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.
It would be interesting to know the legal fees and court costs of this outcome.
To paraphrase Jack Nicholson “YOU CAN"T HANDLE THE FEE"S”.
The Erie-Lackawanna shareholders fared way, way better than American Financial did, from what you’re saying here.
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.