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CSX files to merge Buffalo, Rochester & Pittsburgh with one share outstanding
Why is Trains newswire waiting for comment from CSX? The article presents more information than many of the articles online here, and the only loose end seems to be a single share which may be held by Saint Peter.
If they’re still looking for the 1928 dead guy’s decedents they’ll likely be found in the ground; decedents are dead people (like the guy).
Looking for his descendants would be another story. Minor misspelling? Major difference. Mr. 1928’s descendants might also be decedents, though.
“The transaction will reduce corporate overhead and duplication by eliminating one corporation while retaining the same assets to serve customers.”
ALL the same assets? No layoffs? Strictly a paper deal? Just gonna save a few bucks on office supplies?
It is not inexpensive to keep a corporation going given the requirements imposed on it by the state and federal governments (and sometimes, local governments) even if it is largely a paper shell corporation. It isn’t just paper supplies, it is a lot of paperwork – and not only is that work of a sort that calls for expensive people to do it, it is expensive to even remember that it has to be done, and yet more expensive to file papers late and pay the penalties, which are a nice source of revenue for government. Reading between the lines I assume that share of stock is regarded as abandoned property and has escheated to the state, but under the law of escheat rightful heirs can always come forward and make a claim. So I assume CSX’s task is to try to arrive at a dollar value substitute for escheat so that the rightful heirs, if they ever do come forward, will just get cash. Figuring that out alone can be a very involved legal issue. Taking this paper corporation off their backs may not save tons of money but I bet it relieves some people of an irksome and time consuming – and seemingly meaningless – duty.
All references I have (including Kalmbach’s GTNASL) indicate 1932, not 1931.
Sure kind of sad to finally lose all identity of Our BR&P, with which I still have a personal connection. Our CSX President Ron Drucker once told me with great excitement on an Office Car Special, “You know, Lloyd, we are the ONLY Railroad to serve Punxsutawney, Pennsylvania!” GREAT HISTORY!!
Sure kind of sad to finally lose all identity of Our BR&P, with which I still have a personal connection. Our CSX President Ron Drucker once told me with great excitement on an Office Car Special, “You know, Lloyd, we are the ONLY Railroad to serve Punxsutawney, Pennsylvania!” GREAT HISTORY!!
B R & P…R I P