April 28, 2011
John P. Nolan
Senior Assistant Chief Accountant
c/o Babette Cooper
United States Securities and Exchange Commission
Washington, D.C. 2054
| Re: | Las Vegas Railway Express, Inc. | |
| Form 10Q for Fiscal Quarter Ended | ||
| December 31, 2010 | ||
| File No. 333-144973 |
Dear Mr. Nolan & Ms. Cooper:
The following is in response to our telephone conversation of April 27, 2011 and your request to provide background information on the transaction of issues in Comment No.1.
Below is the sequence of events regarding collateral loans with South Lake Capital LLC, The Elevation Fund LLC, The Kirby Enterprise Fund LLC, and The River Bend Fund LLC totaling $400,000.00.
Narrative:
The Company entered into the loan transactions on January 25, 2010 with South Lake Capital LLC et al to borrow $400,000. The loan was secured by 40 loans from the company’s loan portfolio which were not previously written off by the company and which the company still collected loan payments from the borrowers. (See attached loan file) The company defaulted on the repayment of the $400,000 notes on August 8, 2010. The lenders foreclosed on the collateral on November 23, 2010 and took possession of the 40 loans and still have possession of these loans. The notes were cancelled on this date also. All mortgage payments have been forwarded to the lenders.
Foreclosure on the collateral was the sole remedy by the lenders on the debt and upon the foreclosure and transfer of the collateral to the lenders, our accountants treated the debt as income, less the expense against the debt as referenced in our response to Comment #1 in our letter of March 25, 2011.
If you require further information on this issue, I would be happy to answer any questions.
Sincerely,
Michael A. Barron
Chairman/CEO
6650 Via Austi Parkway, Suite 170 * Las Vegas, NV 89119
Tel: (702) 583-6715 Fax: (702) 297-8311
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# Count | Account Number | Borrower Name | Payment Due Date | Payment Frequency | Regular Payment | Maturity Date | Note Rate | Loan Priority | Principal Balance | Unpaid Charges | Unpaid Interest | Property Street | Property City | Property State | Property Zip Code |
| 01 | B171700717 | Ismael Rodriguez | 11/01/2008 | Monthly | $149.87 | 04/01/2025 | 12.990% | 2 | $12,747.31 | $0.00 | $2,022.93 | 1835 Schley Avenue | San Antonio | TX | 78210 |
| 02 | B193090610 | Kevin Keiser | 08/01/2009 | Monthly | $197.48 | 11/12/2015 | 11.290% | 1 | $11,596.07 | $0.00 | $0.00 | 37 Marsden Dr | Bernhards Bay | NY | 13028 |
| 03 | B200521341 | Josiah Britt Orleonard Britt | 10/01/2009 | Monthly | $275.77 | 10/17/2008 | 9.359% | 1 | $14,027.37 | $0.00 | $600.00 | 1619 Dorange Rd | Branchville | SC | 29432 |
| 04 | B232084580 | Louis Honeywell, Jr. | 03/01/2010 | Monthly | $469.87 | 10/01/2028 | 12.650% | 1 | $56,106.80 | $9,973.95 | $5,589.21 | 441 North Washington Street | Wilkes Barre | PA | 18702 |
| 05 | B235625066 | Louis V. Filiziani Jr. | 03/01/2010 | Monthly | $284.98 | 07/01/2011 | 12.600% | 1 | $15,895.96 | $0.00 | $6,398.50 | 8 North B Street | Mahanoy City | PA | 17948 |
| 06 | B235776935 | Aggie Dennis Jean Dennis | 06/01/2010 | Monthly | $125.25 | 12/01/2011 | 11.250% | 1 | $5,567.11 | $0.00 | $0.00 | 2005 Ardis Lane | Scranton | SC | 29591 |
| 07 | B235881883 | Thomas R. Grossman Mary A. Grossman | 12/01/2008 | Monthly | $133.14 | 01/07/2011 | 11.750% | 1 | $5,533.91 | $0.00 | $0.00 | 2331 Bammelwood #2103 | Houston | TX | 77014 |
| 08 | B237477953 | Billy Burchett | 02/01/2010 | Monthly | $291.88 | 05/01/2030 | 11.875% | 1 | $27,938.83 | $2,687.48 | $0.00 | 7611 Township Road 81 | Bellville | OH | 44813 |
| 09 | B237537798 | Harold J Schock | 10/01/2009 | Monthly | $284.05 | 09/01/2030 | 11.000% | 1 | $28,962.82 | $0.00 | $1,492.09 | 18 West Spruce Street | Tamaqua | PA | 18252 |
| 10 | B25283994 | Brenda Taylor (Kirkland) | 09/01/2008 | Monthly | $274.63 | 07/23/2010 | 16.000% | 2 | $15,983.93 | $0.00 | $23,976.01 | 1604 North Parkdale Drive | Tyler | TX | 75702 |
| 11 | B25284273 | Gene Sanders Elda Sanders | 07/01/2010 | Monthly | $117.29 | 07/20/2011 | 16.000% | 2 | $3,877.29 | $0.00 | $5,607.95 | 111 Cliett Avenue | Bowling Green | FL | 33834 |
| 12 | B255631025 | Georgia Ellis | 02/01/2010 | Monthly | $187.20 | 08/09/2010 | 12.750% | 2 | $6,953.96 | $0.00 | $886.09 | Rt. 4 Box 344 B | Crockett | TX | 75835 |
| 13 | B258387675 | Willie Dr Arrington | 03/01/2009 | Monthly | $310.70 | 03/04/2017 | 13.990% | 3 | $23,201.46 | $151.18 | $18,501.95 | 4502 Evers Place | Orlando | FL | 32811 |
| 14 | B258391396 | Deborah A. Fort | 06/01/2010 | Monthly | $159.73 | 07/16/2012 | 13.990% | 2 | $4,339.08 | $0.00 | $0.00 | 1425 Elm Creek Lane | Norcross | GA | 30093 |
| 15 | B258399746 | Stanley C. Strather (Deceased) Estate of Gloria Strather | 03/01/2010 | Monthly | $275.10 | 12/03/2016 | 11.990% | 2 | $22,720.82 | $0.00 | $13,804.09 | 545 East 83rd Street | Shreveport | LA | 71106 |
| 16 | B271692508 | Robert and Serena Dobson, Michelle Dobson , Sabrina Smaller | 01/01/2010 | Monthly | $139.10 | 02/01/2010 | 7.750% | 1 | $13,187.80 | $0.00 | $7,259.51 | 4172 Tacoma St | Philadelphia | PA | 19140 |
| 17 | B272257939 | Jose Arriaga Estate Of Maria M. Amaro | 08/01/2009 | Monthly | $94.81 | 01/01/2025 | 7.000% | 1 | $11,217.73 | $2,266.52 | $7,329.92 | 3048 B St | Philadelphia | PA | 19134 |
| 18 | B275628904 | Ada Collins Estate Bryant K. Johnson, Administrator | 12/01/2009 | Monthly | $254.18 | 10/01/2011 | 12.990% | 1 | $14,485.36 | $0.00 | $0.00 | 1212 W. Somerset St. | Philadelphia | PA | 19133 |
| 19 | B282353670 | Theodore Kyak Licha Kyak | 12/01/2009 | Monthly | $295.74 | 05/01/2017 | 5.500% | 1 | $13,970.84 | $0.00 | $0.00 | 80 Leedsville Drive | Lincroft | NJ | 7738 |
| 20 | B285184403 | Beulah G Budget Jessie J Budget | 12/01/2008 | Monthly | $400.00 | 07/01/2012 | 11.000% | 1 | $27,491.95 | $0.00 | $3,555.88 | 307 Blueberry Road | Rocky Ford | GA | 30455 |
6650 Via Austi Parkway, Suite 170 * Las Vegas, NV 89119
Tel: (702) 583-6715 Fax: (702) 297-8311
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| 21 | B285275938 | Gwendolyn Hamilton | 05/01/2008 | Monthly | $175.00 | 03/01/2029 | 10.500% | 1 | $34,778.69 | $1,082.97 | $9,561.60 | 1023 Sheridan Avenue | Saginaw | MI | 48601 |
| 22 | B285621081 | Anna Lee Gay | 02/01/2010 | Monthly | $436.13 | 11/01/2020 | 10.500% | 1 | $39,918.01 | $1,848.89 | $49.28 | 40 Oliver street | Winchester | KY | 40391 |
| 23 | B285829429 | Scott Woznick Theresa Woznick | 11/01/2009 | Monthly | $267.51 | 12/05/2011 | 12.000% | 1 | $16,082.64 | $0.00 | $2,679.29 | 108 1/2 Ross | Belen | NM | 87002 |
| 24 | B285982574 | Vernon Bridges | 09/01/2009 | Monthly | $184.06 | 08/01/2010 | 10.550% | 1 | $11,905.48 | $0.00 | $2,707.35 | 325 Sachel Road | Hattiesburg | MS | 39401 |
| 25 | B287488471 | Christopher D. Bertugli Marjorie S. Bertugli | 10/01/2009 | Monthly | $312.21 | 06/12/2015 | 12.750% | 1 | $20,773.60 | $0.00 | $0.00 | 106 Water Street | Rices Landing | PA | 15357 |
| 26 | B295194733 | Gerry Spells | 04/01/2008 | Monthly | $391.02 | 01/01/2013 | 15.250% | 1 | $22,761.13 | $0.00 | $10,217.18 | 180 Underwood Drive | Woodruff | SC | 29388 |
| 27 | B307969918 | Betty Wilson | 04/01/2008 | Monthly | $465.73 | 06/02/2013 | 12.875% | 1 | $36,474.78 | $0.00 | $26,267.76 | 431 Pine Grove Road | Saluda | SC | 29138 |
| 28 | B308501702 | Velma James | 05/20/2009 | Monthly | $387.89 | 09/20/2015 | 13.950% | 1 | $27,803.87 | $3,465.32 | $19,730.32 | 343 West Mckinley Street | Baton Rouge | LA | 70802 |
| 29 | B323321817 | DEARIL LOONEY Susan Looney | 03/08/2010 | Monthly | $329.52 | 06/08/2028 | 12.900% | 1 | $29,146.50 | $1,750.20 | $10,718.42 | 1702 W LIME ST | PORTALES | NM | 88130 |
| 30 | B323572112 | RICHARD JAMES | 11/01/2010 | Monthly | $205.91 | 10/01/2034 | 11.250% | 1 | $20,187.85 | $2,405.95 | $529.17 | 1119 RICH AVENUE | PRICHARD | AL | 36610 |
| 31 | B325010855 | KAREN LABRANCHE | 12/01/2009 | Monthly | $348.80 | 02/01/2018 | 12.500% | 1 | $26,299.67 | $0.00 | $7,614.69 | 574 N. LITTLE HOPE | GARYVILLE | LA | 70084 |
| 32 | B325528260 | BRAD SURRATT CAROLINE TRACINSKI | 08/01/2010 | Monthly | $489.09 | 11/01/2028 | 7.990% | 1 | $64,252.93 | $5,482.67 | $23,396.92 | 3839E 50TH ST | CLEVELAND | OH | 44105 |
| 33 | B343559630 | EVELYN BROOKS | 06/01/2010 | Monthly | $284.82 | 01/01/2036 | 9.875% | 1 | $32,691.04 | $2,355.56 | $3,321.50 | 1135 OAK STREET SW | WARREN | OH | 44485 |
| 34 | B343592797 | Sergio Rivera | 04/01/2010 | Monthly | $204.56 | 04/01/2027 | 8.125% | 1 | $21,958.50 | $3,783.15 | $0.00 | 345 E EIGHTH ST | ROSWELL | NM | 88201 |
| 35 | B343608825 | BANKSTON D BANKS | 03/01/2010 | Monthly | $530.35 | 05/01/2033 | 8.500% | 1 | $57,420.63 | $3,407.16 | $1,462.08 | 1257 FLAMINGO DRIVE | MOUNT MORRIS | MI | 48458 |
| 36 | B343627445 | WILLIAM FANTON | 07/01/2009 | Monthly | $389.77 | 07/01/2036 | 11.875% | 1 | $38,215.67 | $0.00 | $179.25 | 5453 ROUTE 305 | CUBA | NY | 14727 |
| 37 | B343627452 | BRYAN P HARTLINE | 04/01/2010 | Monthly | $459.70 | 06/01/2036 | 10.250% | 1 | $51,099.76 | $4,543.83 | $1,515.48 | 135 MYERS STREET | CASSANDRA | PA | 15925 |
| 38 | B343630423 | KAY ARNTSEN ROBERT ARNTSEN | 04/01/2009 | Monthly | $424.01 | 05/01/2034 | 6.910% | 1 | $60,816.86 | $0.00 | $0.00 | 6728 YECKER AVE | KANSAS CITY | KS | 66109 |
| 39 | B343630431 | GERALD MARTINEZ | 04/01/2010 | Monthly | $423.80 | 11/01/2034 | 9.500% | 1 | $49,864.89 | $0.00 | $3,042.67 | 511 AVENUE H | DODGE CITY | KS | 67801 |
| 40 | B354032959 | Cheryl Tooley | 12/01/2009 | Monthly | $461.27 | 05/01/2032 | 12.000% | 1 | $44,037.01 | $148.98 | $5,982.46 | 300 WEST 5TH STREET NORTH | MOUNT OLIVE | IL | 62069 |
| $1,042,295.91 | $45,353.81 | $225,999.55 |
6650 Via Austi Parkway, Suite 170 * Las Vegas, NV 89119
Tel: (702) 583-6715 Fax: (702) 297-8311
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