Macy property and eminent domain

Can't say I would not do the same... if I knew some deep pocket investors HAD TO HAVE my property, I'd try to squeeze out every last hundred thousand I could out of the deal by any means necessary. Wouldn't anyone?
 
John Galt said:
Can't say I would not do the same... if I knew some deep pocket investors HAD TO HAVE my property, I'd try to squeeze out every last hundred thousand I could out of the deal by any means necessary. Wouldn't anyone?
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Yes, but don't have to like it. Makes me a hypocrite, doesn't it?
 
whozit said:
Yes, but don't have to like it. Makes me a hypocrite, doesn't it?
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ha ha welcome to the club, pull up a chair :)

My only lament is that they have to feed the pig lawyers instead of just shaking hands on a fair price without all the drama.
 
John Galt said:
ha ha welcome to the club, pull up a chair :)

My only lament is that they have to feed the pig lawyers instead of just shaking hands on a fair price without all the drama.
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And in the end, after removing the legal fees, good possibly will end up with about the same.
 
A court will end up telling the sellers what they'll get. I suppose they could think they'll still get more in the end. What is stupid is to use the tax assessor value as the basis for what they think their property is worth. That bears no relationship whatsoever to real world value. Nothing that is half empty is worth much by commercial property valuation, which is based on the return on investment the existing property produces.

The value to the buyers is only more, because of the improvements they want to make to the property. So how is it right for the seller to expect to cash in on a greatly improved value that they are contributing not one dollar to? They will likely get a bit more than its worth, but not much. Its worth a lot more as part of a new arena. It's worth a very low amount if it continued at its current use. JMA paid $10 million to Westfield for the downtown mall.
 
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I agree but as John Galt said above, would we do any different? I know what I would do, but that I do not and I know what I would not do, but that I do just to paraphrase. However, my ugly side hopes the sellers go away disappointed 'cause they shouldn't be rewarded for what they couldn't make successful.
 
whozit said:
And in the end, after removing the legal fees, good possibly will end up with about the same.
Click to expand...

Dunno about California, but a most states allow the defendant in eminent domain to recover all attorney's fees. With a major deal like this, I'd expect to see some $500 an hour and up attorneys just churning the file to get every penny they can out of it.

Edit: Found the California statutes. Looks like Macy's can recover attorney's fees only if the government's final offer to purchase was unreasonable. That's a lot less lenient than I would have expected.
 
The trend continues: The Kings get their *sses kicked on the court, but having been kicking *sses off the court.
 
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