• Boston Surface Railroad: Worcester-Providence Commuter Rail

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

Moderators: MEC407, NHN503

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  by newpylong
 
BandA wrote: Tue Aug 20, 2019 1:35 am Looks like they set up a NH corporation in 2018. NHDOT's Bureau of Rail & Transit approved the use of railroad in their company name. Someone should check if Subway is registered in NH :-D

They did not file their 2019 annual report on time. Due 4/1/2019, it was filed on 7/24/2019, so presumably they had to pay $150 instead of $100.

Since they are no longer incorporated in MA, do they have to update the information with NH now or when they file next year?

Presumably Manchester - Lowell OBS wouldn't have to pay MA income tax if they live in NH & start/end their shift in NH, since most of the mileage would be in NH?

[OT] do you have to register your business in NH to conduct business there? In order to register a business in NH you apparently need a Registered Agent with a NH address.

Railroaders are not subject to income tax of states they travel to/from, only where they live, just like truckers. The line of service is considered pickups and deliveries.
  by MaineCoonCat
 
Ridgefielder wrote: Wed Aug 21, 2019 11:47 am
That's what I think, too.

So a historical reference, and a rather obscure one, seeing as the Boston Elevated Railway was absorbed by the MTA in 1947 and so far as I know didn't even linger on in colloquial speech like the IND/IRT/BMT did (and do) in New York.
And yet they show no plans to actually operate in Boston.
  by johnpbarlow
 
More grist for the mill - here's an article in today's Valley Breeze "Woonsocket rail developers dealing with financial troubles": http://www.valleybreeze.com/2019-08-21/ ... V5uAOhKiM8
ADMIN ADDED FAIR-USE QUOTE:
WOONSOCKET – A train company trying to bring passenger rail service to the Blackstone Valley appears to be on shaky financial footing after a series of lawsuits accused them of withholding payments from state and private entities over the past several years.

The Boston Surface Railroad Company, a startup rail company founded by entrepreneur Vincent Bono in 2012, is currently in a dispute with the Rhode Island Department of Transportation over lease payments on the train station at 1 Depot Square. The company began leasing the state-owned station in 2015 to serve as its headquarters and a future midway stop on a Providence-Worcester route.

According to court documents obtained by The Valley Breeze, a District Court judge ruled in June to award more than $8,000 in lease payments to the RIDOT after the BSRC failed to pay rent on the building between July of 2018 and April of 2019. The suit alleges the company failed to pay $1,000 per month in rent and also accuses Bono of several other violations of the lease, including living on the property, making capital improvements and subletting to tenants without RIDOT’s consent.

It’s not the first time the company has faced legal action over a failure to make payments. In February, Kun Realty, a Cumberland-based real estate company, sued the BSRC for approximately $70,000 after the company defaulted on payments related to the sale of an Arnold Street property. In 2018, a Johnston-based law firm filed a similar lawsuit against the company for failure to pay approximately $5,000 in legal fees.

Bono was on vacation and not available to discuss the issues surrounding the company this week.
...
  by MEC407
 
Wow. So the head of this so-called "railroad" has been living in the station rent-free?
  by MaineCoonCat
 
Slogan suggestion: ▬►THE VAPORWARE ROUTE▬►
  by BandA
 
This doesn't feel like the usual vaporware-ponzi scheme. Or a scheme to acquire exclusivity and hold it hostage. I don't think their public "engagement" was particularly effective - when things got bad they went silent, they should have come out and said, "hey, we've had a setback, things are taking longer than we wanted but we're still making progress on x, y, and z but need help with a, b and c". I'm assuming they spent mostly their own money and not other peoples' money.

Never did find out if they solved the insurance problem, how they would pay for PVD station access, did they have any agreements with PAR, or where the fairy godmother was going to lease/buy coaches. Or how they could make money while outsourcing everything.
  by Cosmo
 
Speaking of "public engagement,"
I just got THIS:

Classic Trains Magazine

A special promotional message
from one of our valued advertisers
Trouble viewing? Click here

Boston Surface header

Whether you’ve just heard about the traffic in New England, or you’re one of the folks sitting in this traffic, now’s your chance to be part of the solution, not the problem. Boston Surface Railroad is offering good old fashioned savings bonds for sale.

Railroad Savings Bonds are:

Interest accruing at either 8% or 9%
A tax-free blue chip investment
Available in both 5 or 10 year maturity terms
Available in $100, $250 and $500 increments
Secured by the assets of the company

DETAILS & PURCHASE

Our Savings Bond offering is part of a crowdfunding campaign to help raise some of the capital needed for locomotive refurbishment, track repairs and upgrades. Boston Surface Railroad is also opening a Series A Equity Capital round, for any interested investors, click here.


Seems they're SERIOUS about raising capitol, and I can't see KARSTENS publishing letting themselves be snowed by a "fly-by-night railroad." :wink:
  by GP40MC1118
 
Well, I wonder if Kalmbach/Trains did their "due diligence" reaching this "company'?

"Secured by the assets of the company"....????...what assets? That lonely FL9 down in
New Haven?

D
  by BandA
 
This is very disturbing; If BSRR has been dis-incorporated (and not re-incorporated) they have no business selling securities, and they need to explain their NH annual report.
  by MEC407
 
The suit alleges the company failed to pay $1,000 per month in rent and also accuses Bono of several other violations of the lease, including living on the property, making capital improvements and subletting to tenants without RIDOT’s consent.


Not the kind of company I'd invest in, but that's just me.
  by MaineCoonCat
 
Yeah.. I got one too...
BSRC Trains Mag.png
You do not have the required permissions to view the files attached to this post.
  by PBMcGinnis
 
Hmmm so let me get this latest update straight...

1) They have resorted to "crowd funding" to come up with the $100,000s in cash needed just to get the investment re-started

2) Their only 2 capital investments so far, have been for a pair of 60 year old locomotives, 1 of which they defaulted paying for, the other they have no cash to reposition to a repair facility. Both of which should be working museum pieces only and not front line commuter equipment.

3) A company with no safety record and no cash is going to ask a legitimate freight railroad to host their trains, without any discussion over liabilities
.
4) The business plan is "build it and they will come"

Yup - sounds like a winner to me.
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