Ken, I can't answer that directly, but this article implies that the roadbed between Whitefield, NH and St. Johnsbury, VT probably is viable, though it's not clear if the rails were removed by Guilford beyond Whitefield. This article offers some photos and discussion, though it's written for Train Simulator users, not foamers. Mike McNamara is modeling the Mountain Division, and provides a well written description of the Division as the backstory for his layout.
From what I've read in local papers and blogs within the past two months, that investor was closer to pipe-dream than firm plan with financing. Sadly nothing concrete has raised its head since, though there has been evidence of bush rustling by various short-line owners and operators. The two Vermont state representatives for the area between St Johnsbury and the NH state line are less than enthusiastic with acquiring that portion of the line. However, NH owns the line from the Maine state line to Whitefield, and has indicated being open to viable discussions for acquiring the portion from Whitefield to the VT state line from Pan Am Railway. Apparently all track is still in place, but has had no maintenance between Whitefield and St Johnsbury for at least 20 years, if not 30. The track between Portland, ME and Whitefield is usable as evidenced by the Schnabel trip in 2009. Furthermore, the track between Intervale and Fabyan has to be in better condition for Conway Scenic trains to run four or more times a week from Memorial Day through the end of October.
