West Orange Grassroots has a new post of Prism's response to the town's October demand letter for information relating to potential material adverse change in the company's financial position on downtown Edison Redevelopment.
It’s about 600 pages and eight files. The bottom line is that Prism says it has not had any material adverse change. It also says it continues to defend against the foreclosure proceeding on its Barton Press property in the redevelopment area and seek settlement. It says it does not yet have necessary financing to begin construction but continues to seek.
I’m still going through the materials, but I’d say at this point that probably the most interesting documents are the cover letter, the title searches of 55 Lakeside Avenue (Barton Press property) and 175 Main Street, and the 2012 year-to-date income statement. I’d recommend reading the original demand letter first to put the response in better context; it's in the post as well.
Please let others who might have interest in this subject know about this. Thanks, Joe