Word: conrail
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...Mortgage Association (Fannie Mae), the publicly owned but government-sponsored corporation that bills itself as the nation's largest source of financing for home mortgages; Morgan Stanley, the global financial-services firm; and Norfolk Southern Corp., which owns two major railroads in the Northeast as well as half of Conrail...
...From 1988 to 1994, Harvard hired a third party, Beal Properties, to purchase Allston land as it became available, acquiring 52 acres in 14 parcels scattered throughout the area around HBS for $88 million, and became the unknown landlord of a Star Market, a Honda Dealership, a Conrail warehouse, and row of auto repair shops on Windom Street...
Rowe has had a lot of practice breaking ground. "I spent my childhood on a Wisconsin farm with Depression-era parents who taught me to fear disaster," he recalls. He studied law at the University of Wisconsin and in the early 1980s helped engineer Conrail's financial turnaround. In the mid-1980s, as president of Central Maine Power, he steered the divestiture of the controversial Seabrook nuclear plant. Rowe compares himself to the pilot of Mark Twain's Life on the Mississippi, "navigating shifting waters" where "the shore is never quite the same...
That's when the fight started. Despite Norfolk's munificence, Philadelphia-based Conrail is using Pennsylvania's antitakeover laws to reject the bid. Conrail says the CSX offer will be better in the long haul...
Wall Street isn't getting off at that station. "CSX and CRR, with the complicity of the Pennsylvania legislature, have effectively stacked the deck against an economically superior Norfolk Southern offer for Conrail," contends Donaldson, Lufkin & Jenrette analyst James M. Higgins. The contestants are headed for court...