Forest City Enterprises CEO: importance of Greenland deal "cannot be underestimated"; board chairman says our reputation "remains fully intact" and improving
But for those of us with a slightly more skeptical view of Forest City, it's always interesting to hear how they talk to (and about) themselves.
"Our whole enterprise for as long as I've been here, and those who came before me, has been built on relationships," said Board Chairman (and former CEO) Chuck Ratner, introducing CFO Bob O'Brien.
"Recent discussions [CEO David LaRue] and I have have had with some investors have indicated that some are questioning whether we have lost momentum," declared O'Brien a bit later.
The Greenland deal
LaRue brought up the pending resolution of the Atlantic Yards joint venture.
"We signed a definitive agreement with Shanghai-based Greenland Group for Atlantic Yards in Brooklyn, which we expect to close by the end of June," he said. "The importance of this closing cannot be underestimated. It jump-starts the balance of our 6400-unit residential development in Brooklyn, which we've been working on for over a decade."
"The value creation opportunity in partnering with a firm such as the Greenland Group allows us to continue that development business and activate and for-profit [sic] these buildings," he said.