The story said ..."Jackson had gone into default on the 2,500-acre ranch in Central California, and it was being put on the auction block until he signed the refinancing plan with Fortress."
Refinancing means the same thing as loan, right? The World got it right.

This is what I hate about irresponsible reporting. This article would lead one to believe that this company is simply gave Michael Jackson $24 million, however the simple fact is that they LOANED it to him, that what Fortress Investment Group does, they are a private mortgage company just like many other banks. In this case, they are not simply giving Mr. Jackson money, they are loaning it to him, which means they will receive an interest payment on that loan, making them money...not losing it. I'm sorry that THE WORLD has decided to be so cavalier in their responsibility to be complete and impartial in their reporting, but slanting stories to satisfy your own needs has been going on since the beginning of reporting and I guess there is no end to it in sight.

CC: "Bailing Michael Jackson out on a 24 millions dollar default is making money?? What makes this company think Michael won't default on them too.. "

There's a BIG difference between CORP and Neverland.

If Michael Jackson bails on Fortress, Fortress owns a HUGE parcel of extremely valuable land that it can then sell and recoup its losses.

CORP isn't worth very much.

CC: "The residents of Coos County are the losers here..I know many people state wide who are upset over this company's actions including me. Why should Oregon support CORP when they will not support Oregon. I say we shouldnt!"

I'm sorry you feel that way, but why should a privately owned corporation bend over backwards and take it, without due compensation?

Unfortunately Coos County has been losing jobs for a long time - which has nothing to do with the railroad, but the railroad feels the impact of it (fewer carloads, less revenue - while expenses are increasing).

If Freddy's were to close up shop in Coos Bay, would there be mass protests to force Fred Meyer to stay in business despite having a money losing store, because Coos Bay residents need their groceries and stuff? Why is the railroad any different - just because it's a "regulated" business, doesn't mean the regulators can force it to stay in business.

Your last sentence - why should Oregon support CORP...I say we shouldn't! - is RIGHT ON THE MONEY. Oregon (specifically Oregon business) ALREADY HASN'T been supporting CORP. Why should (correctly) Fortress Investment Group support Oregon? Not one person has given a good argument as to why this railroad SHOULD stay in business other than "my dad works at ... mill"...so? Is your dad busy increasing output and shipping out more lumber?

Well put STOP AND THINK. Coos county has lost railroad service for good unless the proposed container facility needs one to ship out for Yucca Mountain the nuclear waste it will be primarily designed to import.

If that happens, then the government will probably run it at a loss for the sake of "national security", just as they now are planing to dredge our under-used harbor at an otherwise unjustifiable expense for that same reason.

The land the rails sit on were granted to the railroads, with the stipulation that they would revert to to government if the did not keep them running. If they don't keep the line operating it goes back to the government. Use it or lose it, it is the railroads choice and responsibility, it is that simple! They fix the tunnels and get the line running, or Ted takes it back. For once I agree with the Gov.

While I am no fan of Rail America, Think about how silly you all sound in your whining about this situation. The only good analogy i can think of is this. Say you bought an old beater car for commuting a few years back. It has worked fine but suddenly needs some major repairs. You just can't justify spending the money on it. You think about buying a new car, but that's just not worth it either. Instead you decide to carpool, use public transportation or move your home/work to be close together.

You see, you could have "afforded" to buy that new car but the return just was not worth it.

Yes, Rail is a very economical way to move freight, and the cheapest way in and out of Coos County, but that's under the old business model. Say the "buy that new car" and then have to raise rates to the point that they are more than trucking. That's a huge risk. The future for Rail is bright, but it comes with a new Paradigm, and comparing rate of the past with those of the future is not fair, even if we all wish it was.

We as a society should blame ourselves for letting the corporate world become what it has. I don't think this situation is entirely the fault of FORTRESS, they have very specific financial goals and they are trying to meet them. It sucks, but they own it and can do with it what they want.

Might there be a lower cost operate that can make it work? Perhaps, but probably not with out the same investments and increased rates. However I do feel that Rail America/FORTRESS/CORP has lost it's good will with the public and should not be the party to receive public assistance when it is handed out.

We might all hate them right now, but FORTRESS is smart. Is this a game of chicken? Probably not. The traffic on this line just does not support the line. Period. Assistance or significant rate increases will be necessary for this line to exist. We are already complaining about one of these, what do you think we will do about the other?

On The Ranch thing- Short term loan that is risky with high interest or potential for owning the property (flip it and come out on top), but either way they will make a good ROI. We would all do the same thing in this situation if giving the opportunity.

Regards,
Stop and Think
Proud Oregonian, pro rail, and realistic too!

I just wonder what this coperation is getting out of supporting Mikey. Are they making money on the Neverland Ranch? My family is one of many in this area effected by the callousness of a large corporation over 3000 miles away. The future of this area hinges on the railroad being reopened. It is still the cheapest way to transport goods to and from this area. Let our voices be heard in Salem and Washington D.C. and put an end to this!

i think the port or who ever wuold have the athority to do so needs to sue the railamerica for the right to the rail road, cause they hadthe money to fix it, im sure that other companies would be more than happy to come in a fix the rail road and run it...

Just goes to show CORPS thinks we Oregonians are just dumb hicks from the sticks. Of course Michael Jackson is an "uptown" sort of guy, isn't he? Wonder what kind of interest he is supposed to pay? There should be some way of legally getting to CORPS...We can only be taken advantage of if we let it happen...

Sometimes the news is funnier than anything you could make up, so as the Gloved One might say: "Hee, hee, hee!"

Sounds to me like this company had plenty of operating money when the need suited them. the only loser here is Coos County.
"
In late September, RailAmerica closed the railroad that shuttled lumber, propane, steel and other materials on the tracks. Company officials initially blamed the decision on three unsafe tunnels. Within weeks, however, they said there wasn’t enough revenue to keep the line in good condition — and it was losing the company money annually."

Bailing Michael Jackson out on a 24 millions dollar default is making money?? What makes this company think Michael won't default on them too..

The residents of Coos County are the losers here..I know many people state wide who are upset over this company's actions including me. Why should Oregon support CORP when they will not support Oregon. I say we shouldnt!

Proof that this whole thing was a setup from the beginning. Kudos to all parties involved for not bowing to corporate arrogance.