Boston Surface Railroad: Worcester-Providence Commuter Rail

[chrisf]

could someone explain what this means?? not sure what happened

TIA

The business was dissolved by the state or by a court for reasons not yet public. These reasons could include insolvency, but I notice that they've not filed annual reports, something required by Massachusetts to be done annually, since 2017.
One such penalty for failing to file the annual report is below:

(4) If the corporation fails to submit its certificate for two successive years, the state secretary shall give notice thereof by mail, postage prepaid, to such corporation in default. Failure of such corporation to submit the required certificates within ninety days after the notice of default has been given shall be sufficient cause for the revocation of its charter by the state secretary.

[DutchRailnut]

Pie in sky, so wonder what will happen to FL-9 they paid for ??
think its still sitting in Cedar Hill.

[MaineCoonCat]

could someone explain what this means?? not sure what happened

TIA

The business was dissolved by the state or by a court for reasons not yet public. These reasons could include insolvency, but I notice that they've not filed annual reports, something required by Massachusetts to be done annually, since 2017.
One such penalty for failing to file the annual report is below:

(4) If the corporation fails to submit its certificate for two successive years, the state secretary shall give notice thereof by mail, postage prepaid, to such corporation in default. Failure of such corporation to submit the required certificates within ninety days after the notice of default has been given shall be sufficient cause for the revocation of its charter by the state secretary.

Let's see if the Worcester T&G will dig into this...

News tip Worcester T&G
BSRC derailed1 ink.png (134.99 KiB) Viewed 1888 times

[GP40MC1118]

Don't know the terms of the auction. Either the default bidder has the rights to buy it or
it goes up for auction again.

D

[BandA]

The form says dissolution by SOC (secretary of the Commonwealth i.e. Bill Galvin) or court order. No court order listed, therefore it was done by the SOC. BSRR seemed to have a lawyer, so I'm guessing this isn't a mistake.

This thing was kind of a good idea, perhaps they bit off too much. Were they actually working with Siemens? Did they have operating agreements with P&W like they implied? Did they have an agreement with Amtrak to use PVD? Did they have options on any coaches? How were they planning to solve the insurance problem? I assume they had no agreement with PanAM. I think there is a need for a skunkworks version of Brightline to provide some healthy alternatives to the MBTA.

I wonder if the sale of securities forced Galvin to do something, or the missing filings.

[MaineCoonCat]

Surprisingly, NOTHING in Rhode Island..
ZERO..

RI SOS portal
BSRC RI Business Portal1.png (199.22 KiB) Viewed 1759 times

[Ridgefielder]

Does a railroad operating company have to be incorporated in the state(s) in which they aim to operate trains?

I'm wondering if they might have reincorporated in Delaware or Nevada, both of which are more business-friendly domiciles than MA/RI.

[b&m 1566]

Yes I believe so. Example: When Peter Dearness incorporated New England Southern, he did so first in Nevada then again in Massachusetts, then again in New Hampshire.

[PBMcGinnis]

Well gee, no shock here.
These guys were frauds all along.
Told Ya!
They NEVER spoke to anyone at any of the host railroads (PAR, P&W, MBTA/Keolis) about getting permission to even consider such services.
So they basically took money from investors/donors to buy the FL9 locomotive, but never actually paid the seller for the locomotive?
Sounds like a case of fraud to me.

[BandA]

If they hadn't spoken to the host railroads, the host railroads would have denied BSRR's "press releases".

[BandA]

Does a railroad operating company have to be incorporated in the state(s) in which they aim to operate trains?

I'm wondering if they might have reincorporated in Delaware or Nevada, both of which are more business-friendly domiciles than MA/RI.

I don't think they needed to be incorporated as a railroad if they use another railroad's personnel to operate.

[MaineCoonCat]

It appears not...

Excerpted from 950 CMR 113.00: THE MASSACHUSETTS BUSINESS CORPORATION ACT, M.G.L. c. 156D
Excerpt 950CMR 113.00.png (101.15 KiB) Viewed 1347 times

See http://www.sec.state.ma.us/cor/corpdf/950113.pdf
DISCLAIMER: I am not a lawyer nor do I play one on TV. And no, I did not stay at a Holiday Inn Express last night but thank you for reading the fine print!

[MaineCoonCat]

Does a railroad operating company have to be incorporated in the state(s) in which they aim to operate trains?

I'm wondering if they might have reincorporated in Delaware or Nevada, both of which are more business-friendly domiciles than MA/RI.

A search of Delaware doesn't seem to find them..

Delaware Division of Corporations search
Delaware bsrc search.PNG (65.87 KiB) Viewed 1275 times

https://icis.corp.delaware.gov/Ecorp/En ... earch.aspx

The search tool for Nevada seems to be broken as a search for "Boston" causes it to crash..
https://esos.nv.gov/EntitySearch/OnlineEntitySearch

The plot thickens..

[BandA]

I'm going to make a wild guess and assume they ran out of money. Which is a shame because I liked the concept and Want To Believe.

I think a private entity should be able to start up much faster than a public-sector authority could, so there is still an opportunity.

[NRGeep]

I'm going to make a wild guess and assume they ran out of money.

Other peoples money who will likely never see a return on their investment...sloppy.