Erie Lackawanna was typical of many marginal railroads, it was worth more dead than alive. I believe that the creditors were paid off in full from the liquidation and there was a little bit left over for the shareholders.
The Erie-Lackawanna shareholders fared way, way better than American Financial did, from what you're saying here.
To paraphrase Jack Nicholson "YOU CAN"T HANDLE THE FEE"S".
blue streak 1 Missed in all the other news was DC court decision that American financial ( PC sucessor ) waited too long and lost due to statute of limitations. Guess that this may close another chapter of PC. They will get only $158,000 Amtrak offered. http://www.railwayage.com/index.php/blogs/frank-n-wilner/fini-to-saga-of-amtraks-common-stock.html?channel=
Missed in all the other news was DC court decision that American financial ( PC sucessor ) waited too long and lost due to statute of limitations. Guess that this may close another chapter of PC. They will get only $158,000 Amtrak offered.
http://www.railwayage.com/index.php/blogs/frank-n-wilner/fini-to-saga-of-amtraks-common-stock.html?channel=
It would be interesting to know the legal fees and court costs of this outcome.
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