State looking to net $2.3 billion from investment group

SAN FRANCISCO (AP) — A San Francisco judge has refused to stop the sale of 11 state properties.

KNX 1070’s Ed Mertz reports

Superior Court Judge Charlotte Woolard on Friday afternoon denied a request brought by two former Los Angeles building authority members to stop the sale, affirming a temporary decision she made earlier in the day.

Woolard said the members, Jerry Epstein and A. Redmond Doms, lacked sufficient standing to bring the case.
Their attorney said he would file an immediate appeal.

The state is selling the buildings — including the Ronald Reagan building in Los Angeles and the San Francisco Civic Center — for $2.3 billion to a consortium of investors.

The sale is expected to be completed by the end of the year and generate more than $1.2 billion for the state’s general fund.

(TM and © Copyright 2010 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)


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