Friday, October 08, 2010

FCR's Gilmartin going to Beijing to meet with potential investors, but promoters erroneously claim Markowitz will be there

Potential EB-5 investors, immigrants who would park $500,000 for a few years as a no-interest loan to Forest City Ratner through the New York City Regional Center (NYCRC), can attend two events next week in Beijing.

One is on Tuesday October 12, as previously reported, and one on Monday October 11.

Both promote the highly questionable figure of 7696 jobs associated with the $249 million investment sought--4980 are required, for $249 million aimed mainly at financing the railyard FCR's obligated to build--as well as the highly questionable collateral.

Below is the lineup, in the version from Google Translate.

Why is Markowitz there?

Note that Brooklyn Borough President Marty Markowitz (described as the "Brooklyn New York City Mayor") os described as a guest, but will not be there after all.

He withdrew from the trip after questions were raised about the legitimacy of the project and the role of the New York City Regional Center, which is paying his way.

Thus the only government official present will be Peter Davidson of the Empire State Development Corporation.

Note that Forest City Ratner executive MaryAnne Gilmartin will accompany CEO Bruce Ratner, along with another company executive and several representatives from the New York City Regional Center.

A grand project

The machine translation below is a little off, but quite exuberant.

2010年10月11日晚7:00 北京民族饭店锦绣宫 The evening of 11 October 2010 7:00 am Beijing Minzu Hotel Splendid Palace
NBA 项目盛大首发会! NBA starting a grand project will be!

The version in Chinese

At right is the list of names in Chinese, from the web site for the event.

According to the English translation, as of September 28, more than 50 applicants have "signed the project"--agreed to attend the seminar--and received tickets for an October 13 Nets game in Beijing.

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