Junk Bonds Great Investment Opportunity (For the Neighborhood)

Fort Defiance, a restaurant and bar in Red Hook, Brooklyn, sustained major, major damage in the storm and isn’t getting any insurance money. They also aren’t eligible for federal relief money, so they’re selling junk bonds to earn money to rebuild:

“Here’s the deal: For a limited time, we’re selling our new, beautiful gift certificates (designed by ex-Fortie Jen Storch) at TWICE their value. You give us $20, we send you $10 in gift certificates. You send us $100, we send you $50 in gift certificates. Got it? Junk bonds—not worth what you pay for them! It’s a terrible deal for you, but we really need the money!”

You can buy one here, and read more about the devastation of the Red Hook neighborhood at the NYT.

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4 Comments / Post A Comment

deepomega (#22)

Love this a lot. More honest than tote bags, too.

Man, are small businesses like this really not eligible for any sort of disaster recovery funds (not just loans)? That seems pretty awful. I haven’t heard anything said about that in the press and would love to learn more.

lindseykai (#1,544)

Aw, this makes me sad. Fort Defiance’s breakfast is amazing.

jason (#1,335)

Best egg sandwich in the city, UNTIL THEY TOOK IT OFF THE MENU. Absolutely broke my heart. I will never forgive them. But I will probably buy one of these bonds anyway.

The Good Fork, right down the road from Fort Defiance, is also raising funds to rebuild, but they are just taking straight up donations instead: http://www.gofundme.com/1h4pdg.

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