Bergen Record: Time running out for NY Waterway

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Bergen Record: Time running out for NY Waterway

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Posted by GET NJ on December 06, 2004 at 18:34:09:

Time running out for NY Waterway

Sunday, December 5, 2004
Bergen Record

By DANIEL SFORZA
STAFF WRITER

Ferry failure could tarnish allure of the Gold Coast

It was a "perfect storm" that swamped NY Waterway, company President Arthur Imperatore Jr. says. It was mismanagement, government officials say.

Hudson River ferry service needs taxpayer subsidies, Imperatore says. A private operator can make money, government officials say.

It will be "wonderful" if the family can keep the business, Imperatore says. Unlikely, government officials say.

About all the parties can agree on is that NY Waterway will not survive in its current form - more than $53 million in debt with almost no operating capital.

"We have run out of time and money," Imperatore said during a 90-minute interview last week. "It's a marginal business in the best of times. In the worst of times, you can lose an awful lot of money quickly."

. . .

For the complete piece, please see the Link.

Time running out for NY Waterway

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Even Imperatore Admits Its a Marginal business 19:42:02 12/06/04 (0)

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: Time running out for NY Waterway    

: Sunday, December 5, 2004 
: Bergen Record

: By DANIEL SFORZA
: STAFF WRITER 

: Ferry failure could tarnish allure of the Gold Coast

: It was a "perfect storm" that swamped NY Waterway, company President Arthur Imperatore Jr. says. It was mismanagement, government officials say.

: Hudson River ferry service needs taxpayer subsidies, Imperatore says. A private operator can make money, government officials say.

: It will be "wonderful" if the family can keep the business, Imperatore says. Unlikely, government officials say.

: About all the parties can agree on is that NY Waterway will not survive in its current form - more than $53 million in debt with almost no operating capital.

: "We have run out of time and money," Imperatore said during a 90-minute interview last week. "It's a marginal business in the best of times. In the worst of times, you can lose an awful lot of money quickly."

: . . .

: For the complete piece, please see the Link.


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