State Senator Don Gaetz: No Pity for Garcon Point Bridge Bond Holders

http://www.pnj.com/story/news/2015/05/24/gaetz-pity-garcon-point-bridge-bondholders/27810369/

The bridge is bankrupt. It filed bankruptcy and discharged third party obligations, yet the bondholders are still in control and figured after discharging their obligations they could simply make it so expensive that government would come in and give some relief.

The answer is simple. The state under their obligation to manage and maintain the bridge declare that the deferred maintenance has made the bridge untenable, and have the state close the bridge through a court declaratory judgment, and have the state offer the bondholders ten cents on the dollar. If the bondholders deny it then the state gets the cost to demolish the bridge and tries to get a judgment against the bondholders now for the demolishing of the bridge under the theory of intentional dissipation of assets by their positions historically on tolls. The state takes over the bridge for a payout of say ten million, and recoups the same with a dollar toll.

When I was running my dump truck from Garcon to Navarre every day I was saving about three gallons of gas a day which was about ten dollars and the two tolls then were only six dollars, so I was saving four dollars a day with the bridge. At two dollars a day, I would be saving today $5.50 a day......the bridge would see a ten fold increase in traffic and the state would recoup its money. Go to court State.

The bondholders never realized the survey was based on the mid-city bridge to Destin, not Bo's bridge to Walmart.

I had neighbors who would have used it every day, but some have not used it for five years. The bondholders should have had the bankruptcy trustee cram down their interests to a real dollar level and then made a plan to pay them off, instead the bondholders were in charge of the creditor committees based on the amount owed, and they got rid off all the third party debt and figured to extort the state of Florida........Governor Scott needs to take these greedy bastards down.....10% or nothing.

Bo Johnson and his cronies that made this possible should be in prison.

KarlRove wrote:Bo Johnson and his cronies that made this possible should be in prison.

He's already been in prison one time.

Stellar politicians of the panhandle.

Yeah I remember it. He took all those donations from the gambling lobby and didnt report it as income

How much does it cost to cross it now?

I have never been on it.

I've used is occasionally when attending church at Calvary chapel