Bankruptcy is only good solution for SPSA crisis
Published 9:00 am Wednesday, January 28, 2009
To the Editor:
Recent revelations of the dire financial straits in which our regional trash disposal agency, known as SPSA, now finds itself are is shocking.
This crisis, unfortunately, can only be resolved through a bankruptcy filing. Suffolk and Virginia Beach will never agree to step up and help in resolving this financial crisis. They will only be encouraged to do so by a bankruptcy filing by SPSA. They have no incentive to do so under their current agreements.
What do Chesapeake and Portsmouth know that caused both to cast negative votes against the rate increase? Our past representatives knew long ago of SPSA’s cash-flow problems and these facts were withheld from the citizens.
A sale of this agency to a third party is not going to happen; it’s not in the best interest of Suffolk and Virginia Beach to approve such a sale. They hold veto power of any such transfer of ownership.
Let’s not let our citizens in the future be involved in such enterprises that favor the select few.