WORRIES ON MFS TOLL SYSTEM IN N.J.

New Jersey's Attorney General is assessing claims by Wall Street short-seller Manual Asensio that MFS Network Technologies' new, lightly capitalized parent lacks the resources to complete a $488-million E-Z Pass toll collection system in the region. The New Jersey Turnpike Authority, acting for a regional consortium of public toll operators, signed a fully wrapped contract with MFS in early 1998 to manage the installation of toll equipment with full back-office support on 700 lanes of existing toll roads owned by five government agencies in three states. Asensio has charged that the Turnpike Authority should have done more to protect the states' interests when MFS was sold to a small Florida firm in late 1998. Liquidated damages of $5,000 a day have been assessed on MFS since November 11, 1998, when it missed the interim deadline for activating the EZ-Pass toll system's computer control center. MFS and its cable subcontractors also may be held liable for causing a major water line failure in Jersey City 2 months ago. MFS is reported to be having problems with a separate contract for a toll collections system on the Atlantic City Expressway.

• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/oclc/19598638
• Corporate Authors:

  Public Works Financing

  147 Elmer Street
  Westfield, NJ  United States  07090-2433
• Publication Date: 1999-1

Language

• English

Media Info

• Pagination: p. 8-9
• Serial:
  • Public Works Financing
  • Volume: 125
  • Publisher: Public Works Financing
  • ISSN: 1068-0748

Subject/Index Terms

• TRT Terms: Automated toll collection; Contractors; Financial responsibility; Financing; Liabilities; Toll collection; Toll roads
• Geographic Terms: New Jersey
• Subject Areas: Finance; Highways; Law; I10: Economics and Administration;

Filing Info

• Accession Number: 00761060
• Record Type: Publication
• Files: TRIS
• Created Date: Mar 25 1999 12:00AM