Meteor Hits SBT: #1 in a Series

Leonid_MeteorAt the PACE “Informational Meeting” attorney for the offering plan Stuart Saft’s pet expression whenever a cooperator pointed out a risk in the privatization Plan was, “it’s theoretically possible, but your probability of that occurring is far higher than being hit by a meteor”.

Lets see what has already hit SBT and the immediate neighborhood in the past 25 years: 3 blackouts, 2 terrorist attacks, a hurricane and flooding, 2 earthquakes, and I’m sure that we have missed a few more. Bad things happen all the time Mr. Steff. There are real world risks involved in letting SBT go into the free market despite your claims (as a hired gun for the sponsor) in pretending otherwise.

Some examples of misrepresentations at the Pace meeting just on the subject of asbestos pointed out to us by Paul Hovitz, President of the Southbridge Towers Shareholders Association:

  • The Attorney’s claim that Fannie Mae will participate in asbestos related mortgages is directly contradicted by Page 884 of the Black Book. The Book overrides his claims.
  • Attorney stated that we do not have ‘friable’ asbestos in our units. The Rand Building report as well as the Asbestos Report in the Black Book say just the opposite. The Book overrides his claim.
  • Attorney suggested at the Pace meeting that “if you don’t tell them you have asbestos they won’t know.” Mortgage applications require such disclose. Is the sponsor’s attorney suggesting that you lie?




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