Friday, May 1, 2009

Clarification on Nancy Shields of APPress

Time4Change wishes to clarify our earlier report that placed the blame on a reporter for the Asbury Park Press misquoting our runningmate Anthony Perillo. We were under the impression that the reporter, Nancy Shields, had gotten the information wrong because she wrote the only article relating to the subject, which was the financial problems facing the holder of Asbury Park's waterfront redevelopment rights, Asbury Partners LLC.
In fact, the misquote was not made by Nancy Shields, but by the APPress' editorial page editor.
The editorial page editor wrote "The good news -- or at least the not-catastrophic news -- is that Asbury Partners chief operating officer Larry Fishman last week dispelled rumors that a bank had foreclosed on the loans."
Nancy in her article had in fact quoted Perillo correctly saying that "lenders are ready to foreclose on them."
We apologize for pinning the blame on Nancy. However, the editorial editor certainly should have been more careful than to misquote in his efforts to paraphrase Perillo's comment. Even while the editor managed to reference his statement without identifying Perillo, it was easy enough to trace the paper's only other coverage of the issue to Nancy's report on the Candidates' Forum at Asbury Tower, when the Partners' precarious position was first reported by Perillo.
And, while we're on it, the editorial says Asbury Partners is "restructuring its debt"... We'd like to point out that lenders don't help creditors restructure their debts unless default is very likely. If it were otherwise, why would the lender want to accept terms less favorable to them? Most lenders have shareholders or private investors to whom they must answer.

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