The only reason corrupt and racist David Schwartzman was able to buy our Black mall is because he was provided special treatment that was never afforded to Downtown Crenshaw or any other Black bidder for that matter. White-led institutions and White people, led by Tim Ellsworth of Deutsche Bank/DWS and the bureaucrats at public pension funds who owned the mall (LACERA, UC Board of Regents, Texas Teachers, NYCERS, NYC Teachers, LA Fire and Police Pension), bent over backwards for the failed once-bankrupt developer who is a cross between Donald Trump and Donald Sterling. They provided Schwartzman multiple extensions and reduced the price, furthering the gap between our higher bid and his, and allowed him to swap equity partners.
Ultimately, the sale of the Crenshaw Mall is far from final. It is going to be litigated in the courts and reviewed by oversight bodies. In addition to Downtown Crenshaw evaluating our many legal options, we are aware of at least four lawsuits that are currently being discussed by public pension fund members, civil rights organizations, and another qualified Black bidder that was passed over.
White supremacists rigged the rules to steal our community’s 40 acres, but we intend to win them back by any means necessary. The war for Black community, self-determination and liberation continues, and the community will win.