Tutor Perini just violated a bank loan covenant and required a waiver In November, the Wall Street Journal reported that Tutor Perini had an earnings conference call for analysts that was notable for what it was missing – the earnings. Tutor ended up filing its required quarterly financial statements a week late. It needed the time […]
Author Archive | elizabeth
Post the *** packet!! / What exactly did Jeff Morales do?
We sent in the following letter to the CHSRA authority today. For reference, here is the board resolution that retroactively okays everything Jeff Morales did. The accompanying memo does not shed much light on the issue. ————————————- We are writing to comment on agenda item #3 and to request that the full meeting packets be […]
How did Tutor Perini make the grade?
Tutor Perini hasn’t made real money (i.e. cash) in years. They have gone from debt-free to highly indebted. According to the Authority rules, they shouldn’t have been eligible to win. Read our analysis of Tutor Perini’s financials here Also check out our new bid process timeline
Agreements with Union Pacific and BNSF
Today, passenger trains and freight trains share tracks around the state. While high speed rail trains will generally not be using the same tracks that freight ones do, there is a desire to increase conventional passenger rail service and there are several places where high speed rail needs the cooperation of freight companies. Here are […]
The vote on HSR funding: what will the Legislature be voting on and is it legal?
The legislature will be voting on an appropriation of bond funding for the high speed rail project either Thursday July 5 or on Friday. Instead of including the monies in the general budget bill, the Legislature is using a “trailer bill” (the latest language is here). They have taken a completely unrelated bill, gutted the […]
The blended system can deliver 2 hour 40 minute travel times: Fact or fantasy?
We asked the question in April and we will ask it again. Can the blended system make the promised 2 hour 40 minute travel time? The most significant change in the Authority’s revised Business Plan was the adoption of a “blended” system. The good news was that it could be less impactful to communities and […]
2011 Business Plan preview and other documents
The California High Speed Rail Authority submitted a number of reports to the California legislature on October 14, 2011. These documents provide some hints as to what will be in their 2011 Business Plan. CARRD’s comments on these documents are here. CHSRA: Revenue guarantees and alternative funding plans CHSRA: Feasibility of “shared track” solution in […]
Senator Joe Simitian: Train robber?
We are confused by this press release, issued by California State Assemblymember Cathleen Galgiani’s office this afternoon. Senator Simitian showed leadership in his recent announcement by seeking to balance the transportation goals of Prop 1A with community concerns and the fiscal reality of what we estimate is a project that will cost at least $65 […]
More changes on High Speed Rail board
In December, there were two new appointees to the California High Speed Rail Authority Board to replace Richard Katz and Rod Diridon (read our article) . Spring is bringing with it two additional new appointees. As reported in the press, Quentin Kopp left the board and was replaced by Robert Balgenorth, president of the California […]
What will High Speed Rail cost?
Our current estimate is $65 billion, a big difference from the official $43 billion number. Why so different? The $43 billion number assumed that the project was largely unchanged from its 2005 configuration. Important (and expensive) changes have been made since then but no updated number has been released. A new cost number was to […]