Ongoing cost of stranded cars
Author: Tom
Date: 01-27-2008 - 12:55
According to NCRA audited financial statements they have an accumulated liability of $2,509,999 as of 6/30/2007 for stranded railcars north of Willits. The unpaid liability for car hire expense continues to accrue and grow at the rate of $261,968 per year. It is for cars owned by UP.
The footnote in the audited statement says that management disputes the validity of the expenses and is seeking resolution with UP.
This is just one of many obligations of the NCRA for which they have no foreseeable funding.