NO It is not time to sell it is time to buy. This issue is going to get straightened out. As to the bonds there may well be a question of material misrepresentation which is going to take everyone back to a review and debate concerning the application.
Now a days it is not wise to give people the benefit of the doubt because unlike bygone days people's attitudes have changed and there are far too many characters whose reputations are in dispute.
However, let me advance an argument in favor of the Developer. While CDD are new The Villages appears to be the largest of its kind. And so it would seem that during the incubator period (until the build out) it is important for the Developer with sway over the project and counties stay involved to keep it all going forward. Perhaps if the Developer moved away too quickly the project would have faltered?
Folks keep debating the valuation formula utilized in the transaction between the Developer and District. TheNotice of Proposed Issue dated January 2009 addressed that issue in quite a bit of detail. Suffice is to say the newspaper accounts etc reported the IRS was not impressed.
Bottom ine for me is that it appears this controversey is moving forward and the sooner it is resolved the better for all of us.
|