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How Many Iowa Pathetic Companies Are Bankrupt?
Author: Ed the Turd
Date: 05-10-2021 - 09:21
There are four independent corpaoratons in the Ellis/Mcconville bag of tricks in bankruptcy. Sad to say, Ellis and Mcconville moved bills and debts around these varius companies knowing that their Ponzi scheme would collapse on the companies without assets (Iowa Pacific and Permian Basin) and allow them to reorganize the real companies (SL&RG and Heritage). But their scam imploaded before they could scam more investors. Some companies below owe each other so the mess needs to be dismantled by someone.
Time to do some ’splainin.
San Luis & Rio Grand plus Saratoga and North Creek Chapter 11-Assets of track, real estate-no locomotives or cars are owned by the railroads. Assets are worth far less than the amount of money owed to creditors and Ellis scam victims.
Heritage Rail Leasing plus High Iron Travel Chapter 11-Assets of passenger cars and various locomotives. Assets are “valued” at $16million as are debts. This “value” may have come after Ellis smoked some of Colorado’s finest crop!
Chapter 11 is the chapter of the Bankruptcy Code that permits a business to reorganize while obtaining protection from its creditors. So your debts and bills BEFORE bankruptcy are on hold. Those creditors can share in the sale proceeds of the assets. That will be far less than what thay are owed.
Why? The trustee is using his accounting firm to manage the railroad. Mcconville and company cannot make ANY decisons with out consulting the trustee’s accounting firm------and that accounting firm bills over $500 an hour for each person on the phone call with Mc-con job. i
Iowa Pacific Chapter 7-Millions in debts and NO ASSETS!
Permian Basin Railrooad Chapter 7-Millions in debts and NO ASSETS!
A chapter 7 bankruptcy case does not involve the filing of a plan of repayment. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors.
Time to do some ’splainin.
San Luis & Rio Grand plus Saratoga and North Creek Chapter 11-Assets of track, real estate-no locomotives or cars are owned by the railroads. Assets are worth far less than the amount of money owed to creditors and Ellis scam victims.
Heritage Rail Leasing plus High Iron Travel Chapter 11-Assets of passenger cars and various locomotives. Assets are “valued” at $16million as are debts. This “value” may have come after Ellis smoked some of Colorado’s finest crop!
Chapter 11 is the chapter of the Bankruptcy Code that permits a business to reorganize while obtaining protection from its creditors. So your debts and bills BEFORE bankruptcy are on hold. Those creditors can share in the sale proceeds of the assets. That will be far less than what thay are owed.
Why? The trustee is using his accounting firm to manage the railroad. Mcconville and company cannot make ANY decisons with out consulting the trustee’s accounting firm------and that accounting firm bills over $500 an hour for each person on the phone call with Mc-con job. i
Iowa Pacific Chapter 7-Millions in debts and NO ASSETS!
Permian Basin Railrooad Chapter 7-Millions in debts and NO ASSETS!
A chapter 7 bankruptcy case does not involve the filing of a plan of repayment. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors.
| Subject | Written By | Date/Time (PST) |
|---|---|---|
 How Many Iowa Pathetic Companies Are Bankrupt? |
Ed the Turd | 05-10-2021 - 09:21 |
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Re: How Many Iowa Pathetic Companies Are Bankrupt?
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DDD | 05-10-2021 - 10:14 |
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Re: How Many Iowa Pathetic Companies Are Bankrupt?
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Dope Smoker | 05-10-2021 - 14:56 |