OT - Atlantic City - default, bankruptcy, and state takeover

[T2Kplus10]

Christie files lawsuit against AC's municipal government. The city is stealing money from the school district, essentially using property taxes that are assigned for schools to payout pensions and payroll. Wow, who is going to jail for this?

http://www.nj.com/politics/index.ss...nference_on_atlantic_c.html#incart_river_home

 

[RU4Real]

Christie files lawsuit against AC's municipal government. The city is stealing money from the school district, essentially using property taxes that are assigned for schools to payout pensions and payroll. Wow, who is going to jail for this?

http://www.nj.com/politics/index.ss...nference_on_atlantic_c.html#incart_river_home

Since the linked article doesn't contain anything about your allegation, I'll just point out that if it were demonstrably true there would be an AG investigation and criminal charges, instead of "Christie (filing) a lawsuit against AC's municipal government".

 

[T2Kplus10]

Since the linked article doesn't contain anything about your allegation, I'll just point out that if it were demonstrably true there would be an AG investigation and criminal charges, instead of "Christie (filing) a lawsuit against AC's municipal government".

Yup, it's true. The lawsuit is to enforce the existing state statute. The city owes the school district $34 million in back payments/property taxes. There is another $8.6m payment due today to the schools, but the city only has $10m in the bank and stated they will use it for payroll on Friday instead.

Fun times in AC. Who's the first to go to jail?

 

[Proud NJ Sports Fan]

My bro said the Borgata was as crowded as ever this past Saturday.

 

[newell138]

My bro said the Borgata was as crowded as ever this past Saturday.

Most of the casinos are near capacity every weekend and getting $200-$600 a night depending on where you stay.

 

[DJ Spanky]

It failed to become the las vegas so now you want to try and make it new orleans?

Ha!

Hey, don't forget we're supposed to be the USC of the East!

 

[rutgersdave]

Most of the casinos are near capacity every weekend and getting $200-$600 a night depending on where you stay.

I believe that many of the casinos failed because they were sold several times and increased the acquisition cost so high that the debts were unable to be serviced. I worked in several industries where the property or businesses was purchased at such a high price that They had to continue to cut almost all cost to pay the debt. The last debt holder tries to cut and cut and finally default on the debt.

I think that businessman name Trump is an expert.

 

[RUaMoose]

My bro said the Borgata was as crowded as ever this past Saturday.

Went to the Trop for a 38 Special concert a few weeks back on a Saturday night. Almost didn't get a parking spot in their deck. Said to my wife I thought AC was struggling. I guess there's still plenty of degenerate gamblers to pack the casinos on weekends anyway. Absolutely nothing else to do down there other than gambling and maybe catch a show/ concert

 

[Proud NJ Sports Fan]

The Trop is always packed on weekends, especially in the summer.
It has more bars/clubs than the other casinos on the boardwalk.

 

[NotInRHouse]

Crispy Creme is on a typical revenge tear this week. Suing the Republican mayor in Atlantic City because he won't allow the state to overturn the will of the voters, and Crispy sent henchmen from the state to force re-evaluations in North Jersey towns at the behest of Sweeney.

Yet another attack from Governor Slob on the state's middle class.

I guess whatever it takes to audition to be Drump's head of deportation forces. Maybe he can shut down bridges into Mexico, or just destroy their credit...I mean those things he's good at...

Revenues in AC are probably higher than his approval, which granted, says very little...

 

[justinslot]

Pleasantly surprised by this thread, which has not been the usual "Detroit by the sea" "let AC die" stuff I've seen around discussions of AC's crisis.

Lighty's post on the first page is on target. Build on what AC already has and does well, which isn't being another shore town with condos near the beach. There does need to be more year round entertainment on the boardwalk...it's a pretty desolate walk between the Trop and Caesars/Bally's, or between Caesars/Bally's and Resorts/Taj, in the off season.

I've been having a hard time figuring out the intransigence of the two sides on this one though...Prieto wants to make Sweeney look bad on behalf of Fulop, correct? But why is Christie so wedded to Sweeney on this--just his usual doing the bidding of the Norcross machine?