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WILK News Radio>Audio & Video on Demand>>Al Boscov talks to Corbett

Al Boscov talks to Corbett

Mar 7, 2014|

Al Boscov talks to Corbett about the Steamtown Mall foreclosure and what it means.

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Automatically Generated Transcript (may not be 100% accurate)

We do have -- -- come. Mr. Bosco thanks so much for taking some time to talk -- does that. There is a pleasure to do -- here see them. So cute little bit reentry is that when we were developing wish -- twenty years ago that we just got a lot of money we spend ninety million on. Them all and nobody really leadership Christian Oppenheim. We've still loaded step down -- 638 million what's happened is that. So -- -- Shillue retailers when they opened the believe program where they the troops veterans and montage I think fiscal. And I would -- -- -- -- and there's been this consolidation and other things happening. So there at the mall is not nostalgia is in trouble. Oh on his side and as we can not only the mall was compute them all of our group a partner at Arnold Prater who was -- -- revenue reallocation of terrible attack. And then the Bosco pavlik had to put up pieces of that that's so there's -- separate corporation and prosecute -- -- -- -- -- -- and they're tablets. -- The media that's what happened is it's. While -- charges are wonderful national pleasantly were -- wonderful. Pandered to do very well then they actually were doing more violent it is the only other. And publishers of the market only capable of ought to look into an apartment or Quebec market. What the law has just problems and they play and the owners. I should -- -- -- but the person could total loans on. The video. -- shopping center. Are pretty good shopper and I don't. Then it's going into. Foreclosure. Operation. And the careful -- up herself. -- -- and attack and if we have an opportunity to sit down. Prosperity partners are -- fuel corporation by the DOD numbers but -- -- -- still probably showed you -- of the better. Can afford to great more developers comes along we -- -- good to have him. Doing because he's at work contacts and pressure to build a little more -- No but which we have not been active in particular while we -- very active. And you always put up the money used to -- -- put up some money to remote. And would not -- very close to totally secure is that it's unfortunate that this according to this problem put dirt. So this seems a long of the four cities and establish more pollution problems that you are consolidation. The citizens of faculty positions. And nervous in this portion of these sometimes you've just got to try actually goes into our area. It's considered very good question we're not from a trip without bosh producer. And if we have anything to do isn't it we would publicly. -- -- Or preventing toward it goes above it's certainly another developer we Julian that we don't mind that we've auditorium because we don't want -- -- And videos have that we don't -- -- close. There is no other ways it's always good turn interest don't mention it could be part of a university or for good scores appear shorter. The army clearly says that tomorrow should be done. -- -- -- that they did that are trying to do that they would be against Charlie and I don't think they would do it I just. -- knew the number one reason whether emotional addition showed a lot of traffic. We'll do well to him you know there have been a lot of people leaving. Since the bond and that's certainly be doing and one company. Left and they had two other relatively. Perry wanted to give him more wanna leave throughout side. But otherwise there was there. We've told truly know what sort on we believe that hopefully eventual move quickly that we can bring it to an end. And I just -- make sure everyone knows that we appreciate everything your creditors don't approach frustrating is lovely here under any conditions. And we will be there and we believe that if so -- else who might have more -- I can go lol doesn't -- for the bidding that we will be one of the better. Are you confident that you who if you do bed will be able to purchased the mall you as the Moscow family. I guess that the solution is usually the people who hold the overly -- But I just ask the potential artists are -- -- ridiculously low for television are reduced initial load -- really -- so. Because they really don't want to run mall. This is not the only war the conclusion -- president trouble. And I think because there'd be very very good deserves that. If we -- the hybrid tea spiritual leader or major Walter Robert -- multiple problems for a private more than they would have more confidence actually sort of we request please stand down and let them go ahead and do it. OK if not we would -- toasters we would put our own capital 300. Worst totally -- corporations are sure -- cause we sure did and didn't want corporation and its currency probably sure we're 43 of the other corporation is just a real estate venture which a lot of people and we're not all Hillary than any real -- -- country just. We don't only sure we have maybe rewrote the -- sure that we would have -- -- sort of people -- efficiently -- development project director of position they -- -- leaders who have also we have important. So there's a harbinger will interception on the mall has never paid a dividend to edit work. But from all. Came about because there was a governor that can potentially. The governor Casey who was his opposition there was a congressman current congress from the state. Who didn't want to see. The mall echo there what we had -- there was a bunch of experience these stores a lot of were big furniture assures that have had to stay there. And Turkish the cavaliers they get that project into practitioners. -- -- -- that's. It appears to have three years he had an important level or below historic. We sometimes had to pay too much you get -- going. -- The senator independent governor called for trying to help -- get to more Korean. We get disoriented should operate well. For about fifty years is rather trouble us couple years and I think that. There were doing so much credit for doing so well we'll help push it is important to go to people covenants. Do you like wanna county majority commissioners have who have said that. They're taking an interest in this and perhaps they might take over the mall do you take. Seriously mr. miles off. I don't know we have I think they -- -- notion we've that was this city apparently. We didn't know what situation we have to -- -- -- or days so we know we're happy we met with them. -- did you note that this thing was gonna happen. I don't know that they. I haven't seen any final can either. But at the way the partly trees now. Let's talk strategy allows -- there's no other way -- -- very abuse so that for retail stores or at least that's what we're doing nothing more than just kind of but in order to get process of -- there at -- -- -- at street continued to run. As -- retail -- So if the so if the county commissioners want to put county offices there they would do that without bus comes as a tenant. We have the right to leave and we certainly know I don't know what kind of hazard -- -- -- say what we would do I couldn't say that they -- with. At this point before all of this -- eight. -- so I have -- and that's if tradition that they do violation of the leash. We have a right to work I guess put anyone -- -- the ones that situation in the airport we have no definite offer from anyone as to what they wanna do. We certainly -- -- to talk to -- to be able. The county commission but we're not really immediate cost because and I think that we would not want to have a ball would just approach of so we would have demolition of their thoughts and ideas as if it makes sense and if I don't they would reduce service I don't I think -- -- -- -- -- -- Bird -- or days and you know exactly what we get to be done. Pretty sure appreciate secure offer we just don't know what -- definitely position. What would you like to see happen if if you if you could make these decisions on what exactly would you like to see happen here. Bosh has distribution we -- -- and -- when I say. There is very -- -- through department sure that we were particularly partial -- complete period we do double vitamin and almost doubled by little tree. -- people like his third cal -- electrical archer neither can work well. If you go to the -- value you people of the law all the time and the area is this team that we do have too many vacancies. And the red -- I think you should be put to mortgage you have no world. -- the year. I think we would prefer as a retail. Operation because our ability to do as -- troops were doing your own liberation of the people of the area. And apparently we would draw better than I was prelude for the wolves. So late withdrawals better crush terror. Well most people with too much -- mr. Moscow or or very supportive of of success very supportive malvo malvo. Hoping that this works out there are there's a lot of uncertainty however and during these tough economic times. People aren't quite sure. What to expect can you reassure people to any extent. That this is gonna work out. I -- would have been an option to control apostrophe WB. -- -- will be there. Our business. Is acceptable to me. I don't hold mortgage and there's no better this fire we would continue to develop the mall. Our efforts and should right now we're running department sure we're really -- charge to -- few things like. Thought we would probably have to turn around -- -- -- one very very good big mall operators are looking completely. Because right now my time in the air mattress I'm just making sure reported first took poetry shores do well. What we would -- airports we would support that we -- pressures if that happens. Various directors there's a company called Simon. They're the largest -- Brazil has changed. I'm guessing they have 300 more maybe more. Were we before we would gladly step aside because they have the expertise and look -- at least democracy do we go. But if not we were trying to find someone like Simon and try to convince him -- -- -- sort of a project for Michigan have to pay for us. Do you believe that the lease owners. Well object true you're offering a -- that when you still owe money to them. You know I think they can do what I do here. Maybe there's very very try to get as much from -- we don't even know it all just you know this is twenty years later. It was a secret and I have that maybe Paltrow is we don't know all the money that comes in -- -- from -- -- goes directly to them. They can build -- house. There's been great yeah we've only know the company that -- -- agent you know that the money goes to Florida. I would think about a little lower -- -- and they're trying to show little hole. Federation caramel voter look a lol -- a person company Europe Specter has a law. Blown. And they're pretty up front and marine. I would suspect that they want to hear reasonable business. And they were Politico I think it was a busy -- too -- they were probably -- -- it's impossible to pick and they were trying to operated. At this point they have tell treasury kill operation. And the reason for that is because it's in the least. It was being carefully because they can't beside the other -- they know you can't. Without our permission. Could someone -- with the intention of just shutting it down completely. I guess they come going to be very -- it's. They have not think very simply don't think. -- already word downtown they have an empty buildings put it. And we're going to believe we still stores that are presenting a -- -- -- -- -- We are able to survive the majority doesn't much nuclear appreciate all around. But we've we've we've Q bureau I don't know I think first term. I don't know of anyone that would provide -- closer. Kennedy has -- we get no money out of him. And it's infielders and that's -- -- I think there is very purely for good over mortgage. Since they have no revenue. Well again I audio wish you the best with your. Negotiations and with your transactions. People are are hoping for the best here. And I know that he's the reputation that you've developed in the community with the boscov's Brandon. The work that you and your staff and and the good people of Scranton whether they be public officials or or good average shoppers on the straight. People are hoping for the best mr. Moscow thank you so much. Effect here like the fact some crucial position there's all the people who work with a capital a full forty years approach. We couldn't be happier with -- how little we hope you'll be able to give -- a total of many many years. I hope you're right thank you again mr. -- -- -- thank you for.