Almighty God, Heavenly Father, We most humbly pray and beseech that the name of thy purported creation Jame Riffin be not anywhere to be seen in the proceedings related to the Codorus Creek Railway..........

Try as I might, I can't find that prayer in the Book of Common Prayer anywhere. Perhaps under Services for Special Occasions?

The filing and website are both by a John Frantz and the President is listed as Don Kress.

I know.

The REALLY scary part is, I know a John Frantz......... and he just lost his job with Lancaster Brewing Company................

I know the John Frantz involved, that's not him, and they are in NO way related to Riffin. He's actually been a thorn in their side too.

http://www.ydr.com/ci_14335086

Stewartstown Railroad preparing payment plan
The company said its creditors were open to a long-term repayment plan that would prevent a sheriff's sale.
By JEFF FRANTZ
Updated: 02/05/2010 07:30:03 AM EST

The Stewartstown Railroad Company hopes to have a repayment plan in place by next week that would appease its creditors and save the historic line from liquidation.

Company board members met Wednesday with representatives of the estate of George M. Hart -- to which the railroad owes more than $350,000 -- and the Bucks County Historical Society, which will eventually receive that money.

The estate and the society were open to the idea of the railroad paying back the debt over time, board member Ken Bitten said. But, Bitten said, both want to see a step-by-step plan for repayment, including a time-table.

That's something the railroad is still working out.

The company will likely need to raise much of the money to pay back the debt -- plus approximately $25,000 to re-open at least a mile of the 125-year-old line, Bitten said. By 2014, the company hopes to run a tourist train the length of the 7.4-mile line, which last operated in 2004.

(more at the link above)

The article failed to mention that the BCHS was not willing to accept a long-term payment plan ("we're not in the banking business") nor were they willing to negotiate a lower amount. Both of these ideas were suggested by local government officials. They did indicate that a one-year payment plan "might" be acceptable if the railroad could provide a timetable for payments.

Both the railroad and the non-profit Friends of the Stewartstown Railroad have been exploring fund-raising options and will continue to do so.

A little more food for discussion. This came my way today:
http://www.rtands.com/newsflash/ontrack ... vania.html

Sometime in the past few months a project entitled "Steam Into History" has been created in York County to take over the Northern Central and run it with a replica 1860s steam locomotive and train. Believe it or not - and it seems to be gaining momentum. The Abe Lincoln/Gettysburg Address/Civil War connection seems to be a big part of the plan. If you think about it, having Civil War Reenactments has been popular at many rail museums, even if it incorporates modern equipment. This merger of recreated history might be a good combo.
The plan in a nutshell:
http://www.yorkblog.com/yorktownsquare/2010/01/steam-train-york-county-rail-t.html
recent approval:
http://www.yorkdispatch.com/local/ci_14691116
Facebook site:
http://www.facebook.com/steamintohistory

My initial reaction was to scream that you were 13 days early.

My next reaction was to say "well, bully for them for thinking outside the box, so to speak."

The management of the Stewartstown Railroad has received a response from the Bucks County Historical Society to the railroad's proposed repayment plan. The plan was to repay the full amount over five years, with smaller payments in the early years of the plan (while the railroad attempts to rebuild its excursion business) and a larger, final, payment in year five. The BCHS has declined the repayment plan and has informed the railroad that the BCHS will not request the Estate of George Hart to make further extensions on repayment of the lien. The BCHS did, however, acknowledge that the foreclosure process could take six months to a year, during which time they encouraged railroad management to continue to pursue alternative funding sources.

The Friends of the Stewartstown Railroad, Inc., a 501(c)(3) not-for-profit organization has started a capital campaign to help raise funds to save the railroad. They have a "PayPal" link on their website http://www.stewartstownrailroad.com for the convenience of donors who prefer electronic payments. All donations, whether large or small, are appreciated and needed!

In the meantime, both the railroad and the Friends are continuing their efforts to rehabilitate the line so excursions can resume helping to create a cashflow for the railroad.

I did not expect much from Bucks County. Their motivation is pretty clear. I would expect that the lien could be settled for a lesser dollar amount. Maybe with some creative fund raising, excursion operations, and a little luck you guys can pull this off.

I wonder if it makes sense for the Railroad Company to declare bankruptcy? I assume it is an incorporated for-profit corporation. That should slow down foreclosure and bring the matter before a bankruptcy judge. While the judge will be motivated to cut the best deal for the creditor(s), he may be slowed down futher by the common-carrier status of the railroad. Maybe he would consider selling the Railroad intact as a "going" concern. Could the supporters raise enough to buy the bankrupt corporation at a price that would be close to the liquidation value of the property and other assets? Would that price be less than the outstanding debt?

I assume the liqudation value is the rail and bridge as scrap and the property in Stewardstown proper? If the supporters are lucky, the title to the right-or-way itself may just be an easement that requires reversion to the adjacent landowners if the line is abandoned, so is worth nothing.

Pete,

I can't imagine the railroad wanting to take that kind of action. Throughout its history, the Stewartstown Railroad has prided itself on operating under its original charter from 1885 without reorganization. Declaring bankruptcy would change that fact.

I guess we'll have to wait and see, however I'm not holding my breath.

Regards,
John F.

Tom,

Neither did I, the BCHS is acting as it was told to do by the Estate of George Hart. It's been my understanding, from people I've talked to, that some other interested parties have offered to purchase the railroad for an amount lesser than the lien and have been turned down.

I feel that if something can't be done by the end of the year by someone to save this railroad, it will be destined for the scrappers torch along with the connecting line from New Freedom to York unless Steam Into History can successfully pull off what they plan to do with their Civil Ware era trainset.

Regards,
John F.