Who's Daley supporting in the battle for Block 37? | Bleader

Tuesday, November 24, 2009

Who's Daley supporting in the battle for Block 37?

Posted By on 11.24.09 at 03:12 PM

Sign up for our newsletters Subscribe

The lawsuit between Block 37 developer Joseph Freed & Associates and lender Bank of America over a $128 million foreclosure is hard to follow, but a news report filed today on Crain's ChicagoRealEstateDaily.com may shed some light on the crucial question of which side the mayor favors.

The city originally appeared to favor Freed, threatening to punish Bank of America for taking Freed to court. David Roeder reported in the Sun-Times on October 23, "An influential alderman said he is considering whether to bar Bank of America from advising the city on bond issues. 'One might question the wisdom of using Bank of America on a future bond deal, given the circumstances,' said Ald. Edward Burke (14th), chairman of the City Council's Finance Committee. The panel approves underwriters of city bonds." (No link at the S-T; here it is at the Chicago Public Library if you've got a password.)

But the receiver, appointed by the court in response to a request by Bank of America, has an interesting new lawyer. According to Crain's, "John J. George of Daley & George Ltd., will have a billing rate of $350 per hour. Mr. George's other name partner in the firm is Michael Daley, brother of Mayor Richard Daley."

Anybody want to bet on who's going to win now?

Of course, the most important question for taxpayers may be: How much is this going to wind up costing us?

Tags: , , , , ,

Comments (4)

Showing 1-4 of 4

Add a comment

Subscribe to this thread:
Showing 1-4 of 4

Add a comment

More by Ben Joravsky

  • Listen to <em>The Ben&nbsp;Joravsky Show</em>

    Listen to The Ben Joravsky Show

    The Ben Joravsky Show is streamed Tuesdays through Fridays between 1 and 3 PM and airs live on the Chicago Reader and Sun-Times websites. It is also released as a podcast each afternoon after the live show.
    • Nov 8, 2019
  • The first step

    The first step

    Thank you, Chicago teachers, for forcing the powers that be to take a small step toward doing the right thing.
    • Nov 5, 2019
  • The good old TIF mayonnaise jar

    The good old TIF mayonnaise jar

    To settle the teachers’ strike Mayor Lightfoot should scrape some more “mayonnaise” from the TIF slush fund.
    • Oct 30, 2019
  • More »

Agenda Teaser

Performing Arts
Broken Bone Bathtub Humboldt Park
October 30
Lit & Lectures
November 12

Tabbed Event Search

The Bleader Archive

Popular Stories