THE EDITOR OF BROKENWING EDITORIALS IS NOT A REAL ESTATE PERSON, BUT I WOULD LIKE TO TELL YOU ABOUT WHAT IS HAPPENING HERE IN SOUTH EASTERN CONNECTICUT.
NORTHLAND AND TARRAGON SET OUT TO FORM A PARTNERSHIP. ON MARCH 31, 2008, THEY SAID THEY WERE FORMING A TWO BILLION DOLLAR JOINT VENTURE. IN THE DEAL, NORTHLAND WOULD PROVIDE CAPITAL (MONEY) AND STABILITY TO TARRAGON WHO WAS EXPERIENCING A CASH CRUNCH AND SAW ITS' STOCK PRICES FALLING.
BOTH COMPANIES ARE TRYING TO ACCOMPLISH BIG THINGS. NORTHLAND IS WORKING ON SECURING THE DEVELOPMENT OF THE NORWICH HOSPITAL PROPERTY. TARRAGON, WHO IS REPORTED TO OWN UP TO FIFTEEN HUNDRED (1,500) ACRES IN UNCASVILLE, PLANNED TO BUILD A LARGE PROJECT WITH A HOTEL ON THE THAMES RIVER.
NORTHLAND ALEGEDLY HAS FILED TWO LAWSUITS AGAINST TARRAGON. ONE IS ABOUT A PROPERTY IN FLORIDA THAT WAS NEVER CLOSED ON. THE SECOND LAWSUIT IS ABOUT THE JOINT VENTURE NEVER BEING COMPLETED. EACH LAWSUIT I BELIEVE IS FOR ONE BILLION DOLLARS. TARRAGON ALEGEDLY FILED ITS' OWN LAWSUIT. TARRAGON, THE WAY I UNDERSTAND IT SAID, THAT NORTHLAND DID NOT PROVIDE A DEPOSIT OF TWO HUNDRED AND FIFTY THOUSAND DOLLARS ($250,000.00.) TARRAGON CLAIMS IT GAVE NORTHLAND ALL KINDS OF EXTENSIONS.
SUPPOSEDLY, NORTHLAND HAS SAID, "TARRAGON"S FUTURE MAY BE UNCERTAIN AND COULD INCLUDE A POSSIBLE BANKRUPTCY FILING WITHIN THE NEXT SEVERAL WEEKS."
MAYBE IT IS TIME FOR THE DECEMDENTS OF CHURCH LANE (GRAYS?), (BAKERS?), FOWLERS, TANTAQUIDGEONS, AND FIELDINGS TO THINK ABOUT PURCHASING SOME OF THE PROPERTIES IN UNCASVILLE? MAYBE THEY SHOULD BE TALKING TO TARRAGON? WHAT DO YOU THINK?
READERS, NOW YOU HAVE AN ABBREVIATED IDEA OF THE CONTROVERSIES BETWEEN TARRAGON AND NORTHLAND.
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1 comment:
Buy the properties and develop them yourselves. But make sure you have adequate legal representation to view all loopholes in any contract you make with either company.
Keep up the good work and information coming.
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