Hi Jimmy, what I meant by that is a similar arrangement as the Tintic Range Railway, in which 100% of the stock was owned by the Rio Grande Western, which then leased it to itself for operation. The Tintic Branch was not legally a property of the Rio Grande until the 1930s if I remember right, as the Tintic Range Railway remained in existence leasing the track to the RGW/D&RG until the reorganization.
The Ballard & Thompson as far as I have found was similarly controlled by the Rio Grande, eventually owning the majority of the stock. The D&RG almost was able to fully purchase the track in 1918 but the USRA control prevented the sale from going through, so it remained in legal ownership of the coal company but was leased and maintained by the Rio Grande. This is according to my understanding based on newspaper accounts as I haven't been able to get access to the legal documents about the company yet.
There are several folders of documents regarding the Ballard & Thompson in the History Colorado Center that will hopefully clear up any misunderstandings I have about this arrangement. Problem is that pesky seven hour drive from Utah to Denver.