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  • Boston Surface Railroad: Worcester-Providence Commuter Rail

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Pertaining to all railroading subjects, past and present, in New England

Moderators: MEC407, NHN503

 #1546541  by MaineCoonCat
 
buono rep.PNG
buono rep.PNG (8.67 KiB) Viewed 3133 times
help me.jpg
help me.jpg (9.63 KiB) Viewed 3133 times
 #1546776  by MaineCoonCat
 
Well, it appears their site is back "on the air" albeit with an expired security certificate..
 #1549444  by MaineCoonCat
 
May Debtor In Possession report. PDF format.. Not looking good.. I'd have posted this as images but it's 15 pages. Enjoy!
(750.75 KiB) Downloaded 101 times
 #1549457  by Jeff Smith
 
Interesting. They list zero liabilities, and their income is from storage? I don't see anything on the books for the FL-9, or the bus, or the station lease.
 #1549508  by BandA
 
Seems to be profitable :wink: BVTC is probably Blackstone Valley Tourism Council. Are they paying BSRR storage fees for space in the Woonsocket train station? 0 employees means anybody working for them must be 1099 contractors. What is the insurance, annual rate for the train station?
 #1549526  by MaineCoonCat
 
Re: the FL-9, or the bus, or the station lease., could this have something to do with it?

Image
 #1549554  by BandA
 
That's the confusing bit; If they have borrowed money or paid on behalf of the company then it should appear as a liability, but it doesn't. Certainly navigating bankruptcy, even filing this document would require a lawyer which costs money. Perhaps money has been paid out but they haven't been invoiced so they don't know how much. And it's all to keep control over Woonsocket train station office space? Maybe they've spent money but don't expect to get it back so they aren't bothering to claim any. It's all very fascinating.
 #1549573  by Ridgefielder
 
Given how half-a**ed everything else about this outfit has turned out to be I wouldn't be surprised if they're trying to navigate bankruptcy by themselves with the aid of LegalZoom or some such thing. Would certainly be in character.
Last edited by MEC407 on Thu Aug 06, 2020 11:33 am, edited 1 time in total. Reason: unnecessary quoting
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