Robert Keach filed documents Wednesday outlining details a day before the winning bid goes before a U.S. bankruptcy judge in Maine and a Superior Court judge in Quebec.
Winning bidder Railroad Acquisitions LLC, a subsidiary of Fortress Investment Group, also served as the "stalking horse" bidder, setting a minimum bid for Montreal, Maine and Atlantic Railways. Eastern Maine Railway and Springfield Terminal Railway bid on the Maine track. Another company bid for a smaller portion of track.
Proceeds from the company's sale will be used to repay creditors and victims, supplementing $25 million in insurance payouts available following the disaster.