So basicaly whomever was holding the Bankrupt railroads debt that formed Conrail got a seat on the board of directors in exchange for new bonds and new classes of stock that could not be publicly traded?
No. The Board of ConRail was selected by the holders of the debentures (a kind of bond) and 3 classes of stock - 45 U.S. Code Sec. 741, subsection (d) - Board of Directors.
The President of ConRail was appointed by the Board - 45 U.S. Code Sec. 741, subsection (f) - Officers.
45 U.S. Code Sec. 741 may be found here: https://www.law.cornell.edu/uscode/text/45/741
- PDN.
Was it by the president and by the consent of congress like Amtrak board is chosen now?
Our community is FREE to join. To participate you must either login or register for an account.