Isaiah 5:8
From LothWiki
Victory at Le Chateau
From the Free For All cover story vol.2 no.9:
For the past several months, the most important political issue in Madison has been the campaign against landlord James Korb (see FFA, val 2, nos 6-8). The immediate objective of this campaign, the prevention of Korb's impending purchase of Le Chateau Coop, has now been attained. Korb has backed down, and the Madison Community Coop is buying Le Chateau. The terms obtained by MCC are the same as those offered Korb: a $15,000 down payment is due on September 30 to the fraternity that holds the present land contract on the Langdon St. property, with $99,650 due next July to the actual owner of the building. He has indicated that he is sympathetic to coops, and that in view of the extremely tight money market, if adequate financing has not been obtained by next July, he would be willing to extend the present land contract for a year or more until financing is available. $3,700 in so-called "earnest money" has already been paid to the fraternity by MCC, of which $12,500 must be raised by September 30. Towards this end MCC is offering a new bond issue paying up to 8% interest. Approximately $5-6,000 has already been pledged by various groups and individuals. It is vary important that the difference be raised on time and that Le Chateau not be allowed to slip once again out of the hands of the community. Individuals with savings should strongly consider transferring all of part of them into MCC bonds; others can make smaller contributions. Anyone wishing to contribute time or money should contact the Madison Community Coop, St Francis House, 1001 University Avenue, 2512667. More is at stake than the fate of one house; Le Chateau has become a symbol and a rallying point for the drive for community control of housing.
At the same time however it must be clearly recognized that the purchase of Le chateau is only an initial victory for us, and is in no critical sense a defeat for Korb. Someone remarked that trying to stop a water hose with your hands; unless there is a general & intensified campaign against Korb, he will simply turn his attention to other, less politically sensitive properties. A slap on the wrist is not enough, nor is it enough if Korb has learned not to meddle with coops. On Sept 12 representatives of Isaiah 5:8 presented Korb with a list of demands including a freeze on rent increases & further expansion, & the adoption of the Madison Tenant Union lease. The meeting was relatively congenial, but Korb was careful not to commit himself to any of the demands. Thus, the boycott against Korb must be continued.
