It’s old Ed the Turd with news about I.O.U. Pathetic.

First a comment about that letter.

If that letter is real (and I think it is) the tone is representative of the incompetent senior management that remains. The first three lines try to blame others for the mismanagement of the company. Ellis may have squandered millions but he did not control the majority of stock. Had Mike Mc “Con” ville partnered with one or two shareholders, they could have dumped Ellis years ago. Had that happened the company would not be in trouble.

Now Mike the CON is trying to grow “a pair” in his feeble attempt to keep his investment and his job. He even thinks he can buy SL&RG out of this with more investors. Think that through. Woould you invest your money with a person who sat on his hands and whatched Ellis while spent millions and mortgaged even the ties? My advice to you Mike is that you are over your head-time to retire as no one wants your incompetence to continue to prevail.

Now, who owns what and who is owed what is a complex issue. Ed “Ponzi” Ellis sure had a way of tangling up the company. So the lawyers and the courts will have many billable hours trying to figure all of this out.

Here is what is owed to Big (dumb) Shoulders as viewed in a recent court filing. (BTW, you can look this up at PACER.GOV but you have to pay for that on a page by page basis).
Principle Balance as of 1/23/20 $6,432,970.29
Unpaid interest as of 1/23/20 $ 625,517.08
Unpaid forebearance fees $ 300,000.00
Unreimbersed advances $ 33,285.50
Total $7,419,772.87
That doesn’t include receiver and lawyer fees either.

Who is owed what is a nitemare. Conty taxes in Colorado-Over $2,000,000. IRS railroad retirement taxes-over $3,000,000. To name a few.