Word: conrail
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...said Conductor Carroll Dikeman as he headed home. Well, not quite. Train B-6-along with nearly half of the other trains and 17,000 miles of track in 16 Northeastern and Midwestern states-had just become the property of the Consolidated Rail Corp., a Government-sponsored private company. ConRail's birth marks the largest corporate reorganization ever...
Last week Canada Southern Railway Co., a Penn Central subsidiary, declared a $60 dividend-larger even than the $41 price of the stock itself-apparently to keep a $9 million cash reserve fund out of the hands of Conrail, the Government corporation that takes over the Penn Central and six other bankrupt railroads on April 1. A company spokesman said the timing of the dividend was coincidental but implied that Conrail was entitled only to the railroad's physical assets and not the cash reserve fund. The payout faces a certain court challenge; Conrail had made it clear that...
...court battle, though, will not delay Conrail's debut. The consolidated system will stretch westward from the Eastern seaboard through 15 states to St. Louis, hauling more than a third of Northeastern freight. During the next decade, Conrail would spend $1.84 billion in taxpayers' money and another $4.2 billion of its own earnings and funds from private investors for rehabilitation of the badly maintained and accident-prone system; it would lay 540 miles of new track a year and replace 3.4 million ties (in June, derailment of seven cars of an Erie-Lackawanna freight train in Scranton...
...their changes from the plan of six months ago, USRA strategists restored some of the lightly used trackage they had proposed to eliminate, while still lopping off about 5,000 miles to improve efficiency. The planners also moved to create competition for Conrail from prosperous roads...
...Enough. The revised plan offered something, too, to the bankrupt lines' creditors. USRA-backed "certificates of value" will ensure that Conrail's securities, to be issued in exchange for the properties, hold their worth. That was not enough for some Penn Central bondholders. At a meeting last week in New York, they insisted that USRA was vastly understating the value of Penn Central properties and vowed a court fight to get a fair return. As USRA'S offer stands now, the entire Penn Central system, with an estimated market worth of $7.4 billion, would be valued...