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| Edaville Auction Results
https://www.rypn.org/forums/viewtopic.php?f=1&t=9663 |
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| Author: | James C Patten [ Fri May 14, 2004 8:28 am ] |
| Post subject: | Edaville Auction Results |
Ultimately, the Edaville equipment was auctioned off as a block for $1.5 million to Ledle, Inc, whom I understand is/was a creditor of CranRail the Edaville operator. However, for an hour or so, we at the WW&F were the proud owners of a flatcar, a B&H coach, and an Edaville-built coach. Maine Narrow Gauge Museum owned a diesel and a SR&RL coach. Some of the other equipment went to the current owner of the Belfast & Moosehead Lake RR, who wants to start a 2-foot railroad in New York. But, since the combined bids only came to something like $300,000, it wasn't enough to cover what the bank was requiring so a bid was placed for the whole lot. It's my understanding that Edaville will still be operated by CranRail and that Edaville WILL open later this year. WW&F Railway Museum |
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| Author: | G. Jenista [ Fri May 14, 2004 2:07 pm ] |
| Post subject: | Re: Edaville Auction Results |
> It's my understanding that Edaville will > still be operated by CranRail and that > Edaville WILL open later this year. Does that mean that the standard-gauge equipment will remain for display, be scrapped, or what? hi_plain@yahoo.com |
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| Author: | Nick D'Amore [ Fri May 14, 2004 5:41 pm ] |
| Post subject: | Re: Edaville Auction Results |
How did the bidding jump from $300,000 total to $1.5MM? I presume this is the amount of the debt they were trying to collect. > Ultimately, the Edaville equipment was > auctioned off as a block for $1.5 million to > Ledle, Inc, whom I understand is/was a > creditor of CranRail the Edaville operator. > However, for an hour or so, we at the > WW&F were the proud owners of a flatcar, > a B&H coach, and an Edaville-built > coach. Maine Narrow Gauge Museum owned a > diesel and a SR&RL coach. Some of the > other equipment went to the current owner of > the Belfast & Moosehead Lake RR, who > wants to start a 2-foot railroad in New > York. > But, since the combined bids only came to > something like $300,000, it wasn't enough to > cover what the bank was requiring so a bid > was placed for the whole lot. > It's my understanding that Edaville will > still be operated by CranRail and that > Edaville WILL open later this year. nickDELETETHESECAPSd@icubed.com |
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| Author: | Glenn Christensen [ Sat May 15, 2004 9:01 am ] |
| Post subject: | Re: Edaville Auction Results |
> Does that mean that the standard-gauge > equipment will remain for display, be > scrapped, or what? Hard to say. All it really means is that Ledle, the company that purchased the equipment gets to decide. Since I understand that Ledle is related by ownership to Cranrail, the previous owner, I believe scrapping is unlikely. My thoughts, Glenn christensenge@yahoo.com |
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| Author: | Glenn Christensen [ Sat May 15, 2004 9:12 am ] |
| Post subject: | Re: Edaville Auction Results |
> How did the bidding jump from $300,000 total > to $1.5MM? I presume this is the amount of > the debt they were trying to collect. James could answer better, but here's what I know. The auction was arranged in two phases. The first phase involved bidding on about 100 lots (give or take) - to see how much could be raised. The total was about $300K. The second phase involved a bid for the entire collection. I understand that Ledle, the eventual purchaser, was the only bidder in the second phase and they bid $1.5MM. So the second phase purchaser won. Hence James' statement that they only owned the equipment for a short time. I understand even this bid was greatly below the valuation of the outstanding debt. The next steps are anybody's guess. Sincerely, Glenn christensenge@yahoo.com |
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