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 Post subject: Re: NRM Sells 261 to Friends
PostPosted: Sun May 09, 2010 3:13 pm 

Joined: Sun Aug 22, 2004 5:19 pm
Posts: 2694
Location: Sackets Harbor, NY
IMHO this is good news for Steve Sandberg and his dedicated family, crew,the NRM and for all of us mainline steam lovers.

Everyone wins with this deal. The NRM gets some badly needed cash vs. another dead relic joining an already stuffed barn full of dead relics, Steve&Co. get to keep going with a machine that holds special importance to the Sandberg family and is one they have cared and fed for many years thus now knowing how to keep her happy, and the rest of us get to see some mainline action even if it is with a dismal in the consist!!

Those who are disappointed that the resolution didn't result in a Hudson or some other engine being the end game are classic examples of the very true old saying....all of lifes disappointments are the direct result of unrealistic expectations...

I would urge all mainline steam lovers to send as big a contribution as they can afford to help ensure that the 261 is back under steam sooner than later.

Ross Rowland


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 Post subject: Re: NRM Sells 261 to Friends
PostPosted: Sun May 09, 2010 5:52 pm 

Joined: Sun Aug 22, 2004 11:26 am
Posts: 4710
Location: Maine
Well Ross, at the very least, I'm a "classic".

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 Post subject: Re: NRM Sells 261 to Friends
PostPosted: Mon May 10, 2010 7:39 am 

Joined: Thu Aug 19, 2004 2:19 pm
Posts: 1124
Location: Washington, D.C.
softwerkslex wrote:
Can someone recall the history? What is the difference between North Star Rail and the current organization/


North Star Rail was a for-profit company organized in 1991 and capitalized by outside financial investors led by a gentleman named Mike Adams. Adams was CEO and Steve Sandberg was COO of NSR. NSR secured the first 10 year lease on the 261, restored it, and operated it through the 1994 season. The Friends of the 261 was initially an independent volunteer group organized to help staff the train during excursions.

After 1994 it was clear to NSR's backers that the mainline excursion business model would not cover its costs and leave any profit afterwards for the investors. NSR stepped out of the scene--I'm not sure if the corporation was legally dissolved at this time or not--and the lease on 261 was taken over by the Friends of the 261. The NSR operating and steam people migrated over to FO261 without missing a beat. Can't give you more detail than that--I'm not sure the exact legal ins and outs of this transaction have ever been entered into the public record.

In any event, as a 501(c)3, FO261 could raise money from donations for which it could offer a tax deduction, as well as earn income from operations (e.g., ticket sales, movie work, leasing out passenger cars, etc). With good leadership, hard work, and a lot of creativity about diversifying revenue sources, this proved to be a workable business model for Sandberg et. al.

FO261 has held the lease and operated the locomotive since that time.

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Erik Ledbetter
www.steamsafari.com


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 Post subject: Re: NRM Sells 261 to Friends
PostPosted: Mon May 10, 2010 10:38 am 
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Joined: Sat Mar 24, 2007 7:58 pm
Posts: 111
Location: Hershey, PA
AWESOME news to hear 261 will be back in steam. I'm looking to donate on their website... would it be under their "become a member" page? I'm not seeing any donation page.....

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Visit the NKP 765's website: http://www.fortwaynerailroad.org


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 Post subject: Re: NRM Sells 261 to Friends
PostPosted: Mon May 10, 2010 11:48 am 

Joined: Sun Aug 22, 2004 3:24 pm
Posts: 169
Location: Litchfield, MN.
Easiest way to send a donation is to just mail it to
FRIENDS OF THE 261,
4322 LAKEPOINT COURT
SHOREVIEW, MN. 55126


Even small donations are appreciated. Ten bucks is all someone reading this can do? That's fine. It all helps the cause.
Mark D.


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