In some cases, according to U.S. traffic consultant Raymond Tillman, toll road developers in the past have sought out aggressive forecasters to produce optimistic revenue projections in hopes of enticing passive investors to buy their equity interest soon after financial close.
One remedy, he says, is to lock in equity investors for a number of years at financial close so they stand to lose their own money if traffic and revenue (T&R) forecasts are substantially wrong.
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