Wonder why there's so much momentum for deals like the $511 million arena bond issuance?
Because all parties involved get paid. As part of the Atlantic Yards master closing documents, first made available today, there's a list of the funds paid various participants in the transaction. (Click on the document to enlarge.)
Mintz Levin, the bond counsel, earned $2,726,633
Fried Frank, the counsel to Forest City Ratner, earned $626,684
Nixon Peabody, the counsel to the underwriters (Goldman Sachs), earned $2,325,000
Ratings agency Moody's earned $360,000
Ratings agency Standard & Poor's earned $388,080
Auditor Price Watershouse earned $60,000
Printer Bowne & Co. earned $76,618.63
The issue fee for the Brooklyn Arena Local Development Corporation (BALDC) was $533,000, which, as I pointed out two weeks ago, seemed low compared to the fees for recently-constructed stadiums funded by bonds authorized by the New York City Industrial Development Authority.
Because all parties involved get paid. As part of the Atlantic Yards master closing documents, first made available today, there's a list of the funds paid various participants in the transaction. (Click on the document to enlarge.)
Mintz Levin, the bond counsel, earned $2,726,633
Fried Frank, the counsel to Forest City Ratner, earned $626,684
Nixon Peabody, the counsel to the underwriters (Goldman Sachs), earned $2,325,000
Ratings agency Moody's earned $360,000
Ratings agency Standard & Poor's earned $388,080
Auditor Price Watershouse earned $60,000
Printer Bowne & Co. earned $76,618.63
The issue fee for the Brooklyn Arena Local Development Corporation (BALDC) was $533,000, which, as I pointed out two weeks ago, seemed low compared to the fees for recently-constructed stadiums funded by bonds authorized by the New York City Industrial Development Authority.
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