SNC: Auction Announced for 03.March.2022

Saratoga & North Creek Auction Details

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NOTICE IS HEREBY GIVEN that William A. Brandt, Jr., of Development Specialists, Inc. (“DSI”), as Chapter 11 Plan Administrator of the Saratoga & North Creek Railway, LLC (“SNC” or “Saratoga”) is selling substantially all of its non-cash assets (the “Saratoga Assets”). 


The SNC is a “common carrier” railroad, operating under the jurisdiction of the Federal Surface Transportation Board, whose assets consist primarily of a real property easement and standard-gauge railroad spanning approximately 27.9 miles over said easement. The easement extends from North Creek, New York, northward along the bank of the Hudson River to the site of the Tahawus Mine located northeast of the Town 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 Plan Administrator will be selling the Saratoga Assets in accordance with terms and bid procedures outlined in the Order Confirming the Plan of Liquidation (“Plan”) entered by the United States Bankruptcy Court, District of Colorado, Case No. 20-12313-TBM. All capitalized terms not defined herein have the meaning given them in the Plan. 

The sale of the Saratoga Assets shall be on an “as is, where is” basis and without representations or warranties of any kind, nature, or description by the Plan Administrator, its agents, or the Estate, except as provided in the Plan. All of the Debtor’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 attaching to the Saratoga Assets Net Sale Proceeds, which will be used and distributed in accordance with the Plan. 

The Plan Administrator and his professional advisors at DSI have received a Stalking Horse Bid for the Saratoga Assets from Revolution Rail Holding Co., LLC. The Stalking Horse Bid is $700,000.00 in cash plus the assumption of all liabilities with respect to the Purchased Assets arising after the sale closing. 

Parties interested in submitting a competing Bid must submit an offer to purchase the Saratoga Assets on substantially the same or better terms as the Stalking Horse Bidder. The cash purchase price proposed by the first competing bid must be equal to, or exceed, $750,000.00. 

If the Plan Administrator receives a qualified competing bid, an auction will be held on March 3, 2022, at the offices of Markus Williams Young & Hunsicker, LLC in Denver, CO, and may be convened remotely via video conference as deemed appropriate by the Plan Administrator or rescheduled to such later date and time with advance notice to all Qualified Bidders. The following dates shall apply: 

Bid Deadline: February 23, 2022, at 11:59 p.m. MT 

Auction Date: March 3, 2022, at 11:00 a.m. MT 

Copies of the Plan of Liquidation, Disclosure Statements, Order Approving the Plan and Bid Procedures, and all other related exhibits, are available (a) upon request by contacting the Plan Administrator’s counsel or (b) for a fee via PACER by visiting 

Plan Administrator’s Counsel: 

Jennifer Salisbury
Markus Williams Young & Hunsicker, LLC
1775 Sherman St., Ste. 1950 Denver, CO 80203
(303) 830-0800 


Plan Administrator: 

William A. Brandt, Jr.
Development Specialists, Inc.
110 East 42nd St., Ste. 1818
New York, NY 10017
(212) 425-4141

SNC’s disposable assets include 27.9 miles of track, running through the Adirondack wilderness between a point three miles north of North Creek NY to the Tahawus iron mine in Newcomb, about five miles south of the Hudson River headwaters. The line is variously referred to as the “Sanford Lake Branch”, “Tahawus Line” or the “Saratoga Easement.”