LYCOS RETRIEVER 
Bolivia: Brazil
built 646 days ago
On Sept. 21, the Bolivian Defense Ministry confirmed reports that Bolivia will build at least two new military bases along its borders with Paraguay and Brazil. Once built, the bases will be used to train up to 2,500 soldiers, whom La Paz referred to as “elite troops.” Venezuela has pledged its support for the project but has not yet specified how it will contribute.
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GWI ... announced the expected terms of its pending investment in Bolivia, which is subject to customary closing conditions and is expected to be completed this quarter. Following the transaction, GWI anticipates having an indirect 22.55% equity interest in Empresa Ferroviaria Oriental, S.A. (the "Oriental"), a railroad serving eastern Bolivia and connecting to railroads in Argentina and Brazil. The Company's investment will be made through a 90% owned subsidiary, Genesee & Wyoming Bolivia SRL ("GWB"), which will be 10% owned by UniRail, LLC. GWI's portion of the Oriental investment is to be composed of $6.66 million in cash, the assumption of non-recourse debt of $10.8 million at an interest rate of 7.67%, and a non-interest bearing contingent payment of $450,000 due in 3 years if certain financial results are achieved. GWB will also be entitled to its portion of Oriental's annual cash dividend for the year 2000, which will be distributed early in 2001.
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Their worst fears became reality when the Brazilian government announced it would punish Bolivia by investing some extra billions in that country. The Bolivians would forever remember the harsh price of their ambition was extra cash. After all, that country has been so poor since its birth that if it starts to become rich the whole population will become fatally confused... resorting to kitten-huffing and cults of Cthulhu.
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