With the California High Speed Rail Authority’s Supermassive Black Hole Bullet Train insolvent, and getting more so every day, as motorists and taxpayers are gouged for the tax subsidies the builders demand, a bankruptcy solution, so common in the economy (see examples off the official bankruptcy reporters), we know is the way forward.
Yes, to halt it is a fine idea, as far as it goes. But, what do we do with the partially completed infrastructure that halting it would leave? A monument to radical socialists’ boondoggles? Like Lenin’s Tomb California style? Like VTA only worse.
With ever-increasing need for options to highways, the intermodal solution is one we ought to enlarge for California’s shippers, especially for agriculture.
Like companies suffering insolvency reported in the Bankruptcy Reports, put CAHSRA into a Chapter 9 Bankruptcy, do a plan of reorganization, and trade the partially-completed infrastructure for restoration of intermodal service from all ag-shipping counties in California with the Class Ones (UP & BNSF), who could then earn the additional revenue running Salad Bowl Express style trains as we previously did before the SP-UP merger.
Ask the federal regulators at the Surface Transportation Board (successor to ICC) to obey 49 USC 11324(c) and protect the public interest of California’s taxpayers.
The trustee would pursue all fraudulent transfers and claw them back for taxpayers, and liquidate everything leftover. Under the Bankruptcy Code, the trustee is provided an additional two years to the statute of limitations for recovery of fraudulent transfers.
Future generations end up with a useful, profitable infrastructure which would otherwise be wasted.
As Lady Thatcher did with British Rail, we would harness the benefits of capitalist railroading, a transport solution that has been the backbone of the American economy, and can be far into the foreseeable future.
Joseph P. Thompson, Esq.
Past-Chair, Legislation Committee, Transportation Lawyers Assn.
Joe
You’re so concerned about California taxing it’s citizens for this high speed rail project
Do you have the same concern about the federal government and all the tariffs it demanded?
Supreme Court just ruled the Tariffs illegal, so are all those companies going to give me my taxes back
Just like you’re stating California is gouging it’s residents, the federal government is gouging Americans with tarrifs
But I don’t see you whining about that.
Hypocrite Joe.