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Challenging the Wisdom of the Trans Texas Corridor.
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Camino Colombia auctioned January 7, 2004 BY TRICIA CORTEZ, Times staff writer The Camino Colombia Toll Road, the only private toll road in the state of Texas, was sold, auction-style, Tuesday morning on the front steps of the Webb County Courthouse Annex in downtown Laredo. The $90 million project was sold at a fraction of its cost, for $12.1 million, when its bondholders John Hancock Financial Services Inc. and New York Life Insurance foreclosed on $75 million worth of notes, according to C.Y. Benavides III. Benavides is president of Camino Colombia Inc. and Camino Colombia Operating. John Hancock bought back its failed investment Tuesday when its Boston-based managing director, Jerry Hanrahan, placed the winning bid on the courthouse steps. Ownership of the road was transferred Tuesday afternoon. (Jan. 7, 1A)
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