(November 14, 2004) — The money woes that ultimately sidelined the high-speed ferry in September had been festering since its inception.

When Canadian American Transportation Systems earned exclusive rights in 2001 to operate a ferry between Rochester and Toronto, the company asked for $20 million in public money to launch its $62 million operation — $10 million from the U.S. side and $10 million from the Canadian side — or the project wasn't going anywhere.

But the company didn't get it.

Instead, CATS landed $14 million in grants and a loan from New York state, and a $1.3 million loan from Rochester. No money came from Canada.

"So what you have, relative to our original plan and our original business model is a $4.7 million shortfall right off the bat," said Dominick Delucia, co-owner and founder of CATS. "Now at the time, I was very clear to say that this money could get us started but the project would be much stronger if we could secure more money from Canada."

Unable, or unwilling, to raise additional capital that would provide a lifeboat in case of rough water, CATS and its investors moved forward anyway with a $57.7 million project.

The venture — which everyone from Delucia to Mayor William A. Johnson Jr. to state officials acknowledged was a risk to begin with — became even riskier.

The company couldn't afford any bumps along the way. There were several looming.