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Law, culture, and Catholicism...up in smoke!

Monday, February 09, 2009

The Golden Urinal

Yesterday, I posted numbers from the Ave Maria zip code and Naples. FUMARE reader Harold Rosenblatzkoholchekski (name reprinted with permission) writes in that

"Last year in the Ann Arbor Business Review (link here) dated December 11, 2008, Monaghan was interviewed. Besides his usual whining that we persecuted him here, he, with the other side of his mouth talks about the most beautiful office building we let him build with a golden urinal he claims he never used but President Ford did. Anyway, beside his duplicity, he says that as of that date, only 250 homes had been sold in Ave Maria town down there in Florida. 250. Wasn't he telling you people that he expected to sell 1000 by close of 2007? he's a year late with only 25% of year old projections, and yet that guy says,
"If I wasn't in the pizza business, I think I would have liked to have been a developer."
"The gall of that man is incredible. He blames us for his bad real estate practices. Thank you FUMARE for calling a spade a spade. I'm tired of being called this man's devil.

"I also want to point out to you people that there is evidence of people being on the take down there from his own mouth:
"We also picked the worst possible time to build buildings. We had hurricanes and booming growth - you just couldn't get the subcontractors. We ended up paying double over a three-year period from what our original bids came in at. We had to cut back on what we build - we still don't have a gymnasium."
"paying double? Is he for real? They didn't pay double total cost. he paid double what he thought he'd have to from his own pocket. that's because he didn't sell what he thought he would. So he had to pay twice what he expected to come out of his own pocket.

"And yet he says he wanted to be a developer. Either he is an incompetent boob or a liar, but I'm surprised he thinks anybody believes what he says. Thank you for putting the numbers up there, but I thought you'd appreciate the actual numbers from the horse's mouth."

"Thanks Harold... we'll keep you posted."

I think Harold's point are interesting. I also think that paying double what the bid price was could mean changes (say going from a crystal cathedral to a stone facing), or mean that they didn't have good bids (suppressed in order to make the real estate profits look higher?). But in claiming that the amount of buildings was less than what they projected, but still paid twice, does that mean they got less than half of what they thought?

I also like how Harold picks up on the fact that Monaghan is playing developer right now and did in Michigan. So far, in both places, it's not going well. So AMSOL is nothing more than a piece to be pplayed in Monaghan's hobbies?

An what's up with the urinal comments from Monaghan? Do you really believe he never used it?