[RITSlist] 652 and 630

Mon Jun 11 19:57:40 CDT 2007

Why isn't there a RI railfan among one of the Lotto winners of America in 
the past 5 years that have grabbed a few hundred million?  Seems that money 
of that size is really hard to come by, let alone, find the winner once 
he/she has hit the jackpot.  Hummm, seems the more winning there is the 
tighter the pinch is.  These people don't seem to ever have too many friends 
after winning....I can't imagine why!!!
Carl
----- Original Message ----- 
From: "Lamoyne Westerbeck" <lmarkw at yahoo.com>
To: <ritslist at simpson.edu>
Sent: Friday, June 08, 2007 4:29 PM
Subject: Re: [RITSlist] 652 and 630

> 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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