Big trouble on the horizon for NorthPoint?

NorthPoint, the ambitious Boston condo project being built by Pan Am Systems on Boston & Maine Railroad land, is apparently not going so well. Article in the Boston Herald:

http://business.bostonherald.com/busine ... eid=198488

Whoa nelly, can you read a lot into this! The uncompleted construction "was wholly financed by a principal of the railway company", gee who do you think THAT might be?
What a disaster. Again, Pan Am isn't a real estate company, they're a railroad that is now in over their heads in a troubled multi-billion dollar development that looks like it needs someone with truly deep pockets to come to their rescue and bail them out.
I'll bet after this they can't wait to turn all their yards into condos and shopping centers-yea right...

I know a guy from one of the Real Estate/Development companies they've been working with on this project and when he first mentioned a few years back that they were working with Guilford/PAR or whatever they called themselves, I told him to watch out. He mentioned that he'd met Mellon, Fink and the whole crew and that things were just ducky and there wasn't a problem. As time has gone on, he's gotten a little more and a little more frustrated with them, until the point where now he can't say a good thing about them. He recently told me he should have taken my advice...

They do have the Midas touch, everything they touch, turns to mufflers!