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(The Newspaper)   Another victim of the lockdown: Investors who bought toll roads and paid governments to create traffic jams on free roads   (thenewspaper.com) divider line
    More: Interesting, Toll road, toll roads, Road, Ohio Turnpike, Road traffic, US toll road traffic plunge, Express Lanes traffic, latest US toll road projects  
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1114 clicks; posted to Business » on 15 Apr 2020 at 12:46 PM (11 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



20 Comments     (+0 »)
 
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2020-04-15 11:05:31 AM  
media2.giphy.comView Full Size
 
2020-04-15 12:34:06 PM  
Roads aren't wearing out. Expenses next to nothing. They'll be fine.
 
2020-04-15 12:40:06 PM  
My updated priority list for American subsidies:

1,999,999,999,997th: Medical bills for spring breaker who licked toilet seats on TicToc
1,999,999,999,998th: Toilet paper arbitrager whose eBay account was suspended
1,999,999,999,999th: Dutch cruise ship company with Filipino crews
2,000,000,000,000th: Australian company that owns Virginian toll roads
 
2020-04-15 12:50:57 PM  
tiny violin makers see increased demand though.
 
2020-04-15 12:54:34 PM  

edmo: Roads aren't wearing out. Expenses next to nothing. They'll be fine.


They still have to service their debt from the cash flow generated from the tolls.
 
2020-04-15 12:56:50 PM  

iamskibibitz: edmo: Roads aren't wearing out. Expenses next to nothing. They'll be fine.

They still have to service their debt from the cash flow generated from the tolls.


So they go under and the states stupid enough to have sold them, get them back cheap.
 
2020-04-15 1:15:59 PM  

edmo: Roads aren't wearing out. Expenses next to nothing. They'll be fine.


They likely borrowed large sums to purchase the road, and owe monthly payments to creditors.  Unsurprisingly these don't go away even if people stop using the road.  If they were not smart enough to dupe or bribe the elected official into guaranteeing their business model, then goodbye.  The government should force them into bankruptcy and repo the road.  These schemes don't work in the long run anyway, Mike Pence did this in Indiana.  As soon as the roads wore out, the investors bankrupted the shell corporation and walked away with all the profits.
 
2020-04-15 1:24:00 PM  
Sounds like tiny violin time, except don't most of the agreements with the states have cute little clauses in which the states make up for lost revenues if traffic drops?
 
2020-04-15 1:28:46 PM  

iamskibibitz: edmo: Roads aren't wearing out. Expenses next to nothing. They'll be fine.

They still have to service their debt from the cash flow generated from the tolls.


It sounds like their business model is to collect the cash while they can and then let the whole thing collapse into Chapter 11 as the expenses kick in and subsidies run out.  They're just running out of cash ahead of schedule.  I'm sure they still managed to plunder the treasury.
 
2020-04-15 1:33:09 PM  
I'm a little sad that thenewspaper.com, a pretty sweet URL all things considered, is owned by a site that basically does nothing but post weekly rants about speed cameras.

I mean, I get that all the actual newspapers are bankrupt, but still.
 
2020-04-15 1:34:21 PM  
coldcuts
Sounds like tiny violin time, except don't most of the agreements with the states have cute little clauses in which the states make up for lost revenues if traffic drops?


If not, I'm sure they'll be in line for the next bailout.
 
2020-04-15 1:40:07 PM  

edmo: Roads aren't wearing out. Expenses next to nothing. They'll be fine.


Perhaps not as fast, but it is still happening.  You still have weather and you still have heavy freight traffic.
 
2020-04-15 2:26:46 PM  
From my POV, every human on earth that seeks to profiteer from the basic needs of civilization just being provided.
Is the one doing the parasitic victimizing here, they can't possibly be described as victims of anything, except their own short sighted selfish greed.
 
2020-04-15 2:50:42 PM  

dionysusaur: iamskibibitz: edmo: Roads aren't wearing out. Expenses next to nothing. They'll be fine.

They still have to service their debt from the cash flow generated from the tolls.

So they go under and the states stupid enough to have sold them, get them back cheap.


That's what I thought, but the article mentioned an example of the taxpayers buying it back at larger cost.  How does that make sense?
 
2020-04-15 2:50:55 PM  

Northern: These schemes don't work in the long run anyway, Mike Pence did this in Indiana.  As soon as the roads wore out, the investors bankrupted the shell corporation and walked away with all the profits.


THAT WAS THE PLAN.

I hope the farkers that Rick Perry sold Texas highways to are all bottom up.
 
2020-04-15 3:14:55 PM  
Toll roads, sold to investors on a perpetual basis, is a very Republican thing.

The adage I was told:
Democrats want do things with your money.
Republicans want to make money from your things.
As in, formerly public, sometimes private, property goes to businesses that invest in things that should be public resources.
 
2020-04-15 3:42:18 PM  

Dinjiin: edmo: Roads aren't wearing out. Expenses next to nothing. They'll be fine.

Perhaps not as fast, but it is still happening.  You still have weather and you still have heavy freight traffic.


Heavy freight traffic is what wears roads out. Private passenger vehicles do very little.
 
2020-04-15 3:57:44 PM  
Good. Roads should be public goods anyway.
 
2020-04-15 8:14:52 PM  

Therion: Northern: These schemes don't work in the long run anyway, Mike Pence did this in Indiana.  As soon as the roads wore out, the investors bankrupted the shell corporation and walked away with all the profits.

THAT WAS THE PLAN.

I hope the farkers that Rick Perry sold Texas highways to are all bottom up.


The state backs those bonds.  In the case of 130, Texas paid off the bond holders it went bankrupt.
 
2020-04-16 5:48:20 AM  

Northern: edmo: Roads aren't wearing out. Expenses next to nothing. They'll be fine.

They likely borrowed large sums to purchase the road, and owe monthly payments to creditors.  Unsurprisingly these don't go away even if people stop using the road.  If they were not smart enough to dupe or bribe the elected official into guaranteeing their business model, then goodbye.  The government should force them into bankruptcy and repo the road.  These schemes don't work in the long run anyway, Mike Pence did this in Indiana.  As soon as the roads wore out, the investors bankrupted the shell corporation and walked away with all the profits.


But pence is the genius that's in charge, and the one responsible if it fails, of our Covid-19 containment plan.
 
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