Trump Wall being built in Overtown? No, but something very similar is. This is the Bright Line wall and the poor people of Overtown, Miami helped pay for it. Bright Line is a inter-city train service brought to you by All Aboard Florida.
The Bright Line wall will be used to elevate the Bright Line locomotive 50 feet in the air above Overtown. Bright Line will go from Overtown Miami to Fort Lauderdale and on to West Palm Beach, scraping the Orlando stop for lack of funds. Critics say the project will fail because of competition from Tri-Rail operating at the same stations.
Fortress Investment Group, the owner of All Aboard Florida, had initial plans to sell over 1.7 billion dollars worth of bonds to fund the Bright Line project. After being marred by bad investments and issuing 800 million in junk bonds, to relieve debt, the bond industry turned its back on Fortress. Leaving Fortress owner Randal Nardone holding the bag.
In 2007 Fortress bought Florida East Coast Railway for 3.5 billion. Then the real estate market fell out the bottom. Fortress(fig) stock fell to .96 cent from a 2007 IPO of $35. October 2016 Fortress was looking to sell Florida East Coast Railway. When they couldn’t find a buyer. They were put between a rock and a hard place. So they were forced to sell everything. The home company itself, Fortress Investment Group. To the Industry insiders this came as no surprise. Everyone knew Fortress had been making bad investments for years. It’s stock reflected poor management.
February 14 2017 Soft bank announced its agreement to purchase Fortress Investment and its 70 billion under management for 3.3 billion. Leaving Fortress owner Randal Nardone the laughingstock of hedge fund history. Now the lawsuits against Fortress and Randal Nardone are starting to pile up.
It looks like the only thing Randal Nardone ever did right was to force Miami City Commissioner Keon Hardemon in to give him 17 million of Overtown’s money. That’s a lot of school books.