The FINANCIAL PEST is reporting that T1New may not be operating until the 2nd Q of 2004. Apparently major problems with the luggage system have definitely postponed the October opening. However, GTAA spokesperson denied this is the cause of the delay, but refused to eloborate further. Another blow for AC, which is to be the major tenant and user of T1New.

Even worse news is that the cost of borrowing by the GTAA will be rising due to downgrading of their credit rating, and thus their need to find new revenue. That means higher passenger fees.

Sorry, but the NP/FP website has not been updated with this story which appears on page FP1 and FP5 of today's paper. BTW anyone else notice those NATIONAL PEST ads featuring Gerry Schwartz?

"If I may ask, what did the GTAA do / not do? " Greater Toronto Airport Authority is the not for profit organization that owns and operates YYZ [and Pickering] -- albeit the feds still own the land, they own everything else --and is one of about a dozen such authorities which own and operate YVR, YYC, YEG, YWG, YOW, YUL, YHZ, etc.

[This message has been edited by Shareholder (edited 07-29-2003).]