Commentary: Only Truth in Usoc Building Debacle: 'We Are All Screwed'

Summary

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On Nov. 25, Assistant City Manager Mike Anderson sent a breathless e-mail to LandCo CEO Ray Marshall. The subject line: "URGENT-NEED TO MEET."

The e-mail read, in part, "Ray: the city's underwriting team advised yesterday that they will not be able to market the city's COPs for the USOC HQ building unless we obtain a signed sub-lease from the USOC without a cancellation clause if LandCo does not raise the $16 million for the OTC improvements. In other words, we can't issue the COPs and we are all screwed unless the 16 million dollar issue is resolved!"

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Commentary: Only Truth in Usoc Building Debacle: 'We Are All Screwed'

Any banker, any developer or any half-awake CEO in the private sector would have understood exactly what was happening at that moment: the ...

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