Thursday, February 11, 2010

Where the MTA can find the money

From the Daily News:

The MTA says it would need to find $18 million to avoid subway service cuts. Maybe it should look at its own ad company.

Titan Outdoor Holdings has stiffed the MTA out of about $18 million, coming in short with its monthly payments for nearly a year and engaging in some questionable accounting, an internal Metropolitan Transportation Authority audit revealed.

The MTA could recoup the money by cashing a multimillion-dollar letter of credit Titan posted. But officials fear the move would bankrupt the company - meaning even less ad revenue for the authority, according to the audit.

No comments: