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Risks Associated With Our Business
Our ability to implement our business strategy is subject to numerous risks, as more fully described under the heading “Risk Factors” in this prospectus. These risks include, among others, that:
|•||we have limited revenue and cash flows and limited history constructing and operating a passenger railroad;|
|•||our historical financial information may not be representative of the results we would have achieved as a separate stand-alone company and may not be a reliable indicator of our future performance or results;|
|•||we have not yet acquired all real property interests necessary for the Tampa Expansion or the Vegas Expansion (some of which must be acquired from private parties), and our ability to acquire such interests may be adversely affected by many known and unknown factors;|
|•||we have not yet begun construction of the Tampa Expansion or the Vegas Expansion, and there can be no assurance that the Tampa Expansion or the Vegas Expansion will operate as described herein or at all;|
|•||we may not be able to complete the XpressWest Acquisition, which is subject to customary closing conditions;|
|•||our ability to expand, including the Tampa Expansion and the Vegas Expansion, is dependent on our ability to raise funds through various potential sources, including equity and/or debt financing;|
|•||cost overruns and delays in the completion of the North Segment, the Tampa Expansion or the Vegas Expansion, as well as difficulties in obtaining requisite approval or sufficient financing to pay for such costs and delays, could have a material adverse effect on our business, financial condition, operating results, cash flows, liquidity and prospects;|
|•||the development costs of the North Segment, the Tampa Expansion and the Vegas Expansion are estimates only, and actual development costs may be higher than expected;|
|•||our ability to complete construction of the North Segment of our Florida passenger rail system will be contingent on our ability to obtain certain land rights from Cocoa to Orlando which will require us to satisfy the conditions precedent to effect a definitive agreement with the Greater Orlando Airport Authority in connection with our Florida passenger rail system;|
|•||any expansion through acquisitions, including the Vegas Expansion, carries certain additional risks (including the inability to maintain or renew any permits obtained in connection with such combination or acquisition);|
|•||there can be no assurances that our operations will extend beyond our Florida passenger rail system, and our Florida passenger rail system may be our only means of generating revenue;|
|•||our ability to extend beyond our Florida passenger rail system, including our pursuit of the Vegas Expansion, may be materially adversely affected by many known and unknown factors;|
|•||the estimates of future ridership and revenue of our proposed Florida passenger rail service and the Vegas Expansion contained herein are based on certain assumptions that may prove to be inaccurate or incorrect;|
|•||our license agreement with VEL is not for an indefinite period and may be terminated in certain circumstances, and the expiration or termination of such license agreement would require us to change our corporate name and undergo other significant rebranding efforts, which would require significant resources and expenses and may affect our ability to attract and retain customers, all of which may have a material adverse effect on our business, contracts, financial condition, operating results, liquidity and prospects;|
|•||we will be required to devote significant resources to our intended rebranding of our business from “Brightline” to “Virgin Trains USA”;|
|•||adverse macroeconomic and business conditions could have an adverse impact on our business;|
|•||rising fuel costs could materially adversely affect our business;|
|•||severe weather, including hurricanes, and natural disasters could disrupt normal business operations; and|
|•||we face possible catastrophic loss and liability and our insurance may not be sufficient to cover our damages or liability to others.|
Please Click this link to view the Martin BOCC Settlement Agreement. Exhibits not attached.
Rick Scott killed a high-speed rail plan. Then All Aboard rolled up and he bought it.
BY MARY ELLEN KLAS Herald/Times Tallahassee Bureau
August 16, 2018 06:00 AM Updated 3 hours 20 minutes ago
TALLAHASSEE — As one of his first acts in office in 2011, Gov. Rick Scott canceled a $2.4 billion federally funded and shovel-ready bullet train from Orlando to Tampa because it carried “an extremely high risk of overspending taxpayer dollars with no guarantee of economic growth.’’
It was a political slap to then-President Barack Obama, who considered the high-speed rail project central to his infrastructure reinvestment initiative. Now, the idea has returned — revived by All Aboard Florida, a Coral Gables-based company that has heavily supported Scott — and the governor has reversed course.
Scott said in June he believes a high-speed rail line from Orlando to Tampa is a good idea and, in a quiet testament to his confidence in the project, he and his wife last year invested at least $3 million in a credit fund for All Aboard Florida’s parent company, Fortress Investment Group, according to recently disclosed financial documents.
Rick and Ann Scott are multi-millionaires with an undisclosed amount of wealth. Fortress Investment Group is the parent company of Florida East Coast Industries which owns All Aboard Florida. All Aboard now operates as Brightline — the system of diesel-electric trains that has been running between West Palm Beach and Fort Lauderdale since January and from West Palm Beach to Miami since May.
The Scotts’ investment in Fortress Secured Lending Fund — the credit and lending division — produced at least $150,000 in income last year, according to Rick Scott’s 2018 federal financial disclosure report. He was required to file the report last month to run for U.S. Senate.
It is unknown how much the Scotts have in total investments in the fund. The federal financial reports revealed for the first time that the couple is much wealthier than Scott had previously disclosed, with the bulk of the couple’s wealth held by his wife in a portfolio worth at least $170 million. But the federal disclosures are imprecise, and allow for investments to be disclosed in a range.
For example, two of Ann Scott’s three holdings in Fortress identify the amount as: “over $1 million” and Scott’s disclosure states that his blind trust holds between $500,000 and $1 million in Fortress.
Scott reports he’s worth at least $255 million. His wife holds most of family fortune
Scott reported his individual net worth of $232 million in 2017 and valued his assets at about $82 million in 2018. He maintains that the bulk of his investments are held in a blind trust and that he has no control over his investments or his wife’s, even if they mirror the investments in his trust.
Scott’s campaign spokesperson Lauren Schenone said the governor does not discuss with his wife what she invests in and “the governor’s blind trust is managed by an independent third party to shield his investments from his direct control and to avoid any potential conflicts of interest. As such, the governor has no control of what is bought or sold in the blind trust. “
According to Fortress’ May 2017 news release, the credit division was launched to “become the primary funding source for the firm’s established specialty finance lending business.” It raised $590 million in 2017 “from 56 external investors, including 30 investors new to Fortress.”
Fortress Investment Group managing director Gordon E. Runté said the fund “is not providing financing for unrelated projects, including Brightline.”
The parent company of the FECI rail line hasn’t always been such an attractive investment for Scott and his wife. In 2014, the last time Scott disclosed the companies included in his blind trust, he did not list Fortress Investments, indicating the fund was acquired after Scott started actively backing the plan.
But the company’s rail investment, All Aboard Florida, has been a project that Scott and his transportation team have given special attention to since before its inception, steering state money to assist the project as the Florida Department of Transportation and the Florida Development Finance Corporation provided regulatory assistance and funds.
Scott canceled a federally-financed high-speed rail project in February 2011, and sent the $2.4 billion in stimulus funds back to Washington.
The letter to the federal government rejecting the bullet train was drafted by Adam Hollingsworth, the member of Scott’s transition team who, records show, also vetted Scott’s candidates for secretary of Florida’s Department of Transportation. He would later go to work for a sister company of All Aboard Florida at FECI.
Scott’s transportation transition team recommended state investment in an “intercity rail project from Jacksonville to Miami on the Florida East Coast railroad tracks.” In May 2012, Hollingsworth, who had spent a decade at CSX transportation, become Scott’s chief of staff.
Prior to that, All Aboard Florida and its parent company had given $188,750 to Scott’s 2010 campaign and $25,000 to his inauguration. It also hired Hollingsworth to work at Parallel Infrastructure, a company owned by FECI.
As FECI prepared to build the nation’s first “privately funded high-speed rail line” from Miami to Orlando, its staff coordinated with the governor’s top deputies, text messages produced during unrelated litigation show. The plan was to combine 200 miles of existing track owned by Florida East Coast railway, and build 40 miles of new track between Miami and Orlando, and “eventually the system could be expanded with connections to Tampa and Jacksonville,’’ the company said.
Scott also met privately in January 2012 with FECI officials who sought his support — a meeting that was never disclosed on his calendar — after which his deputy chief of staff, Carrie O’Rourke, sent a text to Hollingsworth reporting that the meeting “went very well today” and “he is interested.”
As the announcement date for the project approached, Hollingsworth sent a draft of the press release to O’Rourke. “If you see any hiccups, let me know,’’ Hollingsworth wrote. “Thanks for all your help.”
Then, a year after Scott’s rejection of the bullet train from Orlando to Tampa, he endorsed the rail project sought by Florida East Coast Industries to build a train the would operate at speeds of up to 110 mph from Miami to Orlando, about 60 mph slower than the bullet train Scott canceled. The governor also pledged at least $200 million in state money for a train depot at Orlando International Airport.
Although then-DOT secretary Ananth Prasad touted the project as “the nation’s first privately financed, operated and maintained passenger rail system,” the financing heavily involved taxpayers.
Unlike the bullet train, which would have been funded by stimulus money, had its environmental studies complete and was ready to roll, financing has been one of the most daunting challenges facing All Aboard Florida.
The company originally estimated costs for building the line from Miami to Orlando would be $1 billion but the estimated costs have soared to over $3.5 billion. And the Florida Bulldog reported last month that the company’s unaudited financial statement shows Brightline suffered a $28.2 million loss in the first quarter of 2018.
Using federally backed tax-exempt bonds, the company has raised $600 million to pay for the Miami-West Palm Beach leg of the rail line. It is now trying to sell another $1.15 billion to pay for the West Palm Beach to Orlando segment, but Indian River and Martin counties are asking a federal court to reject the bonds, potentially jeopardizing the extension.
“Brightline and their group of investors are adamant that they are privately funded, but they are clearly seeking deals with governments to keep this project alive,’’ said Dylan Reingold, general counsel for Indian River County, which has filed a federal lawsuit challenging the financing and safety of the project.
Another important source of funds for the company: real estate, and the leasing of the infrastructure along the route. Frank Chechile, the chief executive officer of an All Aboard Florida subsidiary, told a Congressional panel in 2013 that his company makes $17.7 million — about $50,000 a mile — from telecommunications, pipe and wire and land leases on the 351-mile rail corridor.
The initial proposal included $1 billion in private funding and $1.5 billion in tax-free federal loans, favorable leases for rights of way agreements, and other state and federal amenities.
By 2013, the state budget included $15 million for design work for the project. By 2014, Scott signed a budget that included $214 million for the train station to be located at the Orlando airport, and another $10 million for crossing improvements. Scott declared it “the right thing for the state,’’ and announced that his 2015 budget would have another $75 million.
For the next four years, as All Aboard Florida worked to obtain the taxpayer-backed financing from state and federal coffers, the Scott administration provided regulatory and financial support for the project.
Public sentiment against the project did not weaken the governor’s support for the project. When his office received hundreds of emails complaining of the project, particularly from people in the Treasure Coast where safety concerns prompted resident to urge the governor to halt the project, he responded: “I like people building things in our state, and I hope they’re very successful.”
In response to emails, his office supplied a routine answer: “The state has no involvement in this railway.”
But federal officials disagreed. In email exchanges provided to the Herald/Times, Frank Frey, an engineer with the federal railroad administration repeatedly reminded state officials that “FDOT has sole regulatory authority” over safety crossing and gate design.
State Sen. Debbie Mayfield, R-Vero Beach, urged the governor to have FDOT use its authority to increase oversight of the rail line. She filed legislation, sought meetings, wrote letters to Scott and his transporation advisers. The response from FDOT, she said: silence.
“This is a state responsibility when it comes to regulating grade crossing and the safety of the public,’’ Mayfield said this week. “They are just ignoring us.”
Despite those concerns, when All Aboard Florida submitted an unsolicited bid in March to build and run the Orlando to Tampa route that Scott canceled, Scott did not hesitate to commend the idea. FDOT invited bidders to revive the project Scott had killed eight years earlier.
Meanwhile, federal trade documents show that Scott’s financial relationship to the rail line also crossed continents.
In 2014, All Aboard Florida awarded a contract to Siemens to build rail cars for the Orlando-to- Miami project. That same year, a company in which Scott and his wife were majority owners, Continental Structural Plastics, signed a deal for a 50/50 joint venture with Qingdao Victall Railway Co. of China. Quindao Victall makes components for rail cars, including passenger
interiors that, the company says “use structural composite material similar to automotive exteriors.”
CSP was sold in 2017 to Japanese conglomerate Teijin, providing the Scotts with a massive increase in their financial wealth. According to securities disclosures in the U.S. and Japan, Scott and his wife received more than $550 million on the CSP sale.
Rick Scott and family made $550M in one transaction. How ‘blind’ is his blind trust?
U.S. Customs records show that Siemens has been importing components of train cars from Quigdao Victall Railway Co. in China from February 2015 to June of this year.
CSP’s former CEO, Frank Macher, told the Herald/Times that the primary goal of the partnership was to help CSP get into the domestic auto market in China and CSP is not currently supplying parts to the rail industry, but he didn’t rule it out as an option for the future.
“It would obviously be very good if we could provide low cost, low weight handles for those big passenger rail cars,’’ he said.
Mary Ellen Klas can be reached at firstname.lastname@example.org. Follow her on Twitter @MaryEllenKlas
Private rail company Brightline expanded service to Miami-Dade County this year. – email@example.com
By Ann Henson Feltgen, FloridaBulldog.org
A Brightline train at Fort Lauderdale station
Brightline’s promise to extend its South Florida passenger train service to Orlando is in jeopardy again after two counties asked a judge this month to rescind federal approval of All Aboard Florida’s plan to issue $1.15 billion in bonds to fund the project.
The 2015 lawsuit filed in Washington, D.C. by Indian River and Martin counties against the U.S. Department of Transportation (DOT) and the Federal Railroad Administration was quietly reactivated in February after DOT gave approval last December for All Aboard Florida to issue private activity bonds.
News of the two counties’ effort to vacate federal approval for the project bonds comes as an unaudited financial statement shows Brightline suffered a $28.2 million loss in the first quarter of 2018. Brightline also reported carrying nearly 75,000 total passengers and collecting $663,667 in ticket revenue during the period.
The company commenced service between Fort Lauderdale and West Palm Beach in January and expanded service to Miami in May. A second phase would construct track from Cocoa to Orlando.
The bonds, however, appear to be pivotal for the company, especially in light of the first- quarter loss.
U.S. District Court Judge Christopher R. Cooper dismissed the case after All Aboard Florida withdrew its application for the bonds on Sept. 30, 2016.
“The federal lawsuit was dismissed for mootness,” said Indian River County Attorney Dylan Reingold. “But we won the argument that the National Environmental Policy Act [NEPA] applies.”
The counties’ summary judgment motion was filed July 18. The federal agencies have until Aug. 15 to answer. The judge is expected to rule on Aug. 18.
The 66-page document states that issuing the public activity bonds – tax-exempt bonds issued by governments to provide special financing benefits for qualified projects – would be illegal because the project is not eligible for the bonds and because the counties did not approve the project, as is required by the Internal Revenue Code.
According to the motion, NEPA requires the federal agencies to take a hard look at the effects of the project on public safety, its environmental impacts, noise impacts and any alternatives to avoid harm. The counties contend that none of those concerns was addressed. Further, it argues that the bonds are only supposed to be available to finance high-speed trains running 120 miles per hour or greater. All Aboard Florida’s existing trains travel up to 110 mph.
“We do not comment on active litigation,” said Brightline spokeswoman Ali Soule.
Why This Case is Important
From the get-go, discussion of All Aboard Florida’s Brightline passenger train has drawn skeptical responses. Doubters say a privately funded train just can’t make it financially without some infusion of government funding.
Indian River County Commissioner Bob Solari is one of those skeptics. After seeing Brightline’s recent financial statement and discussing it at a July 3 commission meeting, he is even more convinced that the passenger train is heading in the wrong directions and could go broke within six months.
“They only have $59,000 in unrestricted cash and their restricted cash barely equals their current liabilities,” Solari said. “It appears that they badly need the second bond issue within the next six months” to survive.
County Administrator Jason Brown added during the meeting: “If I was holding bonds, I’d be worried.”
Solari added that Brightline congratulated itself for exceeding the company’s expectations.
“I can only guess that their expectations were very low,” he said.
Indian River Commissioner Bob Solari
All Aboard Florida originally sought $1.75 billion in private activity bonds, receiving $600 million to complete Phase I in South Florida and help provide operating capital. When they tried to get the rest – $1.15 billion – the two counties sued.
All Aboard Florida President Michael Reisinger (who was later transferred to Florida East Coast Industries as executive director in 2017 and left that company in February) had stressed the importance of the private activity bonds in a 2016 letter to the DOT, calling them “the lynchpin for completing our project” and “a crucial factor in ensuring our project is financed and completed.”
The new report
The new financial report paints a different picture, most notably that it is operating at a $28- million loss. Solari said that while operating in the red is common with startups, the train’s projected revenues in 2018 of $20 million and another $60 million in 2019 seem out of reach.
Indian River’s Reingold said the reported ridership of about 75,000 was very low compared with a ridership study conducted by the company two years ago. He added that he recently rode on the train along with about 20 other riders.
“The train holds 248 seats and [the ride I took] filled about 10 percent” of those seats, he said.
These figures represent operations for now complete Phase l. Brightline operates up to 32 passenger trains per day from Miami to West Palm Beach and back.
A Brightline spokeswoman said, “These numbers only include ridership for Brightline’s introductory service between West Palm Beach and Fort Lauderdale, which opened Jan. 12. Our projections were based on Miami being open at the same time.” The Miami station did not open until May.
She added that ridership and revenue increased 35 percent on a monthly basis from January through March. “We’ve always projected a multi-year ramp-up period.”
According to Solari, another cost is piling on All Aboard Florida. He said there is an additional $400 million cost of complying to the National Transportation Safety Board’s (NTSB) new
requirement that Class I trains and commuter passenger trains install Positive Train Control by the end of the year. This new automatic braking system, NTSB says, can save hundreds of lives lost in derailments, collisions and accidents.
All Aboard Florida declined to provide a cost for these improvements, but stated the company would absorb them.
All Aboard Florida is the brainchild of its parent company – Florida East Coast Industries – both of which are owned by Fortress Investment Group. The passenger train company incorporated in 2007. It later became All Aboard Florida, and executives approached the state with a plan to build and operate a higher-speed, privately owned railroad that would allow passengers to
travel from Miami to West Palm Beach, then on to Cocoa and from there to Orlando on state- of-the-art trains known as Brightline. The company says trains will shave off at least an hour of the drive time by car and will be a fraction of the cost of flying.
Reapplying for bonds
In December 2017, after Judge Cooper found the lawsuit moot, the company reapplied for and received permission from DOT to allocate the $1.15 billion tax-exempt private activity bonds with a sales deadline of May 31, 2018. When the company didn’t make that deadline, the expiration date was extended to the end of 2018.
County Commissioner Solaris and others monitoring the project say All Aboard Florida so far has not sold any bonds dedicated to Phase II. An All Aboard Florida spokesperson was asked to confirm that statement, but the company did not reply.
Florida East Coast Holdings Corp, which operates Florida East Coast Industries and Florida East Coast Railroad, was sold to Grupo Mexico in mid-2017, but All Aboard/Brightline officials say the sale will not affect their operations. Fortress also completed its sale to SoftBank Group in December 2017.
The company originally estimated costs for Phases I and II at $1 billion. Now those estimates exceed $3.5 billion.
All Aboard Florida appears likely to miss the end-of-the-year deadline for installing Positive Train Control safety hardware and software. An extension could give the company until 2020 to complete the work. In June, Florida East Coast Railway petitioned the NTSB on behalf of All Aboard Florida/Brightline to accept an alternative braking system. The NTSB has not yet responded.
The Brightline spokeswoman wrote in an email that the company will have Positive Train Control fully implemented when operations begin in Orlando. She added that Brightline trains now operated on Automatic Train Control, “which has all the same features as Positive Train Control,” she stated.
This is not the first time new passenger trains have been contemplated. Florida has been studying interstate railroad systems for years, in large part to take pressure off its highway and freeway system. The last attempt at developing a railroad was in 2010 when President Obama’s administration offered $2.4 billion in federal funds to build an 85-mile segment from Tampa to Orlando, with future plans of continuing service to Miami. Incoming Gov. Rick Scott nixed the project and rejected the money in early 2011.
Scott later embraced All Aboard Florida’s rail concept primarily because it would be privately funded. PolitiFact Florida rated that statement “mostly false” in 2014, saying the company had already benefited through the bonds and through state funds to build a terminal in Orlando.
Brightline trains look empty? PB Post counts how many were on board
Brightline ridership_ PB Post counts passengers – click to read the article.
BRIGHTLINE RIDERSHP TRIPLES EXPECTATIONS; MIAMI TO START BY END OF APRIL
Brightline passenger count has been much better than expected.
According to CEO Patrick Goddard, ridership in recent weeks has been triple what the company was expecting.
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Cities and towns along Brightline’s route will decide this spring whether to follow through with a plan to silence the company’s train horns — a choice some leaders say could force them to put public safety above quality of life following recent deaths along the railroad tracks.
Palm Beach County transportation planners have pledged roughly $7 million to construct a series of safety improvements to establish a horn-free zone along the Florida East Coast Railway tracks, where Brightline runs its trains at speeds up to 79 mph. The quiet zone is planned to run from 15th Street in West Palm Beach south to the Palm Beach County line and would silence the horns on both Brightline’s trains and the much-slower freight locomotives.
After the safety upgrades are completed in late March, it will be left to each city along the route to file a quiet zone application with the Federal Railroad Administration.
Delray Beach Mayor Cary Glickstein said moving forward with that application could be difficult.
Brightline’s route runs through the heart of the city’s downtown, and residents and business owners are furious over the rise in horn blasts, he said. The company’s trains pass by the city as many as 22 times a day under the current schedule, blowing their horns at every crossing along the way.
But without the horns warning the public of an approaching train, Glickstein fears there will be a “dramatic escalation in fatalities.” He pointed to the number of tourists who visit every year, saying out-of-towners may not be familiar with the fast-moving passenger service.
“I have people just screaming about these horns,” Glickstein said. “The city is going to be forced into a very difficult dilemma of choosing between quality of life and the very real public safety issues with that train coming though at the frequency and speed that it does. If that horn isn’t blowing, people are going to misjudge the speed of that train.”
Safety vs. comfort
Brightline’s trains, which travel up to 79 mph through the downtown hubs of many of the county’s coastal cities and towns, have hit three people since Jan. 12 — the day before the company began shuttling paying passengers. Two of those people were killed.
In all three incidents, police said those struck did not heed warning lights and crossing gates positioned at the intersections.
“The city is going to have to make a decision, which is going to be a policy decision by the commission as to whether we make that (quiet zone) application now, or do we wait and see what happens,” Glickstein said. “I think logic dictates you err on the side of public safety rather than noise nuisances.”
Adding to the pain, Glickstein says that Brightline’s trains are mostly empty when they pass though the city. Brightline has not released its ridership counts, but a police report showed 55 passengers were on the Jan. 17 train that struck and killed a Boynton Beach man on a bicycle. Brightline’s trains can seat 240 passengers.
“We are very frustrated,” Glickstein said. “We have the noise, we have the disruption, we have the very real public safety issues, and we have ghost trains running through our town.”
Although Boynton Beach residents and business owners also have been looking forward to the quiet zone, Mayor Steven Grant said the city may have to weigh whether to silence the horns only at night.
“It makes sense to have the quiet zones at quiet times not necessarily throughout the whole day,” Grant said.
In West Palm Beach, Assistant City Administrator Scott Kelly said officials still plan to move forward with the quiet zone application once work is completed on the required safety upgrades. In the days before Brightline’s Jan. 13 debut, a group of city residents took aim at the company for not completing the upgrades before starting its passenger service.
For the complete article, please follow this link.
BOYNTON BEACH — Jeffrey D. King and Melissa Lavell were struck and killed by Brightline trains six days and less than a half-mile apart, in the heart of a community that would seem familiar to many on the Treasure and Space coasts.
Their deaths have sparked fierce debate about who is to blame — Brightline opponents argue the passenger railroad must take responsibility, while supporters point out that King and Lavell were trespassing — and on the Treasure Coast have reignited questions about safety.
When Brightline begins full Miami-to-Orlando passenger service, possibly by 2020, pedestrians who cross the tracks daily to work, shop and go to school will be endangered, Treasure Coast opponents have long said.
On Thursday, just a day after the latest Brightline fatality, Boynton Beach residents echoed those sentiments, saying they were disturbed by the recent deaths and concerned about future incidents.
“It’s so sad,” said Georgia Hillesland, pastor of the nearby Boynton Beach Congregational United Church of Christ. “How many more people have to die before something is done about it?”
Four people have been killed by Brightline trains since the summer, when the railroad began test runs.
Please follow this link for the complete story: https://www.tcpalm.com/story/news/local/shaping-our-future/all-aboard-florida/2018/01/18/brightline-fatalities-polarize-worry-local-communities/1042709001/
BOYNTON BEACH, Fla. – After just one week of service, two people are dead from accidents involving Brightline high-speed rail trains.
The incidents have even made the front page of USA TODAY.
In both incidents, which occurred in Boynton Beach, police said witnesses saw the victims go around the crossing arm barricades.
Still, the family of one of those struck and killed is questioning the safety of the railroad crossings.
Jeffrey King, 51, died while crossing the railroad intersection with his bike at Ocean Avenue in Boynton Beach on Wednesday night. He worked just around the corner at Troy’s Barbecue.
“‘When he went to work that day, he came in and kissed me and said ‘I’m going to work now, mom and I love you.’ Those were his last words to me,” said King’s mother, Shirley Folsom.
The asset manager is selling itself at a premium, but it’s still trading at a fraction of its IPO price. The big losers? Us.
Read The Fall of Fortress