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Sunday, August 9, 2009

Connolly bankruptcy?

Today's Courier's main story concerns bankruptcy proceedings against Connolly Properties' East Orange apartment buildings. (Unfortunately, not online as of this writing, so trundle on over to the newsstand.)

On July 11, 2009, I sent a confidential email to City Council members that read as follows --
I have been thinking that Connolly must be in deep financial problems -- he bought high and I'm guessing is overleveraged.

Would behoove Council to give some thought to what happens if he goes belly up.

It would create great consternation among tenants, and the city should be concerned given the already bad conditions revealed -- with more revelations on the way.
Now that the cat is more or less out of the bag, I no longer feel it needs to be confidential; it would be nice to know if any thought has been given to this increasingly dire situation.

-- Dan Damon

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active citizen said...

Go to to get the skinny on Connolly.

Anonymous said...

I think they have a plan titled: Hot Dogs for everyone, then run for the hills.

Rob said... yourself the wonder..."any thought given.." ... NO. You live in Plainfield. If he goes bankrupt the traditional big 3 in the area - Puppet Master, Puppet and her toy on The City Council will stand there, jaws laying on the floor saying," But we didn't see this coming " . That's what will happen.

Anonymous said...

Who is the toy on the city council, Rob? I'm guessing Burney, given his track record.

Anonymous said...

Rob is right, just like with the hospital. "We didn't see this coming."