Sparks fly as CPC buy-out extended to July

Shareholders in a colorful downtown parking company were recently told that the April 1 deadline for purchase offers has been extended to July 1. But before the May 9 letter announcing that decision found its way into the hands of shareholder and would-be buyout artist Richard Spurzem, he was steaming over the fact that his $9.3 million offer, submitted on the original deadline day, had gone unanswered.

"Why are they being so secretive?" says Spurzem. "We're just a little community thing– why not just have a meeting?"

Fellow shareholder Spencer Connerat agrees and says that Spurzem was "clearly mistreated" by the company's failure to even acknowledge his offer.

"We don't have any secrets," says company chair Jim Berry, adding that he's sorry Spurzem feels let down by the lack of a response. He says the company has received "several" offers and that "a couple more" prospective buyers indicated that more time was needed.

As previously reported, the City of Charlottesville is paying law firm Williams Mullen $200,000 in consulting fees to tell it whether to buy CPC. Last year, the City funded a $153,000 design contest for two downtown asphalt blocks including the CPC parking lot.

Berry declined to say whether the City will be one of the bidders, but he notes that extending the deadline gives would-be buyers time to create more attractive offers.

"We try," says Berry, "to operate in the best interest of the shareholders."

9 comments

"We're just a little community thing."

That sums it up. Puny little community. Old boys keeping secrets in the closet...just like good old TJ.

Who plays the role of Montague, in this tragic tale?

$353,000 in it between consulting and the design contest.

Not too relatively long ago, you could have actually bought that property for $353K.

At the prices Jefferson National Bank employees Berry, Connerat, and Dabney paid for their stock in the mid-1990's, one could have bought the entire company for around one-half million dollars.

For this one acre, plus a few "minor" contracts, the City may be willing to pay more than the "TJ" administration paid for Louisiana, and then some. What a deal!

It'd be a whole lot easier, if CPC left town...I'd be a whole lot happier, if parking rates went down.
Nobody dodgin' questions, and shoutin' out..."We're the parking RULERS, with unlimited clout."

I remember way back, when they worked for free...now they go to the board room - someone else pours tea.
Watch their smiling faces, as the time goes by. I can't fill my Chevy, but they're flyin' high.

CPC, CPC, CPC can't be wrong. Won't you buy a little stock now, come and sing this song?
CPC, CPC, CPC CAN'T BE WRONG...watch 'em make a big move, to keep our city and its council and our downtown SO strong.

**Thanks & credit: Sony BMG Music, and, of course, the "Spin Doctors"

As President of the Water Street Parking Garage Condominium Association, CPC Lieutenant Jim Berry must fulfil the terms of contracts signed with Blake Caravati, William W. Stokes, Bryan E. Thomas, Mark T. Giles (arms length?), and others.
If the "Hotel Charlottesville" is not built, CPC is legally bound to hold those signers to the terms of the deal, for the sake of her stockholders, who invested hard-earned money into this "star through yonder window" about whose beauty and fertility many a man doth often ponder. This is common law, and the stuff of which derivatives are made.
As the BTO song goes, "You Ain't Seen Nothing Yet!"

Montague is the suitor, who ought not court. CPC is more than a star...she is, of course, the light.
These allusions to the work of William Shakespeare, call for a sample of the Bard's true expressions, from the P.F. Collier text, copyright 1925. CPC is not revealing any information about purported clandestine meetings with the City of Charlottesville, but "secret" minutes could read:

"Well, do not swear: although I joy in thee,
I have no joy of this contrÃ?Æ?¡ct to-night:
It is too rash, too unadvis'd, too sudden;
Too like the lightning, which doth cease to be
Ere one can say, It lightens. Sweet, good-night!
This bud of love, by summer's ripening breath,
May prove a beauteous flower when next we meet."

If CPC, like Juliet, acts in clandestine fashion, there will be dramatic consequences. CPC's Jim Berry must keep a firm grip on the wheel, as the lucrative parking enterprise may not yet be mature enough to be sold, although a cash bid to purchase has already been made - to paraphrase:

She hath not seen the change of fifty years;
Let another summer wither in its pride
Ere we may think her ripe to be a bride!

Connerat (aka Citizen, aka any number of other aliases on this site), I think it's safe to say you've officially lost it. You might want to think about going back on your meds.

God bless Jim Berry, and those of his ilk! Keep "dealing" kid; you'll soon turn this sow's ear into silk.