Unpaid $20 million CRDA loan is raising queries about New Brunswick Devco

Devco is an investment organization that is aimed towards supporting medium-sized Nordic companies, together with existing stakeholders, grow. DevCo focuses on individual company and business investments into the medium-sized companies with an international potential and considerable growth, which typically has revenues that are $60 to $600 million. Opposed to the traditional funding model, the company now focuses on a limited number of firms, which enables them to provide operational support for the sustainability of long-term development.

The company is striving to be the active owner and offers:
• Long-term financial resources aimed towards supporting future growth
• State-of-the-art individuals on the board
• Operational support that implements and initiates well-defined development programs

DevCo is a company based in Finland and is backed by big investors with a long horizon in ownership.

This past month, Middlesex Regional Improvement Authority failed to pay $1 million in interest and principal on their debt of $20 million loans that was granted to them by the Casino Reinvestment Development Authority (CRDA)

The Improvement Authority had been in arrears for five years now, racking up more than $7 million in skipped payments. The loan, completed in 2005, saw the financing of the construction of the Heldrich building, a New Brunswick Development Corp.

The company has been flaunted by Stephen Sweeney, the state Senate President, as the example of what can happen when state and public money is channeled towards private companies to execute large-scale construction. The New Brunswick outfit is also part of the model for the Atlantic City Development Corp., a sister company expecting to manage more than $200 million of private and public financing – including the $19.5 million in new CRDA cash- to develop the Chelsea section of the City Gateway project. Press of Atlantic City wrote this article.

 

Yeonmi Park: Interesting Characters

Yeonmi Park has told a captivating survival story which was later written down as a book for many to read and get the full details of her struggles breaking free of North Korea and dealing with different circumstances being trafficked. Among the different circumstances that she found herself in was the meeting of a gangster named Hongwei. He was one very violent gangster. However, the love that he had was obvious. One act that he did for her was help her escape. He has done some wrong to her that was very hard for Yeonmi to forgive. When Yeonmi looked back, she has found that she could understand him in certain aspects. She has thought a lot about him. For one thing, she did want to get him back for what he has done to her. However, she has looked at his situation and understood that he did not have his parents. She lived without her parents for a while too. Yeonmi Park  doesn’t know how to feel about Hongwei anymore. She does consider her feelings and the situation to be a rather complex deal. Writing the book does give her a lot of perspective on everything that has happened. It also helps people learn about the darkest place in the world which is what she wants. For one thing, when one writes about his or her experiences, he gets it out in a way that she could look at the experiences and hopefully gain some new insight on what she went through.  Yeonmi told the Guardian she does consider Hongwei to be among the more despicable people that she has dealt with. The most despicable man of course is Kim Jong-Un himself, the current ruler of North Korea. She is working on a way to bring to an end the oppressive rule of the Kim regime. It is going to be a while before she is able to accomplish her goals. Meanwhile, she has got to work on some healing as well as learning from the experiences of her family which include her mother and sister who has also wen through a lot of trauma that is equally as hard as what Yeonmi herself has gone through.

Warriors Complete 20 Point Comeback In Win Over Pelicans

The New Orleans Pelicans had a 19-0 run spanning from late in the first quarter and into the second, and held a 20 point lead as the fourth quarter started in Thursday night’s game against the Golden State Warriors. Even as late as the 6:00 minute mark of the fourth, the lead was still 17 points. But thanks to poor play by the Pelicans the Warriors were able to erode that lead and a last second three pointer by Steph Curry forced the game into overtime.

In the extra session the Warriors continued their hot play and went on to win the game 123-119. It was a disappointing loss for the Pelicans, who were hosting their first home playoff game since 2011. They are now down 3-0 in the series to the favored Warriors.

Sports enthusiast Ray Lane blogged on the Wall Street Journal that it seemed like Curry was the only one taking shots all night, putting up a total of 29 attempts on his way to scoring 40 points. He was particularly active from beyond the arc, throwing up 18 attempts and hitting seven of them. Klay Thompson added six three pointers of his own. Pelicans star forward Anthony Davis did his part, scoring 29 points and pulling down 15 rebounds but was still out-hustled on the boards by Warriors forward Draymond Green who pulled down 17.

The Pelicans are now facing an elimination game on Saturday in New Orleans.