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[quote]QUOTE: Originally posted by M.W. Hemphill The Rock Island was not absorbed by another railroad -- that would be a merger, and such did not happen. It went bankrupt and its assets were sold. In the case of the Rock Island bankruptcy, as well as most bankruptcies, the bankruptcy trustee sold assets of the company to the highest bidder, subject to approval of the bankruptcy court. Rock Island assets went to a number of railroads, not just UP, but also SP (SSW), Rio Grande, C&NW, plus many short lines. After the sale of assets, the trustee pays the creditors all or some of the bankrupt company's debt (again subject to approval of the court), and the company is either reorganized and emerges from bankruptcy, or is dissolved. I don't know which happened to the Rock Island company, but it's not unusual for the company to continue on, if no longer in the railroad business. Milwaukee Road and Penn Central both continue in business to this day, albeit as real estate owners. So, yes, if the company is not dissolved, it could re-emerge as a rail carrier, if it wanted. It would have zero claim on its former routes, of course, but it could always purchase them from the railroads that own them now. Why anyone would ever want to do that is a mystery to me. This has nothing to do with abandoned routes, of course. A company can always seek to reacquire an abandoned right-of-way and lay track again, but the legal hurdles to that are onerous. [/quote] Thanks for the info![:D][:D]
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