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BRIEFSWEB

Show Him the Money

In Brief

October 6, 2010, 1:00 am

Railyard Company LLC, whose suspect dealings have been well-chronicled in these pages, now has to contend with its own in-house disorder.


On Sept. 30, company shareholder Allen Branch, who owns a 26 percent stake in Railyard Company, sued the company for failing to perform an internal audit of its finances, and charged company managers Steven Duran and Rick Jaramillo with “making distributions of Company funds to themselves in violation of the operating agreement, state statute and their fiduciary obligations.”


According to the suit, Branch pressed Duran and Jaramillo to open up their books to see where the money was going—profits, losses, income, expenses, reimbursements, payments to Duran and Jaramillo. They refused.


 “We’re just trying to get a vehicle to get some information,” Branch’s lawyer Ronald VanAmberg tells SFR. “And I think there’s some cooperation here that has been shown.” In other words, Railyard Company, VanAmberg says, seems willing to resolve the fracas outside of court. (No one from Railyard Company could be reached for comment.)


Railyard Company is no stranger to the legal system: In May 2010, it threatened to sue the City of Santa Fe if the city didn’t lease office space on city-owned land. In 2009, Jaramillo was sued for child support, and has had police called to his house for a domestic disturbance.

 

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