From the Cleveland Plain Dealer:
Forest City executives expressed confidence in the company's future and pointed to the success of their recent stock offering, which netted nearly $330 million.
President and Chief Executive Officer Charles Ratner said the company's guiding families -- the Ratners, the Millers and the Shafrans -- bought $20 million worth of that stock. Existing investors bought many of the 52.3 million shares involved in the offering. The company will use the proceeds to repay debt.
"Liquidity trumps dilution," Charles Ratner said. "Liquidity trumps everything."
Well, yes, liquidity is important, so that's why the developer apparently doesn't want to pay the MTA more than $20 million. But the families seem to have an extra $20 million lying around, don't they?