[RITSlist] 652 and 630

Fri Jun 8 16:29:02 CDT 2007

If there was more people the price could come down for each person, 500 people= $306. It is possible, but how many would do it is the question. If someone start the ball rolling they will come.

Lamoyne
(BCR&NRY)

----- Original Message ----
From: "jchall2 at juno.com" <jchall2 at juno.com>
To: ritslist at simpson.edu
Sent: Friday, June 8, 2007 2:40:06 PM
Subject: [RITSlist] 652 and 630

I’ve been thinking about the 630 and the 652.
I’m putting this out as a proposal to see what you all think.
The first thing that needs to happen is some sort of ‘holding’ entity
needs to be established.  In previous discussions it has become clear
that such an entity cannot be RITS because the charter does not allow it.
So some sort of corporation, limited liability corporation, limited
partnership, trust, or not-for-profit corporation needs to be
established by somebody somewhere.
A lawyer that’s familiar with such things would be handy at this point.
 So if any of you are businessmen that have a lawyer at your disposal
that might answer a few questions would go a long way.
I would say that some sort of board be established with this entity of
no less than three people, for accountability and honesty.
Once this entity is established, a bank account is established, then it
can solicit for money either by selling of shares, accepting
contributions, selling bonds, or borrowing money.
The costs will add up quickly.
Money will be needed to:
1.    Purchase the locomotives ($66,000 for 630 and $88,000 for 652 is
$154,000)
2.    Pay for any moving fees to move the locomotives
3.    Pay for any storage fees if the locomotives are to be stored.
4.    Pay any startup costs, legal fees, accounting fees

Note: I don’t think this entity should be the one to operate or restore
the locomotives.  I think the purpose of the first business entity
would be strictly to acquire/preserve the locomotives.
I think that operation and restoration should be left to another such
business entity that would lease the locomotives from the first entity.
 Frisco 1522 was leased from the Museum of Transportation for
operation; the museum did not operate it.  
Liability reasons would dictate such a setup.

If by some miracle this entity could raise the $154,000 to purchase the
locomotives, storage solutions have several options:
A museum, like IRM, or Monticello, or some other place might be a not
very expensive alternative.  IRM IMO would be the best choice. They
even have RI commuter cars to pull.
Other alternatives would be leasing a siding someplace.  That would
probably draw a monthly cost.  In theory if enough money was raised,
over and above the acquisition costs, the extra money could be invested
to keep up the locomotives, provided of course there was enough money.

I would like to see such a scenario play out and both locomotives
operating sometime.  But ultimately it comes down to how much can you
contribute?  
If there are roughly 300 RITS members, (and I’m sure that number is
wrong, I really don’t know off the top of my head) and $200,000 was
needed to make this happen, then that means every RITS member would
need to contribute $667.

You can get up off the floor now, or pick up your jaw, I’m not asking
you to do that, I’m just letting you know how big of hill this is to climb.

What do you think?
Is there someone that wants to make this happen?
Is there anyone already working on such a scenario?

Joe

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