Wednesday, March 11, 2015
Australian Company Pays $5.725 Billion For Bankrupt Indiana Toll Road
This is the definition of insanity. An Australian company, IFM Investors, has paid $5.725 billion to purchase ITR Concession Co.'s interest in the Indiana Toll Road from the bankruptcy trustee. Yes, that's nearly $2 billion more than ITR paid for the toll road in 2006 before it racked up nearly $6 billion in debt before going bankrupt. The Indiana Finance Authority, which oversees the toll road, has given its blessings to the deal. Can someone explain to me how IFM can turn a profit with nearly $6 billion in debt when ITR couldn't make it happen with annual revenue projections of $230 million?
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"IFM Investors is a uniquely-structured global fund manager. Owned by 30 major not-for-profit pension funds"
When the pensions go bust on this idiotic overpayment, I don't want to see a single taxpayer backstop this horrible investment. If these fund blow their retiree's money, too freaking bad.
Lemme see... this story about the insanity of the Australian firm purchasing the bankrupt ITR reminds me of local Democrat hack Councilor Zach Adamson bragging about his vote to give away the hard earned money confiscated from voters in his council district to the 1%-er Angie's List millionaires Angie Hicks and Bill Osterle... "we are making money with tax money..." Zach Adamson foolishly says... yeah,, that's how these deals roll. Rocket science, Gary, rocket science that escapes critical thinkers like you and me...
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