Simply stated, ed the turd bought passenger cars and locomotives for cash. He then did a sale-lease back with one lender. He defalted on that one.

Then he borrowed from Big Shoulders, and as security put up the remaining passenger cars and locomotives and all of the SL&RG saying it was all worth $30 million. The interest rate was prime PLUS 15%!!

Big Sholders placed him in receivership expecting to sell those thins for half of the $30 mil to get their loan payed back.

Then Chapter 11 was filed in Denver. The reciver initially fought the bankruptcy filing but has now surrendered and withdrew the protest.

All told ellis plundered the companies will Mc CONN ville meakly watched.

My guess is who ever buys it will need to invest heavily in a managed track program and reliable locos.

My hope is that ellis nad company end up personally responsible in civil and maybe criminal court. Ellis will be devastated as jails will not allow him to wear his stupid cowboy hat or sing songs about how he screwed up the industry.

The ones they hurt the most are employees and freight customers.