Since 1999, Don Shank's group did sucessfully acquire the Creede Branch. However, the ROW into the Town of Creede itself was blocked by numerous legal maneuvers that were discussed on this forum.
I believe that it is his group that has operated (and still operates?) railcar rides on the still-standard-gauge track from Wagon Wheel Gap to just outside Creede. I've not had the pleasure of riding, but the trip has gotten great reviews here.
The (1999) hopes for 169 restoration, re-gauging of, and steam operation on the branch remain a twinkel in our collective eyes.
Bob of AZ