Monday, October 04, 2010
Flash – Superferries reportedly auctioned for only $25 million each
by Larry Geller
Still unverified, but Maui advocate Dick Mayer emailed that the two Hawaii Superferries have been sold at auction for only $25 million each. The $50 million total would be only a third of the $150 million that the government was trying to recoup.
This is why good or bad there will be no Super Ferry in Hawaii's future. The federal government will never recoup the loan and will remember this fiasco for years.
The Super Ferry will come back to Hawai'i. Though unfortunate that the Sierra Club did Hawai'i a disservice in fighting against an economic means of transport for our island people, the delay will only firmly resolve in reasonable people to reject environmental extremism, which has no basis in science, culture and economics. Air travel & transport is ridiculously expensive and economics & law will work to resolve this imbalance. Ergo, return of the Super Ferry.
Maybe the people in the State will remember who brought the FIASCO to the crazy proportions that it went - and will see this squandering of money in the context of a declining economy and removal of social services context, and place the blame accordingly on some of our leadership......probably too much to ask for.
Something may come back, but not like the Superferry. If you google, you'll find articles analyzing the operating cost of the ferries. In the end, the company went bankrupt, but that was likely inevitable. If it lost money operationg, how could it succeed?
Even without the environmental argument, the ferry never really competed well enough with air travel to make a profit, according to outside estimates.
It's to stop blaming the whistleblowers and lay the blame where it belongs, at the feet of the corporate interests who duped the feds and state politicos into taxpayer support of the financial fiasco. The court did not kill the StupidFerry, and neither did the litigation--it bankrupted itself, and left the taxpayers holding the bag.