General Growth Properties in Trouble

Dundee Neighbor Jean Van Gaston emails in with this update:

Five Stocks That Look Completely Worthless
Matthew Coffina
Wednesday
November 12, 2008, 7:00 am EST

General Growth Properties (NYSE:GGP - News)From the Analyst Report:
"Punch-drunk on easy credit, retail real estate investment trust (REIT) General
Growth Properties is now staggering under the weight of its massive debt load.
Raising capital or finding buyers for its commercial real estate assets may be
difficult in the current credit-constrained environment, so we think it's likely
that General Growth's equity value will fall to $0."


Yikes.

So General Growth's bad decision making is putting our community in jeopardy. It's time our community looks to the future, to smart growth decisions that will never hold us hostage to this kind of incompetence again.

Updates

Freinds,

Thank you for checking in on the website. We receive a lot of questions about the lawsuit some families have filed against the Village and Wal-Mart, asking for updates and more information. As it is an on-going legal proceeding, unfortunately we can't really comment too much on it except to say that it is moving forward and we're confident in our case.

People also ask, "How are you paying for it?" We were thankful to find attorneys who represent families and homeowners and understand the limitations of what we, as opposed to megacorporations like Wal-Mart or General Growth Properties, can afford. By sticking together and working together we have been able to stick up for the rule of law and demand that our argument be given a fair hearing--when it wasn't by the Village. It is sad that it had to come to that.

People also ask, "Who are the Dundee Neighbors?" There are a handful of families that got the ball-rolling, but during the Wal-Mart hearings, hundreds of families signed petitions and joined email alert lists in support of our vision of an open government and smart growth policies.

So don't listen to the rumor mongerings and slanderers out there who, out of ideas, are once again falling back on the same tired "NIMBY" argument they used during the Wal-Mart issue. Dundee Neighbors is made up of families with an interest in smart growth and open government issues all over the Village--in the old Dundee, in Tartans Glens, south of 72, you name it. We have knocked doors and talked to folks in every part of town.

That's who we are.

We are all volunteers, not professionals. We're learning as we go, and giving of our spare time to bring some accountability to local government--we'll try to more regularly post here to keep you all updated, and encourage you to engage in dialogue in the comments.

Thank you for visiting! Check back often.

Election Results: Real Estate Tansfer Tax Fails

The referendum on the proposed real estate transfer tax has failed by a nearly two-to-one margin. The wisdom of the people of West Dundee shines! Now we need to harness that wisdom to move our Village in a new direction.

From the Courier-News:

“It’s always a tough sell to raise a tax, but we wanted to let the voters
decide,” Village President Larry Keller said. He said the transfer tax would
have been paid only by newcomers and business people, because any home being
bought by somebody who already lived in West Dundee would have been excluded
from the tax.

For the record, President Keller didn't just "want to" let the voter's decide the real estate transfer tax requires a popular vote.

In other news,

Nominating petition forms for the village president and three open trustee
positions in West Dundee are available at West Dundee Village Hall, 102 S.
Second St.