DeFazio calls for rail probe
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#1 Sep 29, 2007
RailAmerica has drastically cut their capex budget as Fortress wants to get a return on its investment and new management wants to cut all capex. They will also seek to drive hard bargain with the state of Washington.
There's gold in those many CORP miles of track that will be abandoned. RailAmerica needs the cash. Short line's used to be focused on the community but new management is focused on achieving short term gains.
#2 Sep 29, 2007
If the state of Washington provides economic incentives to keep this line open its a mistake. They need to go on the offensive with regards to RailAmerica's remaining assets in the state of Washington. Fortress (owner of RailAmerica) is not interested in working with shippers and the state. They want cash. Lots of pressure from banks on their short term funding.
The CORP has long been a basketcase. It is in need of significant capital investment but the Fortress team knew what it was buying. They visited teh railroad prior to purchasing it.
Make no mistake they stand to make millions by abandoning this railroad and picking up the rail and sellign the real estate.
RailAmerica signed an agreement to invest significant capital in the CORP as a result of a settlement with the state/regulators. Status?
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