An apparent snag in financing has once again clouded the fate of the Saratoga & North Creek Railway, a bankruptcy court trustee said.

Carol McLean-Wright and her husband John Wright — operating as Doc N Dutchess Railway, a newly formed New Mexico-based LLC — submitted the high bid for the line at a March auction, but the trustee, William Brandt Jr., said Wednesday that they failed to submit a timely deposit on the assets.....Now, Brandt said he is negotiating with the second-highest bidder, a North Creek rail biking company, for sale of the line.

In a phone interview, McLean-Wright said Doc N Duchess put up the required $35,000 deposit to participate in the auction, but was not informed that further funds would be required prior to the May 6 closing. But she was notified that the company would have to put up $250,000, and later $500,000, to keep the bid viable.

That was a problem, she said, because the Doc N Duchess investors are in Europe, and large financial transfers are under added scrutiny due to Russia’s war with Ukraine, and the desire to keep oligarchs from moving their assets. She said Doc N Duchess officials were aware that financial transitions were being held up and for that reason asked that the closing date be set toward the end of the 90-day term within which the full amount must be paid.

As I understand, the trustee has an amendment, requested by local officials, that whoever purchases the line cannot tear up the rails and convert it into a trail.