Quote:
Originally Posted by JHamilton
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Here's a link to the article in the Austin paper, the Statesman.
Has work stopped on F1 track?
By Eric Dexheimer | Monday, August 22, 2011, 03:36 PM
Here's one of the comments in reaction to the story:
My neighbor is a concrete contractor and was told by a friend who is a foreman on the project that it is most definitely broke and that several of the current contractors are preparing to sue COTA for non-payment over several months. Apparently, and this is all second hand information, McCombs is getting skittish about the coming economy and wants to pull out to preserve his personal assets for wiser investments overseas, so they’re scrounging at the last second for new investors. That’s the rumor from the construction world at any rate.
I don't know if that's true, but I have been wondering all along about who are the investors in COTA. I know the lead one is billionaire
Red McCombs. But I can't imagine that he is putting up all or most of the investment. There's also a local private equity firm involved but we don't know much about them or how much they are contributing. So one is left to wonder whether the project has attracted enough other investors. Maybe the project has suddenly run out of cash. Remember what happened to the
USF1 team?