El Skonk Wrote:
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> The Almighty Bottom Line
In this case, I'm not even sure who is selling the #19. Yreka Western is one of those operations with no visible means of support - They do not appear to have enough obvious revenue to support their probable expenses, and apparently do not have an owner (or any silent partner) with deep pockets to subsidize any losses or the needed investments.
A couple years ago, there was a court battle over who actually owned the YW. Now, rumor has it this sale is being forced because of a mechanic's lien, and the rumor includes there may be a forced sale of the Yreka depot also.
This is not a corporation protecting their profits. This might be an example of a business being forced to sell assets by their creditors, to the extent they might be forced out of business.
Knox and Kane is now gone (sold at auction); Grand Canyon, McCloud and YW appear to becoming "steam free" zones. Steam powered lines are starting to drop faster than the stock market! - Who's next?
Additional: I just found this posted on the Altamont Press board. (The advertized sale price I saw was $645,000.)
Re: Yreka Western #19
Author: Siskiyou Rail Fan
Date: 10-31-2008 - 08:54
I also seen the listing for Yreka Western Railroad's Mikado 2-8-2 Steam Engine. The price at $680,000 is way to high! The 19 does run, however it needs a lot of work done on it. It is selling at a higher price than when McCloud sold its sister locomotive #18 to Nevada for a little more than $400,000 . The #18 was in a lot better than the #19. The 19 was put into foreclosure by note hold by John Nixon from Granite Bay Loans & Investments. The locomotive payoff is $305,000.00 . Their Depot also in foreclosure by the same note holder.
Edited 1 time(s). Last edit at 10/31/2008 10:21AM by Dan Robirds.
