As with most canal lines in the East, they began operation carrying too much debt.
By then the company carried long-term debt of US$154 million.
Expenses are low, they carry little debt, and they put aside more than $10,000 a year.
"The successful classical stations are either already paid for or carry very low debt."
By then, with about $360 million in assets, it carried long-term debt of over US$2 billion.
Time Warner, for example, still carries heavy debt, which limits its investment options.
But, like most farmers, Pappy and my father carried debt from the previous year.
The average law school graduate carries debt of more than $84,000.
"We're still carrying debt for the $2 billion we borrowed after 9/11 to balance the budget," she said.
The majority of students enrolled in the institutions left without a degree and carried post-schooling debt.
