Durham unveils initial bus rapid transit plans
Why it matters: With dreams of light rail and commuter rail across the Triangle seemingly quashed, officials in the region have increasingly turned their eyes toward bus rapid transit as a way to improve transit options.
Bus rapid transit is cheaper than rail and similar to traditional bus service, but provides bus-only lanes and preferred traffic lights to improve speed, increases frequency and adds larger stations.
Plus, it aims to reduce car usage, and it can be integrated into existing infrastructure.
Driving the news: The initial sketch of Durham's BRT plans includes a 7-mile route, stretching from Duke University Hospital on the west side of the city, through downtown and onto the Wellons Village shopping center in East Durham.
Importantly, BRT would follow the most popular routes already existing for GoDurham, which has the second most ridership of any bus system in the state, according to Sean Egan, director of Durham's transportation department.
Buses going from East Durham to downtown and downtown to the hospital already travel in 15-minute intervals and are often crowded, Egan said.
The city is asking residents for feedback on the plans here.
The other side: There has been some opposition to BRT in North Carolina, with some residents in Raleigh concerned over its potential to cause gentrification.
In Charlotte, surveyed residents have opposed it over costs and a dislike of buses compared to light rail.
Reality check: Durham's plans, which took about a year to draft, are still in the earliest stages and remain years away from breaking ground, like Raleigh is set to do in the coming weeks.
These initial plans are part of a feasibility study designed to see how well an application would score for federal funding.
Egan believes it would score well since it would provide service to large job centers, as well as economic development opportunities around Wellons Village.
But at the same time, Egan noted, there are many projects already in the federal pipeline ahead of Durham, and it's unclear if scoring criteria for funding will change under the Trump administration.
Zoom in: Part of the initial design process is built around the idea that Durham's BRT line might have to be completely locally funded, Egan said, through local partners and the transit tax county residents pay.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Axios
3 days ago
- Axios
Durham unveils initial bus rapid transit plans
Following in the footsteps of Raleigh and Chapel Hill, Durham has unveiled initial plans for adding a bus rapid transit line through the center of the city. Why it matters: With dreams of light rail and commuter rail across the Triangle seemingly quashed, officials in the region have increasingly turned their eyes toward bus rapid transit as a way to improve transit options. Bus rapid transit is cheaper than rail and similar to traditional bus service, but provides bus-only lanes and preferred traffic lights to improve speed, increases frequency and adds larger stations. Plus, it aims to reduce car usage, and it can be integrated into existing infrastructure. Driving the news: The initial sketch of Durham's BRT plans includes a 7-mile route, stretching from Duke University Hospital on the west side of the city, through downtown and onto the Wellons Village shopping center in East Durham. Importantly, BRT would follow the most popular routes already existing for GoDurham, which has the second most ridership of any bus system in the state, according to Sean Egan, director of Durham's transportation department. Buses going from East Durham to downtown and downtown to the hospital already travel in 15-minute intervals and are often crowded, Egan said. The city is asking residents for feedback on the plans here. The other side: There has been some opposition to BRT in North Carolina, with some residents in Raleigh concerned over its potential to cause gentrification. In Charlotte, surveyed residents have opposed it over costs and a dislike of buses compared to light rail. Reality check: Durham's plans, which took about a year to draft, are still in the earliest stages and remain years away from breaking ground, like Raleigh is set to do in the coming weeks. These initial plans are part of a feasibility study designed to see how well an application would score for federal funding. Egan believes it would score well since it would provide service to large job centers, as well as economic development opportunities around Wellons Village. But at the same time, Egan noted, there are many projects already in the federal pipeline ahead of Durham, and it's unclear if scoring criteria for funding will change under the Trump administration. Zoom in: Part of the initial design process is built around the idea that Durham's BRT line might have to be completely locally funded, Egan said, through local partners and the transit tax county residents pay.
Business Wire
07-07-2025
- Business Wire
Sound Point Meridian Capital Announces Offering of Series B Preferred Shares
NEW YORK--(BUSINESS WIRE)--Sound Point Meridian Capital, Inc. (the 'Company') (NYSE: SPMC), an externally managed closed-end fund focused on primarily investing in equity and junior debt tranches of collateralized loan obligations, has commenced an underwritten public offering of its Series B Preferred Shares. Certain financial and other terms of the Series B Preferred Shares are to be determined by negotiations between the Company and the underwriters. The Series B Preferred Shares are rated 'BBB' by Egan-Jones Ratings Company, an independent rating agency. In addition, the Company plans to grant the underwriters a 30-day option to purchase additional Series B Preferred Shares on the same terms and conditions. The Series B Preferred Shares are expected to be listed on the New York Stock Exchange and to trade thereon within 30 days of the original issue date under the ticker symbol 'SPME'. Oppenheimer & Co. Inc., B. Riley Securities, Inc., Janney Montgomery Scott LLC, Lucid Capital Markets, LLC, and Piper Sandler & Co. are acting as joint bookrunners for the offering. A.G.P./Alliance Global Partners LLC, Clear Street LLC, InspereX LLC, and R. Seelaus & Co., LLC are serving as co-managers for the offering. Investors should consider the Company's investment objectives, risks, charges, and expenses carefully before investing. The preliminary prospectus dated June 25, 2025, which has been filed with the Securities and Exchange Commission ('SEC'), contains this and other information about the Company and should be read carefully before investing. The information in the preliminary prospectus and this press release is not complete and may be changed. The preliminary prospectus and this press release are not offers to sell these securities and are not soliciting an offer to buy these securities in any state where such offer or sale is not permitted. A registration statement relating to these securities is on file with, and has been declared effective by, the SEC. The offering may be made only by means of a prospectus, copies of which may be obtained by writing Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at (212) 667-8055, or by email at FixedIncomeProspectus@ Copies may also be obtained by visiting EDGAR on the SEC's website at This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Series B Preferred Shares, nor shall there be any sale of Series B Preferred Shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction. Egan-Jones Ratings Company is a nationally recognized statistical rating organization (NRSRO). A security rating is not a recommendation to buy, sell or hold securities, and any such rating may be subject to revision or withdrawal at any time by the applicable rating agency. ABOUT THE COMPANY The Company is an externally managed, non-diversified closed-end management investment company. The Company's investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in third-party collateralized loan obligation ('CLO') equity and mezzanine tranches of predominately U.S. dollar-denominated CLOs backed by corporate leveraged loans issued primarily to U.S. obligors. The Company is externally managed and advised by Sound Point Meridian Management Company, LLC, a Delaware limited liability company. The Company's public filings are available free of charge by writing to the Company at 375 Park Avenue, 34th Floor, New York, New York 10152, Attention: Investor Relations, or by telephone at (833) 217-6665. This press release may contain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the prospectus and the Company's other filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Business Wire
01-07-2025
- Business Wire
Egan-Jones Supports Case for Urgent Board Renewal at Brookdale Senior Living Inc. and Recommends a Vote
NEW YORK--(BUSINESS WIRE)--Ortelius Advisors, L.P. ('Ortelius') today announced that independent proxy advisory firm, Egan-Jones Ratings Company ('Egan-Jones'), has recommended that stockholders vote FOR the election of all six Ortelius nominees to the Brookdale Senior Living Inc. (NYSE: BKD) ('Brookdale' or 'Company') Board of Directors, on the WHITE Ortelius proxy card, at the upcoming 2025 Annual Meeting of Stockholders. The recommendation from Egan-Jones builds on supportive commentary already published by Institutional Shareholder Services Inc. ('ISS') regarding Ortelius' campaign for change at Brookdale. Peter DeSorcy, Managing Member of Ortelius, said: 'Egan-Jones has provided another critical, independent, and credible voice to the chorus advocating for urgent change at Brookdale. We appreciate the clarity of their recommendation to vote for ALL six of Ortelius' highly qualified nominees to unlock the significant value within Brookdale and end the history of underperformance. As recognized by both Egan-Jones and ISS, a refreshed Board possessing the right skills and expertise is essential to rapidly advance a meaningful turnaround at Brookdale. This includes leading the process of selecting a new and highly qualified CEO, as well as moving quickly to sell underperforming assets and unlock long-term value for stockholders. With the support of two independent proxy advisory firms, we urge our fellow Brookdale stockholders to vote FOR all six of the Ortelius nominees on the WHITE proxy card.' In its report finding that Ortelius has presented a compelling case for change at Brookdale, Egan-Jones*: Recognized the distinct and unique nature of Ortelius' strategy and confirmed the need for significant Board renewal to drive change: 'We believe that the current management and the Ortelius nominees propose strategies that are diametrically opposed to each other: management is determined that they will be able to grow out of their debt – something that seems unlikely given multiple years in a row of extremely low operating margins. On the other hand, Ortelius believes underperforming assets must be sold off to pay down debt and improve operating margins. We strongly believe that, to effectively execute a meaningful turnaround and unlock long-term value for shareholders, the full slate of Ortelius nominees should be elected.' Validated Ortelius' criticisms about Brookdale's operating performance and Total Shareholder Return ('TSR'): 'The Company has not been able to recover after COVID, with the TSR from the beginning of 2020 through the end of 2024 sitting at -30%. Despite strong industry tailwinds, such as rising occupancy in senior housing and increasing demand due to changing demographics, BKD's TSR has remained stagnant. We believe that the Company's inability to capitalize on these market opportunities demonstrates the need to re-evaluate its current strategy.' Concluded Brookdale has clearly underperformed its peers and faces an unsustainable debt burden which requires urgent action: ' [Brookdale]... has greatly underperformed NHC as well as the total market. Additionally, it is worth noting that BKD has not been able to recover to pre-covid returns but are instead down 30% over the 5-year period.' 'Given the company's inability to recover from COVID and their lagging occupancy rates compared to nationwide averages, we do not believe the Company will be able to grow itself out of debt.' Supported Ortelius' assertion that Management's strategy is insufficient and unlikely to restore profitability at Brookdale: 'The Company's financial performance presents significant concerns, primarily due to high leverage and poor operational efficiency. With debt-to-enterprise value ratios consistently average over 90% over the past five years, BKD is heavily reliant on debt. Revenue growth is being offset by the Company's persistently low operating margin. In our view, the Company's weak balance sheet limits its financial flexibility and means to restore profitability.' Confirmed that Ortelius' plan to sell underperforming properties is well conceived and viable: 'The Company believes it will be able to grow its way out of debt. Divesting non-core assets does not appear to be an option under the current board and management. In our view, their optimism about improving BKD's average occupancy rate comes too late, especially considering the excessive cash burn and mounting debt. We believe the Ortelius nominees are correct that assets will need to be sold off to generate cash, to pay off debt, invest in improved facilities, and re-align its strategy as a pure play company.' Endorsed all six Ortelius nominees for their specific expertise and capacity to efficiently execute a turnaround at Brookdale: 'After reviewing available public information and engaging with both Brookdale's management team and Ortelius, Egan-Jones recommends shareholders vote FOR all six Ortelius nominees: Steven J. Insoft, Paula J. Poskon, Frank J. Small, Ivona Smith, Steven L. Vick, and Lori B. Wittman.' 'Ortelius' slate brings the right mix of skills and expertise across senior housing, REITs, finance, capital markets, and operational turnarounds.' 'We recommend shareholders vote FOR all six Ortelius nominees as they bring a viable strategy to a struggling company.' Recommended 'Withhold' votes on long tenured Brookdale directors while only supporting the most recent additions to the incumbent Board: 'We recommend that shareholders vote FOR incumbent nominees Fioravanti and Hausman, as they are the most recent additions to the board, having joined in April of 2025, and we therefore do not hold them accountable for the Company's missteps.' Your vote is important, no matter how many or how few shares of common stock you own. Ortelius urges you to sign, date, and return the WHITE universal proxy card today to vote 'FOR' the election of all six Ortelius nominees and in accordance with Ortelius' recommendations on the other proposals on the agenda for the Annual Meeting. Stockholders who have questions or require assistance in voting their WHITE Proxy Card, or those who require copies of Ortelius' proxy materials, should contact: Saratoga Proxy Consulting LLC at (888) 368-0379 or info@ *Permission to use quotations from the Egan-Jones report was neither sought nor obtained. Additional Information Ortelius Advisors, L.P., together with the other participants in its proxy solicitation (collectively, 'Ortelius'), has filed a definitive proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission ('SEC') to be used to solicit votes for the election of Ortelius' slate of highly-qualified director nominees at the 2025 annual meeting of stockholders (the 'Annual Meeting') of Brookdale Senior Living Inc., a Delaware corporation (the 'Company'). Stockholders are advised to read the proxy statement and any other documents related to the solicitation of stockholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Ortelius' proxy solicitation. These materials and other materials filed by Ortelius with the SEC in connection with the solicitation of proxies are available at no charge on the SEC's website at The definitive proxy statement and other relevant documents filed by Ortelius with the SEC are also available, without charge, by directing a request to Ortelius' proxy solicitor, Saratoga Proxy Consulting LLC, at its toll-free number (888) 368-0379 or via email at info@ Ortelius is a research-intensive, fundamental-based, activist-oriented alternative investment management firm focused on event-driven opportunities.
