DSI to Auction Fabled, Historic New York Railroad

NEW YORK, NY / ACCESSWIRE / January 20, 2022 / Development Specialists, Inc. (DSI), is selling substantially all of the assets of the Saratoga & North Creek Railway LLC as part of a Court-approved liquidation plan. Interested parties must submit a bid by Feb. 23, 2022, at 11:59 p.m. Mountain Time.As Chapter 11 Plan Administrator, DSI founder and Executive Chairman William A. Brandt, Jr. will be managing the proceeding in accordance with terms and bid procedures outlined in the Order Confirming the Plan of Liquidation entered by the U.S. Bankruptcy Court, District of Colorado, Case No. 20-12313-TBM.Saratoga & North Creek Railway is a "common carrier" operating under the jurisdiction of the Federal Surface Transportation Board. Its assets consist primarily of a real property easement and standard-gauge railroad in New York spanning 27.9 miles. The easement extends from the historic North Creek Railroad Station (where Teddy Roosevelt took the Oath of Office upon being notified of the death of President McKinley) north along the scenic banks of the Hudson and Boreas Rivers to just northeast of Newcomb, New York. This northernmost section of the Saratoga rail line is commonly referred to as the Sanford Lake Branch, Tahawus Line or the Saratoga Easement.The sale of the Saratoga assets shall be on an "as is, where is" basis and shall exclude cash. All the railroad's right, title and interest in and to the Saratoga assets shall be sold free and clear of all interests, liens, claims and encumbrances, with all liens, claims and encumbrances to attach to the proceeds.Brandt and his professional advisors at DSI have received a stalking horse bid of $700,000.00 in cash, plus the assumption of all liabilities with respect to the purchased assets arising after the sale closing.
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