Name    : 
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Comments:
: Imperatore said it all, ‘It’s a marginal business’.. In other words it’s a financial disaster.  The county running it will only make it worse for the taxpayers.

: Arthur Imperatore Sr. was a hell of a business man.  His company. APA Trucking was one of the best run trucking companies under his watch.  His heirs took it over and ran it into backruptcy.  Now those heirs did the same thing with NY Waterways and this time they want HC to bail them out.  And guess what/ Tom Degise can’t wait he write a check in exvcess of $50 million to bail out the Imperatores. 

: Lets not forget that Arthur started NY Waterways without any government subsidy in the heyday pre-911 world.  He bought a big chuck of waterfront property in Weehawken and wanted to ferry people who bought his condos back and forth from NYC.

:   So why all of a sudden that HC wants to get into the Ferry business?  

: There is no justification. Port Authority doesn’t see the need, they run PATH, NJ Transit doesn’t see the need, they run thousands of buses into NYC every day. 

: So why does Tom Degise want to take them over?  Because he has nothing but contempt for the taxpayers of HC and wants to shove the red ink right down their throaths.

: Nice job Tom.  Lets here it for Tom……………….   Do I hear Merry Xmas?

: 
: : 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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