Sunday, December 13, 2009

NoHo Commons' FAIRFIELD RESIDENTIAL Files For Bankruptcy -- AND CALSTRS (Pension) "WIPED OUT" of Investment (Oh Well, At Least They Gave It A Shot!)

[Pictured: Fairfield Residential LLC, has been unable to refinance debt or sell properties; here, the 438-unit Gallery at NoHo Commons in Los Angeles. Oh well.]

FAIRFIELD RESIDENTIAL BANKRUPTCY MEANS CALSTRS INVESTMENT (California State Teachers Retirement "WIPED OUT." (Oh well. An honest mistake. Carry on!)

From some unverified news source called "Wall Street Journal" (They don't have a blog, so never heard of 'em.):

The bankruptcy is also a blow to the California State Teacher's Retirement System and a subsidiary of Mitsubishi Corp., both of which invested in Fairfield over the years.

A Fairfield spokeswoman confirmed that investors including Calstrs would be wiped out by the bankruptcy but would continue as joint-venture partners on Fairfield projects.

Here's the entire WSJ article. There may be something to this pension issue!

Zuma Dogg will be announcing the Top, #1 ISSUE the city MUST confront IMMEDIATELY at 6am Monday morning, Dec 14th at http://ZumaDogg.org. The City's treasury is being held hostage. CityWide action must be take to release the hostages (your money) from the treasury kidnappers. And ZD will be further discussing the matter Tuesday at 11pm on KPFK 90.7 FM with Chris Voltaire on his debut show. (It's gonna be UGLY for City Hall!)

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