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Hello Tim, It wasn't quite that simple. When CSX and Conrail announced their plans in October 1996 to merge, NS saw a threat to its future, and successfully muscled in to get part of the action. That's one reason why NS has 42 percent of Conrail while CSX has 58 percent. BNSF and UP weren't invited to the party, and certainly were not able to crash it. UP was in no condition financially or operationally to take on a merger with the SP deal under way (and the subsequent operational snafus that resulted). BNSF was still getting Santa Fe and Burlington Northern to play nice together. That's probably one reason CSX moved when it did -- other possible Conrail suitors were distracted elsewhere. It's also questionable whether the Surface Transportation Board would have signed on to a Conrail/BNSF or Conrail/UP deal due to concerns about loss of competition. Those are my thoughts, Paul Schmidt
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