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Whether it is old technology or new technology is irrelevant.  It is being applied in a different market. One variable is revenue.  It is the first item on the income statement.  The project promoters probably will develop three or four revenue scenarios for their planned high speed railway between Dallas and Houston. Ultimately, irrespective of how the project is financed, i.e. public, private placement or a combination thereof, they will have to take their revenue scenarios, along with all of their cost estimates, etc., to the investment bankers or the venture capitalists.  The bankers know that most project promoters tend to adopt the best case revenue scenarios.  Before they accept them they will have an independent evaluation (validation) of the revenue numbers.   Goldman Sachs, for example, may use internal personnel to complete the evaluation.  If it a smaller firm, they may use outside evaluators.  The bankers are not going to take the project promoters scenarios without challenging them.  Not when one is talking $10 to $12 billion for the project!  And that is before the cost of debt service is factored into the equations.  That's a senior accounting and audit manager for a Fortune 250 corporation. Also included on the resume is eight years with a Wall Street Bank and four years with a major New England regional bank.
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