Re: SMART and Freight
Author: Fred
Date: 11-30-2021 - 08:04
It's a bizarre Board, isn't it? They approved the purchase
of NWP Co's freight assets without a single piece of real financial information.
They hired a consultant who reported that Bosco was unwilling to share financial
data, so reliable cost estimates of operating the freight trains was not available.
Did they object? (Not a word from any Board member.)
But they know from all reports, the parking of the tanker
cars generates about half of the revenues from the business they now own. Maybe
more, maybe less. It was a described as a "soft estimate" by SMART's CFO.
Was any information on whether tanker cars explode while parked even considered?
And then there was this most ridiculous assertion: "hiring workers to run the freight" is cheaper than contracting out the service. This was reported in the IJ.
Uh, really?
And, the real question is why do ALL of the Board members sit on their hands
and have sat on their hands for so long?