• 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 b&m 1566
 
If I were on the Nashua city counsel, I would be embarrassed to be associated in anyway with this. Of course if I were on the city counsel, I would have told the others to look the other way and ignore the noise.
  by BandA
 
Isn't the need for a highway alternative more desperate on I-93 than Worcester-PVD? Sounds like Nashua wants this done with or without BSRR, probably without. If I were them I would contract PAR to run a low-cost shuttle to Lowell & let the MBTA figure out what to do with the arriving passengers or how to build a garage for reverse commuters.
  by Trinnau
 
Except that MBTA owns the track from the MA/NH border to Lowell, and has right of first refusal to operate passenger service into New Hampshire. I think it's been covered already in this thread somewhere. Not to mention Pan Am probably wants nothing to do with operating said service.
  by BandA
 
The MBTA should not prevent New Hampshire from running Commuter Rail services. That would be like Amtrak preventing CTDot from running Hartford Line service. Institutionally, MBTA & Keolis and their unions would hate a separate New Hampshire service. And realistically, any startup New Hampshire service would need to contract out to MBTA, Keolis, Amtrak, or PAR. Supposedly BSRR has been negotiating with PAR for several years, so we can assume that lots of progress has been made ;)
  by Trinnau
 
Not saying the MBTA wouldn't stand in the way, just pointing out several reasons that contracting PAR to "run a low-cost shuttle to Lowell" is not really in the cards. Dumping the passengers at Lowell and make the MBTA figure it out? It's their track! It's a non-starter unless they are on-board in some way. Current operating speeds wouldn't make it competitive either, although capital money can probably be found somewhere. The MBTA has toyed off and on with just doing something themselves behind the Pheasant Lane Mall. Direct access off Route 3 and plenty of parking. If Nashua wanted to build a downtown stop and fund the operation across the state line I'm sure the T would take a hard look - especially if that can provide a spot for the layover the Lowell line is currently lacking.
  by MaineCoonCat
 
Just came across this. This gives a bit of the bleak financial picture.
In the The Call (Woonsocket), on 16 Oct 2019 In an article entitled "Commuter rail company files for bankruptcy", RUSS OLIVO of the Woonsocket Call staff wrote: Commuter rail company files for bankruptcy
Boston Surface Railroad, which proposes passenger train service in city, says move is re-organization


WOONSOC.ET [sic] Embroiled in a tenancy dispute with the state, the fledgling Boston Surface Railroad Company has voluntarily filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code in the federal District of New Hampshire, where it also maintains an office.

BSRC founder and president Vincent J. Bono said the company’s intention is not to liquidate, however, but to reorganize and remain in business by forcing the state Department of Transportation to honor its lease with the commuter-rail startup, headquartered in One Depot Square. RIDOT is pushing for the eviction of BSRC from the train depot opposite City Hall, contending its tenant is in default of its rent, but the bankruptcy petition, filed Oct. 6, freezes legal action pending in all other jurisdictions.

“Our principal goal of providing efficient, cost-effective commuter rail service between Worcester, MA and Woonsocket and Providence, RI, in 2020 remains our top priority, with e press motor coach service beginning in Spring 2020,” Bono said in a prepared statement. “In order to maintain our timeline, it is critical that the State of Rhode Island continues to honor our e isting 15-year lease at the historic Woonsocket train station.”

Bono added, “We have filed for Chapter 11 reorganization not to alleviate debt, but to ensure the viability of our long-term lease. Woonsocket is a pivotal location for our Worcester-Providence rail service and we hope to move forward as quickly and efficiently as possible.”

Similarly, the lawyer who filed the 41-page bankruptcy petition told The Call Tuesday that all of the creditors many with local ties will be paid, regardless of whether they are secured or unsecured.

The petition lists about $1.86 million in creditor claims, including some $636,300 in the form of secured, bank-issued bonds that were sold to investors in BSRC. The papers list 24 different entities or individuals who invested anywhere from a few thousands dollars to $250,000 in the company. Many

are out-of-towners with unfamiliar names, but a few are local residents, including some who are well-known in business circles.

River Falls Restaurant owner Gary Fernandes, for example, is a secured bondholder in the amount of $15,000. Others include Oscar Hancock of American Beauty Signworks ($20,000); Roland Desjarlais, a principal of Brothers Disposal in Cumberland ($20,000); and Andrew Noyes, president of Rhode Island Dolls, an exotic dancers club at 579 Front St. ($5,000).

In any bankruptcy proceeding, secured creditors are not necessarily guaranteed reimbursement; presumably,

however, they’re first in line to be repaid with the remaining proceeds of a reorganization.

In addition to the secured creditors, the petition lists 26 non-secured creditors, some of whom are also familiar in the local area, including School Committeewoman Rebecca Capwell, a political ally and neighbor of Mayor Lisa Baldelli-Hunt, one of BSRC’s most ardent champions. Capwell is owed $10,000, according to the legal papers.

Another unsecured creditor, in the amount of $65,000, is Kun Realty of Cumberland. That’s roughly the amount of a Superior Court legal judgment entered in Kun’s favor against BSRC, in September, in an unrelated lawsuit alleging the company defaulted on mortgage payments for a parcel on Arnold Street that it had purchased.

The petition also says

BSRC is in possession of about $166,815 in hard assets, including office equipment, vehicles, a train car and less than $2,000 in savings and checking in Bono’s name.
Read more of this story via PressReader's web site
  by MaineCoonCat
 
MaineCoonCat wrote: Sat Nov 09, 2019 8:10 pm The Boston Surface Railroad Company announced this week they plan to offer thruway bus service between Woonsocket, Providence and Worcester, Mass., beginning next February. The service will offer commuter-time transportation between the three cities, with seven round trips from Woonsocket and four round trips from Worcester planned daily.
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Hmmmmm.. Nothing posted on their website.. Nothing in the news.. Anybody heard anything? February is 25 days away.. Tick tock, tick tock..
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  by DutchRailnut
 
Mohegan s already gave this dude the name walking eagle.
bird so full of * it can't fly, investors run run run and forget about your losses.
  by MaineCoonCat
 
2027 get repo'ed?
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