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

> 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

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

> 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

> 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