More on the infrastructure pyramids

This is from the intro to the Risk Metrics Group white paper on the subject linked in the earlier post:

As an extreme example, Babcock & Brown Wind Partners (‘BBW’) had operating cash flow of $14.2 million in the 2006 financial year, but paid distributions totaling $48 million in relation to that year. The distributions were equivalent to 54 per cent of the total cash receipts from customers during the year. Even the most mature infrastructure fund of all, Macquarie Infrastructure Group (‘MIG’), is no exception. It had operating cash flow of $306.9 million in the 2006 financial year, but paid distributions totaling $512.9 million in relation to that year. Furthermore, the distributions were equivalent to 116 per cent of the total toll revenue received during the year.

It makes me ill.

And worst of all, these schemes are built on critical infrastructure, which one can be fairly confident that Macquarie and B&B don't give a rat's ass about. Some of the infrastructure includes London's water and sewage services, along with Spain's emergency radio network. What happens to them when this all blows up?