Will Gant Wrote:
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> Can someone de-lawyer speak this for me. Not
> exactly sure what I'm reading and what it means
I'll give it a try.
Iowa Pacific Holdings, the owner of the San Luis and Rio Grand also owns the Massachusetts Coastal Railroad.
The bankruptcy judge is either requiring or authorizing
Iowa Pacific to sell its ownership of the Mass. Coastal at auction to the highest bidder.
The buyer will own 100% of the Mass. Central, but Iowa Pacific will still have all debts that were incurred before the sale.
All existing liens, claims, rights, etc. will remain the responsibility of Iowa Pacific Holdings.
Edited 1 time(s). Last edit at 05/19/2020 02:00PM by guymonmd.