Correction Regarding Blackstone
Yesterday, the story about Blackstone Group's plan to buy $1-billion in distressed single family homes in the Tampa Bay area was the Tampa Bay Times' lead story on Section A.
Today, the corrected information only made it to the bottom of page 1 in Section B.
Apparently, Tampa Bay is just one of several regions where Blackstone will be buying residential properties, and the amount spent here will be well below the aforementioned $1-billion in the next three years.
The information for the $1-billion dollar figure was obtained by the Times from Nick Pavonetti who owns a company in St. Petersburg called PDC Group. The Times is saying that PDC was helping Blackstone purchase the properties.
A day later, the Times is reporting that Pavonetti had to terminate his relationship with Blackstone for fear that the investment giant would sue him and that he should have remained silent about Blackstone's plans.
Frankly, I now feel a little better about things involving Blackstone. Maybe there's still a chance for small investors and homeowners to purchase foreclosures and short sales without having to compete with Blackstone. At least, I hope so.
Today, the corrected information only made it to the bottom of page 1 in Section B.
Apparently, Tampa Bay is just one of several regions where Blackstone will be buying residential properties, and the amount spent here will be well below the aforementioned $1-billion in the next three years.
The information for the $1-billion dollar figure was obtained by the Times from Nick Pavonetti who owns a company in St. Petersburg called PDC Group. The Times is saying that PDC was helping Blackstone purchase the properties.
A day later, the Times is reporting that Pavonetti had to terminate his relationship with Blackstone for fear that the investment giant would sue him and that he should have remained silent about Blackstone's plans.
Frankly, I now feel a little better about things involving Blackstone. Maybe there's still a chance for small investors and homeowners to purchase foreclosures and short sales without having to compete with Blackstone. At least, I hope so.
-30-
posted by Terry Ward at 5:30 AM
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