January 21, 2014
N.Y. investment firm wins bid for MM&A assets
A subsidiary of the New York-based Fortress Investment Group has won a bid for the assets of the Montreal, Maine & Atlantic Railway, according to the trade publication Atlantic Northeast Rails & Ports.
The publication reported the auction took less than 40 minutes. Fortress subsidiary Railroad Acquisitions Holdings LLC had set the stalking horse bid price of $14.25 million for the railroad's assets, though the final bid price was not immediately revealed. MM&A bankruptcy trustee Robert Keach previously told The Associated Press that the minimum bid for the railroad was $15.7 million.
The AP reported the highest bidder would not necessarily win as Keach had leeway to determine what was in the best interest of the public and creditors.
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