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Mccon job offers to buy Mt Hood SLRG to run out of cash by October
Author: ed the turd
Date: 08-31-2020 - 13:01
From multiple court filings.
The trutsie Back in March reviewed the letter of intent that Mike McConville has sent for the Mount Hood Railroad at $3.2 million, and a review of this letter from the
new entity that McConville has created, Magellan Rail.
TURD SEZ-I’m likely to back that bid!
From a deposition with the trusties account firm.
If we're asked from prospective buyers, we're telling them we're looking for a $15 million bid right now.
Q-And after seven months you have no letters of intent with any potential buyer for SLRG, do you?
A-Correct.
Q-And no agreement by anybody to be a 11· stalking-horse bidder, right?
A-Correct.
Q-No term sheets with any potentially interested party in buying SLRG, right?
A-Correct.
Q-The deficit between receipts and disbursements you project to continue the longer this trusteeship goes on, right?
A-I mean, I don't have anything in front of me that goes beyond this period; but you know, with the repairs and upgrade of the track that's going on now and some fall-off recently of the storage car business, yeah, I mean, disbursements exceed cash receipts.
Q-Okay.· Are you aware of projections prepared by DSI that by October 2, the entirety of hose proceeds will be gone, or virtually all of it will be gone?
A-Yes.· I'm aware of cash projections that we prepared for the trustee.
Q-And that those projections show that by the week of October 2, virtually all of the proceeds,including from the Mass Coastal sale, will have been used in operating SLRG, right?
A-Yeah.· I don't know what "virtually" means, and I don't remember the exact number.· But yes, I am aware that the cash balance declines over time.
Q-And that's because you know that other than the one-time event of selling this asset, on a weekly or monthly basis, SLRG is operating at a net loss, right?
A-Your use of the term "net loss" is a -- possibly an accounting term.
Q-I'm not an accountant, so let me withdraw that and ask it differently, because I don't want to use an accounting term that I'm not as familiar with as you are.
The reason for the declining cash balance that you've acknowledged is that on a weekly or monthly basis, leaving aside this one-time infusion of cash from selling an asset, SLRG is spending more money thanit's bringing in, right?
A-That's correct.
The trutsie Back in March reviewed the letter of intent that Mike McConville has sent for the Mount Hood Railroad at $3.2 million, and a review of this letter from the
new entity that McConville has created, Magellan Rail.
TURD SEZ-I’m likely to back that bid!
From a deposition with the trusties account firm.
If we're asked from prospective buyers, we're telling them we're looking for a $15 million bid right now.
Q-And after seven months you have no letters of intent with any potential buyer for SLRG, do you?
A-Correct.
Q-And no agreement by anybody to be a 11· stalking-horse bidder, right?
A-Correct.
Q-No term sheets with any potentially interested party in buying SLRG, right?
A-Correct.
Q-The deficit between receipts and disbursements you project to continue the longer this trusteeship goes on, right?
A-I mean, I don't have anything in front of me that goes beyond this period; but you know, with the repairs and upgrade of the track that's going on now and some fall-off recently of the storage car business, yeah, I mean, disbursements exceed cash receipts.
Q-Okay.· Are you aware of projections prepared by DSI that by October 2, the entirety of hose proceeds will be gone, or virtually all of it will be gone?
A-Yes.· I'm aware of cash projections that we prepared for the trustee.
Q-And that those projections show that by the week of October 2, virtually all of the proceeds,including from the Mass Coastal sale, will have been used in operating SLRG, right?
A-Yeah.· I don't know what "virtually" means, and I don't remember the exact number.· But yes, I am aware that the cash balance declines over time.
Q-And that's because you know that other than the one-time event of selling this asset, on a weekly or monthly basis, SLRG is operating at a net loss, right?
A-Your use of the term "net loss" is a -- possibly an accounting term.
Q-I'm not an accountant, so let me withdraw that and ask it differently, because I don't want to use an accounting term that I'm not as familiar with as you are.
The reason for the declining cash balance that you've acknowledged is that on a weekly or monthly basis, leaving aside this one-time infusion of cash from selling an asset, SLRG is spending more money thanit's bringing in, right?
A-That's correct.
Mccon job offers to buy Mt Hood SLRG to run out of cash by October