Questions Raised About the Unpaid $20 Million CRDA Loan to the New Brunswick Devco

Middlesex County Improvement Authority defaulted to pay $1 million interest charges on a $20 million loan obtained from Casino Reinvestment Development Authority. This is in addition to five years of arrears which amount to $7 in defaulted payments. The loan was issued to construct a New Brunswick hotel conference center by New Brunswick Development Corp, a nonprofit organization.
The New Brunswick development Corporation (Devco) is an urban real estate development company which was founded in the mid-1970s to stimulate refurbishment of projects and also to serve as a vehicle for both private and public investment in New Brunswick City.
Devo has been responsible for more than $1.6 billion of investment in Brunswick city.

The hotel which was opened at the start of economic depression faced a huge obstacle of attracting guests and had never attained full occupancy as reported on Press of Atlantic City. The hotel was under such financial constraints that the management had to tap into its money to finance its basic expenses such as carpet and mattress replacement.

The loan issued by CRDA was in addition to $70 million in municipal bonds from Middlesex County Improvement Authority and which are supposed to be repaid with revenue generated from the hotel which will be an uphill task.

As Atlantic County Improvement Authority prepare to issue $120 million in bonds for the Gateway project, Chris Paladino is confident that the issues being faced in Brunswick won’t recur. In December, a law was signed to bar state agencies from giving grants, loans and other subsidies to businesses that had defaulted on loans and bonds issued by the state.

CRDA to officials admits that the Heldrich project did not turn out as planned and that repayment of loan offered will be hard.

George Soros Open Society Foundations

A well thought out plan is important. Otherwise, things could backfire. Such is the case with James O’Keefe.

O’Keefe attempted to infiltrate George Soros’ group but got caught red handed. A recording of O’Keefe caught him trying to hack into George Soros’ organization, Open Society Foundation. O’Keefe used an alias, “Victor Kesh”, to leave a message indicating he wanted to get involved in the Open Society Foundation. “Victor Kesh claimed his heritage was Hungarian-American and he was dedicated to fight for European values. He left a phone number along with a request for a return phone call.

The problem with his plan is he forgot to hand up the phone. Since he was not disconnected, the answering machine kept recording his conversation with the cronies on the other end who were plotting along with him. They continue to talk for 10 minutes and discussed his entire plan on how to get involved with the group.

O’Keefe was overheard to say, “What needs to happen is someone other than me to make a hundred phone calls like that.” He went to talk about how he planned to join LinkedIn to use information there against George Soros. However, he realized if he did that it would also attach his own LinkedIn account to her.

One thing is for sure, O’Keefe was not very bright when it comes to technology. It was unbelievable he was not more careful with making his plan clear for his target to hear.

The entire voice message was forward to the president of the foundation, Chris Stone. Stone was appalled at O’Keefe’s attempt to undermine the organization. Stone also stated it was hard not to find the humor in the entire situation. The plan was not funny at all, but how they got caught was.
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George Soros, founder of the Open Society foundation, has projects in over 100 countries. George Soros promotes the Open Society as a place where rights are upheld and government is responsible. This makes the Open Society Foundation a unique private philanthropic group.

Soros started this organization in 1979. At that time his goal was to provide scholarships to South Africans who were under apartheid. In the 1980’s he provided Xerox machines to the Eastern Bloc to undermine Communism.

George Soros also helped promote critical thinking by starting Central European University after the Berlin Wall fell. Soros’ philanthropy spread from the U.S, Africa and Asia. Additionally, Soros provided free education for promising students who were refugees or other young people from underprivileged groups.

Soros organization, the Open Society Foundation, came close to being tainted by O’Keefe. However, the plan was discovered and a stop was put to it before any damage was done.