'm busted.
Ray Charles
Aside from intellectual and possible moral bankruptcy, the Boston Herald reports that the McCourts might face the actual kind presently, as the terms of the sale allow Fox to swipe their Southie property if he can't sell it at a sufficiently high price within two years:
Under the terms of the Dodgers sale, McCourt now has two years to repay [Fox's $145 million loan], plus interest, or risk losing his land to News Corp., a spokesman for the new Dodgers owner confirmed. [Excuse me, but who can the writer be talking about here?]

... [S]ome real estate executives say [$205 million] is a rich number for raw land in a still hard hit real estate market. Longtime local developer Thomas Flatley told the Herald that he offered McCourt $150 million in cash for his land, a deal that was rejected.``I think it's going to be challenging,'' said Gary Lemire, an executive with commercial real estate firm CB Richard Ellis/Whittier Partners. ``He has some nice stuff (land) there, but the timing is not that great.''

The article goes on to mention that all's not gloom and doom for my favorite Southie couple: the market, in small doses, seems to be picking up, as a one-acre parcel has entertained bids for $30M, and that in any case, the sell-it-or-we'll-sell-it-for-you clause doesn't kick in for a couple years yet. But one can hope.

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