Forest City CEO on Atlantic Yards

Charles Ratner is President and CEO of Forest City Enterprises, which owns 23% of the Nets. He spoke Tuesday to investors and analysts on a conference call about second quarter results.

This is an excerpt from the transcript as prepared by SeekingAlpha.com.

"Let me begin with an update on Atlantic Yards in Brooklyn, our largest pipeline project. Overall, the project continues to move forward. During the first half we received a favorable legal ruling when the US Supreme Court decided not to hear an eminent domain appeal brought by project components. There are only two material law suits remaining; one concerning the project’s environmental impact statement which will be heard and expected to be decided in the third quarter and a state court action challenging eminent domain which we expect to be resolved within the same timeframe.

"We are working very closely with the city, the state and the MTA. We continue to make progress on financing for the Barclay’s arena including ongoing discussions with the rating agencies concerning the box. Our team is working very hard to achieve a closing on the transaction by the end of the year.

"There are many moving pieces on this project as you can well imagine and lots to do, but it is a major focus of our New York team and we are confident that we’ll be able to make it happen."