Short answer, yes. Pretty much all IPH assets had been pledged as collateral for some loan or another. The difference now seems to be the status of those loans.

Google Earth imagery shows somewhere around 13-14 passenger cars in Hood River. IPH had pledged 23 railcars and 17 locomotives (including both MH locomotives and 7 MH passenger cars) to Varilease Financial as security for a loan. IPH defaulted on that loan, and a business court awarded the equipment plus $3.2 million cash to Varilease in October 2018. Varilease subsequently sold that equipment to Standton Rail Company LLC (Sandton Capital Partners LP), which then listed all of that equipment on Ozark Mountain Railcar. So far only the locomotives have sold, the 7 passenger cars are still listed on the site. MH has been using the equipment since they lost it and presumably would continue using those cars until such time as they are sold and removed from the property.

IPH had another 85 pieces of railroad equipment pledged to Big Shoulders Capital, which probably includes the rest of the cars on MH. They are I believe the principle creditor that forced IPH into receivership, to my knowledge they do not have those cars listed anywhere.

Whether or not MH has anything in which to carry passengers is really up to the creditors or owners of the cars at this point.

Jeff Moore
Elko, NV