SFWeekly says HMB bonds would be ‘Vampire Bonds’
The SF Weekly says that if Half Moon Bay does issue bonds to pay off Chop Keenan, they might be pioneering a new style of investing.
Into the the promising field of anti-social investment offerings steps the city of Half Moon Bay, a municipality 30 miles south of here. The city’s manager recently told the publication Bond Buyer that it has obtained approval to sell $18 million worth of municipal debt—which we term vampire bonds—designed to pay off an apparently bloodsucking Woodside land speculator who has crippled a small town by simply purchasing land nearby, then going to court. ...
For anti-social investors, such an issue would create a golden opportunity—by allowing them to send money in the direction of a speculator whose machinations have threatened to bleed a small town to death.