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[quote user="Murphy Siding"]    Should this whole thing somehow not work out, Uncle Sam has first dibbs on any money to recoup the $2.5B.  That would leave the other investors of the $3.5B with.....whatever is left?  [/quote] Most of the rest of your post I agree with, but with respect to the above I have another feeling entirely. If the Gov'ts loan  for $2.5B goes for track work, and the private  investor's $3.5B goes for Locomotives and rolling stock, (just trying to keep the conversation simple) then I think that the respective transactions would be seperate. DM&E would likely create another entity to shield the loco and rolling stock loan from the physical plant indebtedness. even if it was that entity that leased the locos and rolling stock to the DM&E. The loco's and rolling stock would be pledged as collateral on their seperate loan, and the land, track, and infastructure pledged on the other. Meaning of course, if the entire operation does go belly up, with deferred maintenance always being the refuge of a failing railroad, what the taxpayers will gain through receivership is a worn out plant that couldn't even support itself when it was in goodshape.
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