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Airport Link, Brisbane : ウィキペディア英語版
Airport Link, Brisbane

The Airport Link is a tunnelled, motorway grade, toll road in the northern suburbs of Brisbane, Queensland, Australia. It connects the Brisbane central business district and the Clem Jones Tunnel to the East-West Arterial Road which leads to the Brisbane Airport. It was built in conjunction with the Windsor to Kedron section of the Northern Busway in approximately the same corridor.
The Airport Link and busway project involves of tunnelling including the road (6.7 km of twin tunnels), busway tunnels and connecting ramps, as well as 25 bridges and result in over of new road. The Airport Link is Australia's longest road tunnel.
The estimated construction cost of the Airport Link is $4.8 billion. The toll for the full length is $5.11 for a car.
Construction of the Airport Link, Northern Busway and Airport Roundabout Upgrade projects were scheduled for completion in mid-2012. Following a preview walk on 15 July 2012 and final safety approvals, the Airport Link opened to the public at 11.55 pm on 24 July 2012.
==Contract and controversy==
The contract was awarded to the consortium BrisConnections, composed of Macquarie Group, Thiess and John Holland, beating two other consortia (North Connect and Northern Motorway). BrisConnections was announced as the preferred bidder on 19 May 2008,〔(CityNorth Infrastructure, Delivering the Projects ). Retrieved 10 September 2011.〕 and the final contract was awarded on 2 June 2008.
Conducted as a public-private partnership (PPP), the financial aspects of the Airport Link project has been mired in controversy from the outset. Macquarie Group charged $110 million in fees for the financial engineering which used the equity from private investors to raise the necessary debt and planned to pay investor distributions from capital, an arrangement which resembles a Ponzi scheme and has been ridiculed as the "dead parrot model", after the famous Monty Python comedy sketch.〔Michael West (31 July 2008)(Macquarie's dead parrot model ). ''Business Day''.〕 Former Queensland Premier Anna Bligh enjoyed a free holiday at the Sydney mansion of Thiess director Ros Kelly just before the contract was awarded.〔Patrick Lion and Steven Wardill. (17 July 2008).(Anna Bligh fails to declare free holiday in Sydney mansion ). ''Courier-Mail''.〕 Former Labor ministers Terry Mackenroth and Con Sciacca were paid a "success fee", (as government relations advisors) believed to be about $500,000, by BrisConnections after the consortium won the tender.〔Steven Wardill (23 January 2009). (Terry Mackenroth, Con Sciacca share fee on airport link contract ). ''Courier-Mail''.〕
BrisConnections was listed as a unit trust on the Australian Securities Exchange (ASX) via a $1.2 billion initial public offering (IPO) of installment receipts (or stapled securities) on 31 July 2008 (). This was the largest IPO in Australia in 2008 and the most disastrous. The value of initial $1 installments fell by 60 per cent on the first day of trading, and by late November had collapsed to 0.1c, the lowest possible price on the ASX.〔(Google Finance, BrisConnections Unit Trusts )〕 The dramatic price slide was largely due to the leverage risk associated with stapled securities.〔Bryan Frith (3 April 2009). (Leverage loss turns BrisCon toll road into a goat track ). ''The Australian''. Retrieved 21 February 2013〕 Among the institutional investors was QIC, the state-owned corporation that invests the superannuation funds for Queensland's public servants, which invested $25 million. The Chairman of QIC is Trevor Rowe, who is also the Chairman of BrisConnections and was awarded Member of the Order of Australia in 2004 "for service to the investment banking sector and as a contributor to the formulation of public policy ... and to the community."〔(Search Australian Honours ) It's an Honour. Australian Government.〕
It is believed that some of this negative market sentiment was in response to the traffic forecasts contained within the Product Disclosure Statement lodged by BrisConnections. The EIS previously lodged by government showed traffic forecasts in 2012 of 95,000 vehicles per day, rising to 120,000 motorists by 2026. The Product Disclosure Statement prepared by PBA provides forecast of 193,000 vehicles in 2012 rising to 291,000 vehicles by 2026.
During the early period of the BrisConnections listing most of the securities were owned by institutional investors, however as the price collapsed many of these institutions divested their now worthless stock, including Macquarie Group.〔(Business Spectator, "Macquarie Investment sells 9m BrisConnections units", ''Business Spectator'', 23 October 2008 )〕 Most of these shares were taken up by retail investors who were unaware that two further $1 installments on the stapled securities were owing and faced financial ruin as a result.〔(''The 7.30 Report'', "Many BrisConnections shareholders facing financial ruin", ABC Television, 20 November 2008 )〕 BrisConnections has threatened to sue these investors in order to raise the capital necessary to continue the project, while reducing dividends by 99 per cent.〔(Jacob Saulwick, "Woes mount for toll road", ''Sydney Morning Herald'', 31 October 2008 )〕 There are no further installments owning which means there are no further obligations on shareholders attached to the units.〔Mark Hawthorne (30 January 2009) (Peering deep into a long, dark tunnel ). BusinessDay. Retrieved 21 February 2013.〕
While promoting BrisConnections at their media event in April 2009, Premier Anna Bligh denied any responsibility for the fate of the "Mum and Dad" investors saying, "''it is not the role of the Queensland Government to underwrite private investment decisions made by people who were seeking to make a profit investing in the stock market''".〔(24 April 2009) (Class action filed against BrisConnections ). ''PM - ABC Local Radio''.〕 At this time, the Australian Securities and Investments Commission (ASIC) belatedly sought to act on behalf of investors and to seek an independent report of BrisConnections' finances.〔Mark Hawthorne (3 April 2009). (BrisConnections in check ). ''The Age''.〕 BrisConnections was nearly wound up in April 2009 after the private company of one investor, Nicholas Bolton, requisitioned a general meeting of members of the managing company. However, on the date of the meeting the proxies attached to Bolton's shares were exercised to against the resolutions, Bolton's company having earlier sold the proxy rights for $4.5 million to Theiss-John Holland Group and the contractor for the Airport Link project. Therefore, the special resolution fell short of the required 75% vote to pass and BrisConnections was allowed to continue operating under its current form.〔Mark Hawthorne (15 April 2009). (Bolton sells his BrisCon voting rights for $4.5m ). Sydney Morning Herald. Retrieved 21 February 2013.〕
In May, 70% (278 million) of outstanding shares defaulted on the second $1 instalment payment. Some shareholders transferred their shares off market to false identities, such as Humphrey B. Bear, in order to avoid payment. An auction of shares in default failed to attract a bidder. In June, BrisConnections commenced legal action to recover the unpaid moneys. With Brisconnections launching legal claims against defaulting investors, controversial businessman Jim Byrnes postured as a champion of small investors. The controversy featured prominently in Brisbane newspapers: The name 'BrisConnections' was played upon as a 'con', the project and ensuing farce being dubbed by the media as 'BrisCon'. In October, BrisConnections notified ASX it would stop pursuing defaulting investors.〔(Brisconnections investors spared liabilities ). 17 October 2009.〕
By early December 2009, the share price of the second $1 installments had collapsed to 0.1c. With little other interest in the "toxic" stock at this time, the chief executive officer, Ray Wilson, paid $10 for 5,000 shares.〔(This road is a boulevard of broken dreams ). Mark Hawthorne. ''Business Day''. 11 December 2009.〕 Two other directors of BrisConnections also purchased share parcels of a similar size, helping to raise the share price to 0.5c by mid-December, however the share price had again collapsed to 0.1c by year's end.
On 13 November 2012, BrisConnections was suspended from trading indefinitely, to pursue talks with lenders.〔http://www.abc.net.au/news/2012-11-13/brisconnections-shares-suspended-indefinitely/4368624〕 In February 2013, the board called in McGrathNicol as administrators and PPB Advisory as receivers for the $3.5 billion debt owed to a syndicate of banks led by ANZ.〔http://www.theaustralian.com.au/business/companies/brisconnections-calls-in-receivers-as-banks-reject-revamp-plan/story-fn91v9q3-1226581465097〕 Other banks in the syndicate include: BNP Paribas, United Overseas Bank, KBC Finance Ireland, Societe Generale, UniCredit, BOS International, Depfa Bank, DZ Bank, and Allied Irish Banks.

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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