Toll Road Finances Questioned
Questions are being raised about a Pennsylvania company’s ability to finance a combination toll road and rail line from the Alabama coast to the Tennessee line.
Proposed project developer Ameri-Metro announced the plans Tuesday and sent out a statement about finances for the $7 billion project, citing a 2010 stock filing with federal regulators.
The Mobile Press-Register reports that the stock filing with the U.S. Securities and Exchange Commission says the firm was so thinly capitalized as of July 31, 2010, that its auditor warned it was in danger of going out of business.
Documents showed that Ameri-Metro’s liabilities of $1.58 million outweighed its assets of $1.49 million at that time.
Ameri-Metro CEO Shah Mathias said the project is the first of its kind for his company.
