Passenger Trains > San Luis & Rio Grande in bankruptcy court

SAN LUIS VALLEY- In a meeting held by the Rio Grande County Commissioners, Chairman John Noffsker updated the board on the status of the SLRG Railroad and announced that it would be headed to state bankruptcy court July 1.


“We received notice from the bankruptcy trustee about a motion to be heard in front of a bankruptcy judge and that they are talking about going to auction on the San Luis and Rio Grande Railroad later in July,” stated Noffsker. County Attorney Ryan Dunn stated that the trustee had begun soliciting bids for the line as of June 18.

More: https://delnorteprospector.com/article/san-luis-and-rio-grande-railroad-is-heading-to-bankruptcy-court

State Bankruptcy Court???? Last time I looked, ALL Bankruptcy Courts in the United States are Federal U.S. Bankruptcy Courts.
Kinda makes you wonder about the reporting on the rest of the story too.



Edited 1 time(s). Last edit at 06/25/20 22:13 by PHall.

After this, what is left standing at IPH ?

I'm surprised IPH even still exists at this point.  Does EEE still have any tangible assets at this point, or have they all been sold off?  (Or, in the case of leased pieces, left to rot until their owners figure out how to retrieve them?)

pennsy3750 Wrote:
-------------------------------------------------------
> I'm surprised IPH even still exists at this
> point.  Does EEE still have any tangible assets
> at this point, or have they all been sold off? 
> (Or, in the case of leased pieces, left to rot
> until their owners figure out how to retrieve
> them?)

Well, he still lives in the same house in LaGrange, IL. I drove past it within the last 2 weeks, and looks nicely maintained. But then, I wonder if he is cutting the grass himself?

As I understand it, IP Holdings is now just paper.  No employees or anything else.

pennsy3750 Wrote:
-------------------------------------------------------
> I'm surprised IPH even still exists at this
> point.  Does EEE still have any tangible assets
> at this point, or have they all been sold off? 
> (Or, in the case of leased pieces, left to rot
> until their owners figure out how to retrieve
> them?)

I've been wondering this myself - they clearly had a host of assets - where and what's there present status? Is anything unencumbered? Is IPH looking to sell any or all assets to try and make a dent at the liabilities that have mounted?

IPH did have a LOT of interesting dome cars, observation cars, and even sleeping cars and coaches!

MILW16 Wrote:
-------------------------------------------------------
> As I understand it, IP Holdings is now just
> paper.  No employees or anything else.

So where did the "assets" go and what would be on the "paper" for assets, unless it is showing Rolling Stock it may still own that is stored etc. But where? Has to be more to the story. 

A railroad auction website that has a large number of listings is advertising several IPH cars for sale. Some of the cars are quite nice and are probably some of the nicer cars they own, others are more run of the mill cars. All the ads state the cars are free and clear of any legal entanglements, but I suspect this may still scare some potential owners. That being said, there are many cars still stored and not for sale, so I guess we will just have to wait and see. On the heels of Ringlings big sale and 2 major Amtrak sales in the last couple of years, the market may be pretty soft in the current Amtrak private car climate.

Posted from iPhone

I'm surprised EEE dissapeared after getting out of The Hoosier State deal!

Posted from Android