Re: I O U Pacific List of Equipment Owners
Author: SP5103
Date: 01-29-2020 - 23:22
I don't think this is the full list. I believe other equipment had already been returned to/seized by lenders.
I know someone that was interested in a couple of the newer passenger locomotives as potential leasers, but the condition of them was sketchy and the owners were under the mistaken impression that they were far more valuable than the actual market supports.
I would guess that Iowa Pacific/Ed had sold the lenders on an overly optimistic value to begin with, and deferred maintenance as the smoke and mirrors scheme began to falter didn't help the value.
Amtrak becoming hostile to private car moves took much of the potential value out of the higher end cars, not to mention the amount of equipment potentially being dumped on the market in a fairly short period. Unless SLRG, Mt Hood and others are reinvested in by new owners who choose to keep tourist service, this could get ugly. I think the lenders will be extremely disappointed to find how little resale or even scrap/salvage value the equipment has, and in some cases donating some of the equipment may actually save them money if there are any takers.