Pst Bankrupt
- Thread starter royalediver
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Well.. it's in receivorship and the goal is to find a buyer who will continue to operate the company, which is a lot better than liquidating the company - so it could be worse.
My suggestion is if you find yourself in the Milwaukee area, don't spend your money in West Allis.
My suggestion is if you find yourself in the Milwaukee area, don't spend your money in West Allis.
What are they planning to do when the city forces them out? I would think once you've sold the property it might be too late to reconsider moving, but I'm no lawyer.
OP
royalediver
Contributor
Don't blame the City of West Allis. Talk to anyone that lives there, the PST facility is an absolute eyesore, boarded up windows,weeds, etc. The reason for this is PST put NO money into their operations and it showed. Is wrong for the City to ask members of its business community (or home owners) to maintain their property. PST has not lived up to their obligations to the community or their customers. They did not invest in themselves. PST was on borrowed time because of their own mis-management.
jeraldjcook
Contributor
From the article:
"Financially troubled Pressed Steel, which operates a 266,000-square-foot plant at 1445 S. 66th St., West Allis, had planned to relocate its operations to the Tower Automotive Inc. complex on Milwaukee's north side, clearing the way for the city of West Allis to redevelop the property as part of the massive Six Points/Farmer's Market commercial, residential and retail project."
It also looks like the city of West Allis might have had other motives. I'm sure the tax revenue generated by this new "massive" retail project and the subsequent filling of it's coffers didn't influence them at all.
"Financially troubled Pressed Steel, which operates a 266,000-square-foot plant at 1445 S. 66th St., West Allis, had planned to relocate its operations to the Tower Automotive Inc. complex on Milwaukee's north side, clearing the way for the city of West Allis to redevelop the property as part of the massive Six Points/Farmer's Market commercial, residential and retail project."
It also looks like the city of West Allis might have had other motives. I'm sure the tax revenue generated by this new "massive" retail project and the subsequent filling of it's coffers didn't influence them at all.
jeraldjcook:
Maximizing revenue is the city's only motive. That's why they bought the property.
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