2009/06/02

BrisConnection Blues... I Mean News

No.1: They're Tunneling

Work has begun on digging this tunnel.
BrisConnections have announced the start of 24-hour tunnelling on the multi-billion dollar Airport Link and Northern Busway project.

Two 15-metre long roadheaders - huge rock cutting machines - are underground at Bowen Hills and Windsor on Brisbane's north side, excavating the twin mainline tunnels for the project.

Another nine roadheaders will start tunnelling soon, with each excavating up to 2,500 cubic metres a week.

Later this year, two more 3,000-tonne boring machines will arrive in Brisbane - they'll start work in 2010.

CEO Dr Ray Wilson said that while substantial progress had been made since the project started seven months ago, the rate of advance would increase significantly with around-the-clock work.

Why does that read like, "get the job done before the shit hits the fan"?

No.2: They're After Nick Bolton

You can't blame them really, but who knows what they'll squeeze out of the lad.
A formal demand for payment was sent to Mr Bolton last week and the Brisbane airport link road company is adamant that his case will be placed with debt collectors if he does not meet the latest request to hand over what he owes. Court action could then follow.

Mr Bolton, who led a shareholder revolt to try to wind up the infrastructure business before the second of the three $1-a-share instalments was due, received $4.5 million from the road's builder, Leighton Holdings, for the voting rights on his 19.8 per cent stake in Brisconnections.

His deal with Leighton Holdings, which helped ensure that the winding-up move failed at the meeting Mr Bolton himself had called, has indicated to Brisconnections that he has the money to meet the debt demand.

Mr Bolton had successfully transferred the ownership of almost all of his 77 million units to a family friend, John Williams, which meant he was freed from the liability of paying the latest $1 tranche per unit that became liable on April 29.

But he missed the transfer deadline on two small parcels of units, of 800,000 and 500,000 units. Sources say he sought to email the details to the company in the hours immediately after the qualifying closing time.

He remains the legitimate owner of the stock and is therefore required to pay the second instalment on them.

Bummer, dude. I'm sure the other Unit holders he betrayed are not shedding any tears for him on that account.

What's really disturbing about the whole exercise is just how crooked and stupid the big end of town is when it wants to cream off the public purse for money and failing that, how they want to gouge mum and dad investors. It's disgusting how government - that would be you, Ms Anna Bligh in Queensland - sits back and watches as the whole thing turns into a shit storm, and all for what? A couple of tunnels that Brisbane may not need at all. It's a disgrace.

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