Palm Beach Faces Another Lawsuit, Blackstone Welcomes Industry Vet

Mensch:

Noun. A decent, upright, mature and responsible person.

Schlemiel:

Noun, slang. An awkward, clumsy, or unlucky person whose endeavors tend to fail. A loser.

Mensch of the week:

Stephen Bolze, Blackstone’s New Infrastructure Vet

Blackstone welcomes a new leader to its team, Stephen Bolze!

Recently, Blackstone launched a new investment vehicle, which Bolze will be a part of. Bolze will be taking on the role of senior managing director and head of portfolio operations and asset management of the new infrastructure program.  Blackstone was able to launch this program due to a generous donation. The Public Investment Fund of Saudi Arabia put in $20 million for future infrastructure projects in the U.S. Blackstone aims to invest over $100 million on these projects.

Bolze is the former CEO of General Electric Power and has 25 years of experience in the industry. At his position, he oversaw several infrastructure projects globally, so he is more than well-suited for his new position. In addition, he helped increase GE’s revenue by $11 billion within a decade. Because he has held several leadership positions and excels in his work, there is no doubt that Bolze is a great asset to Blackstone.

Schlemiel of the Week:

Palm Beach

Palm Beach, Florida is in for a fun year since the town just got hit with a second lawsuit within a week.

The town has a 10-year plan to bury its utility lines, but this lawsuit might get in the way of that. PBT Real Estate LLC filed suit against the town’s Property Appraiser Dorothy Jacks and Tax Collector Anne Gannon over utility assessments. Because the utilities are already buried underground, PBT believes that all Palm Beach Towers’ owners should not have to pay assessments for the project.

In addition, Palm Beach has yet to provide proof that Palm Beach Towers’ owners will benefit from this project. The average annual assessment is over $1,134 for a single-home and $316 for a condo. The assessments would be for 30 years.

The first lawsuit was last week, when two residents stated that the special assessments are invalid. The special assessments are based on a report that only hypothesized potential benefits.

Many residents evidently disapprove of the upcoming project. Sounds like this town needs to get it together soon.