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Article: A trio of offers for Virginia's port.(Local)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- August 16, 2009
CopyrightCOPYRIGHT 2009 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WHEN BUSINESSES bidding on the project caution Virginia to think twice about privatizing its port operations, state leaders should take that unsolicited advice seriously.
Representatives for terminal operator Carrix Inc. and the investment bank Goldman Sachs warn that turning over control of port operations in the middle of the most severe trade downturn since World War II "would result in a valuation that understates the true potential of the assets." They counseled state officials to hold off until cargo traffic is once again on the upswing, which isn't likely to occur for at least a year.
To be sure, Carrix's advice is self-serving. The company hopes ...