Earlier questioning dealt with what happens if a port authority ran into financial difficulties. The response, as I heard it, was, well, they've breached their fiduciary duties and they could be at personal risk. But you didn't elaborate. What would happen if a port authority had the best of intentions, made economic capital investments, circumstances changed, and things went sour? What happens in that situation when a port authority defaults on its financial obligations and it's not a breach of fiduciary duty?
On December 6th, 2007. See this statement in context.