On July 6, 2013, the unattended train comprised of 72 oil bearing tanker cars derailed and exploded decimating the town and ruining the lives of many in the small community.
Railroad Acquisitions LLC, a subsidiary of Fortress Investment Group, won the closed-door bidding for MMA Railway with a bid of just over $14 million.
More than a dozen companies expressed interest in the bankrupt company, which owns about 500 miles of track in Maine, Vermont and in Canada.
While the sale may keep the rail line in operation, it may also help to repay creditors and victims. The $25 million in insurance payouts was grossly inadequate and does not even cover the cost of the cleanup not to mention lawsuits associated with wrongful death, personal injury, property damage, fire suppression and environmental impacts.
© 2014, Richard Matthews. All rights reserved.
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