- Breslin Realty
Breslin Realty, founded by
Wilbur Breslin in the postwar years, is one of Long Island's largest real estate development and holding companies.In 1994-95, Breslin Realty was to have gone public as an
REIT , with itsNYSE IPO underwritten byMerrill Lynch . [http://pqasb.pqarchiver.com/newsday/access/101893359.html?dids=101893359:101893359&FMT=ABS&FMTS=ABS:FT&date=Nov+20%2C+1994&author=Allan+Sloan&pub=Newsday&edition=Combined+editions&startpage=NOPGCIT&desc=Deals+Lose+Big+With+Name-Brand+Investments] The IPO was called off following exposure of substantial distortions and questionable or fraudulent statements in the firm's SEC filings, as announced by Richard DiDonato, addressing a meeting of theBrookhaven Town Board in early 1995, on behalf of a civic group. The most serious of several inaccuracies was a claim that a gigantic discount mall was in the final stages before construction on Parcel 13 of the North Shore Shore Properties (a.k.a."WillyWorld" ) lands nearYaphank NY, with all governmental approvals being finalized, and anchor shores already recruited. This particular mall, representing over 10% of the value of the Breslin Realty REIT, had apparently never been mentioned to anyone except the SEC, not even Breslin's own planning consultants, who still believed Parcel 13 had been set aside for a sports and arts center.DiDonato's announcement, and the shocked comments of Town Board members and others, were accurately reported in
Newsday in the following morning's paper, but the story does not show up in Newsday's online archives.No criminal charges were filed, based on the logic that the stock was not actually issued, and therefore no investors were actually defrauded. As of 2006, Breslin Realty seems to be as prosperous as ever, having somehow weathered the real estate storms of the 1990s.
ee also
*
Urban Development Corporation
*Long Island Association
*Newsday
*"WillyWorld" External links
* [http://www.breslinreality.com Company website]
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