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Iowa Pacific and more bad news

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  • Member since
    September, 2014
  • 850 posts
Iowa Pacific and more bad news
Posted by ROBERT WILLISON on Friday, March 03, 2017 7:46 PM

Again Iowa Pacific is the head lines and not for good news. Behind on their sales tax payment to the degree they can no longer be an agent for collection.

It seems the empire that Ed Ellis is imploding. The real danger is what will become of the collection of some pretty classy equipment if the company goes broke. This might be premature but iam not seeing much good news.

  • Member since
    December, 2001
  • From: NS Main Line at MP12 Blairsville,Pa
  • 722 posts
Posted by conrailman on Friday, March 03, 2017 11:36 PM

VIA Railroad could buy some good cars??My 2 Cents

  • Member since
    June, 2009
  • From: Dallas, TX
  • 2,340 posts
Posted by CMStPnP on Sunday, March 05, 2017 10:28 AM

Having run a business in Texas I can say it sounds bad when someone states they are behind in their sales tax payments.   However, Texas treats business with a velvet glove in most cases when they have no past offense, they will give Iowa Pacific generous terms on payment and will even consider a delay of payment in some cases.    This is not like the Midwest where the state demands payment or forecloses / siezes stuff right away nor do you have the local Sheriff kicking down your door or threatening you.   

Certainly Texas has the tougher terms as an option but rarely do they employ them as a first option against a business with a past good record unless there is cause to do so.

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  • Member since
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  • From: Wisconsin
  • 284 posts
Posted by Brian Schmidt on Monday, March 06, 2017 8:53 AM

News Wire: Iowa Pacific subsidiary owes Texas back taxes

State official: Rusk, Palestine & Pacific Railroad owes more than $250,000 dating back to October 2016

http://trn.trains.com/news/news-wire/2017/03/03-iowa-pacific-taxes

Brian Schmidt, Assistant Editor Trains magazine

  • Member since
    July, 2006
  • 9,110 posts
Posted by schlimm on Monday, March 06, 2017 11:14 AM

Brian Schmidt

News Wire: Iowa Pacific subsidiary owes Texas back taxes

State official: Rusk, Palestine & Pacific Railroad owes more than $250,000 dating back to October 2016

http://trn.trains.com/news/news-wire/2017/03/03-iowa-pacific-taxes

 

That really sounds like Ellis was running a sleazy operation.

C&NW, CA&E, MILW, CGW and IC fan

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