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Los Angeles company drops plans for San Diego 'bullet'

A Los Angeles company has dropped plans to build a controversial $3.1 billion ''bullet train'' linking this city with San Diego, citing a lack of venture capital. Lawrence Gilson, president and chief executive of American High Speed Rail Corporation, announced the decision Tuesday.

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The 160 m.p.h. train was to cover the 132 miles between San Diego and Los Angeles in 59 minutes, less than half the time it takes conventional Amtrak trains. The project drew opposition from environmental groups along the route and five city councils.