It has been a Hedge Fund takeover, with a snowjob to the institutional investors. There is virtually NO CSX management left on the property - unless the excersized their seniority rights to craft positions.
So sort of, go along with what BaltACD noted; an old accounting axiom “…Figures don’t lie, but liars can figure…”
Apparently in line whith what Musphy Siding noted; “…CSX accountants, in addition to having some really sharp pencil’s, and magicians on staff; they have accomplished the ‘trick’ of being able to produce rabbits from about any orifice…”
A question that seems to need to be answered is what, within the CSX Corporate Structure has made them the targets of TWO attempted takeovers?
Recall, in about 2007/08, when the Childrens Investment Fund, in concert with 3G Partners instituted a take over? See article linked at @
CSX was able to take a significant positive charge to earnings related to the new tax law and their deferred income tax liability. I am not sure how that works exactly but it was significant.