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Trains News Wire EXCLUSIVE: Burkhardt, trustee speak on MM&A bankruptcy sale
What was the auctioned price?
You say,“Many observers were shocked at the MM&A’s final price, which was significantly less than what the railroad was purchased for a decade earlier($50K)…”
Was this omission intentional, and if so why?
One thing that’s easy to comprehend is that those who were injured or lost loved ones will get nothing. If Mr. Burkhardt feels “heartbroken” by their loss, maybe he can sell one of his other properties and provide some compensation. Then he might be able to “find peace one day”.
Oh, I forgot! Corporations and holding companies are designed to shield the owners from such liabilities. As the corporate joke goes: “Thank goodness we’re only morally bankrupt!”
Cash talks, b.s. walks.
Vasyl, what is the matter? Didn’t learn how to read, yet you have a job in Chicago at the library? Purchaser and price paid are clearly shown. You are making about as much sense as a hayloader connected to the front of the wagon with the horses in the rear pushing. And what exactly do I have to do with this sale? And what does government have to do with it? This is a private sector transaction? Or is that too difficult to comprehend?
If Burkhardt really wanted to “be able to find peace one day,” he would (considering he is an executive) make some major contributions to rebuilding funds, and perhaps even take a trip up there to help assist the people in some way. I doubt he is going to do any of those things.
third paragraph; last sentence all you speed readers
The reason the winning bid was not mentioned in the article, is so that The Goose wouln’t start on his political and anti-government rant.
This article listed the price of the 2 losing bids but doesn’t say what the winning bid by Fortress was. What was the winning bid?
If you look back 2 days, the price was $16.85 million.
I have always considered Ed Burkhardt to be a good guy. I pray for him–having to live with the events of that day. I have followed any news about him, since his Wisconsin Central (WC) days. The WC was one of my favorites, until acquired by CN (Canadian National).
Ed Burkhardt- the townspeople will find “peace”, right after your checks are delivered to them.
Thank you Mr. Dodds, you keep Ed the last time he came to Lac-Mégantic, he cause too much damage and hurt. It is now a PR case study in how not to manage anything. Google Translator is NOT appropriate for a news release in a Francophone environment.
The bottom line is 47 people died (two of which have yet to be found) and the downtown core was destroyed. The Environmental impacts to soil, groundwater and surface water will last for years. No you keep Ed.
Paul,you stated that the rail industry rallied around Burkhardt.
I can assure you that the industry and professional railroaders
did NOT!
Peace can be found in Jesus, but he might find Jesus would like him to pay some restitution!
@DAVID VANDERBEE
I was prepared to give him the benefit of the doubt, but I have to say his subsequent behavior even after widespread criticism gives me pause:
http://o.canada.com/news/lac-megantic-disaster-ed-burkhardt-says-hes-a-victim-too/
To read this, you’d think he’s not responsible for his own railroad’s safety culture, and that he isn’t still in charge of a mini railroad-empire. No, apparently, it’s all the fault of a rogue engineer who didn’t set “enough” brakes - which he did thinking nobody would ever find out even though another crew was going to take over. Train parked on the mainline on top of a hill with its locomotive on fire? Nah, that’s not a factor at all, and if it was presumably it was a rogue dispatcher responsible, ready to blame in case anyone notices the rogue engineer thing doesn’t do it…
I found it depressing how the railroad industry rallied around Burkhardt and said little about the known facts of the accident and how they’d be avoided in future.
I understand many in the industry see heroism purely in terms of who saves a crippled railroad from bankruptcy. Ed gets a pass from many because he “saved” the MM&A and others before it. But some rescues just aren’t worth it. You have to be more than able to make the books balance, you have to actually be capable of running a safe, useful, railroad to begin with.
If the Goose had his way Ed Burkhardt would get away with the wreck of the MM&A freight stating "It’s the cost of doing business as cheaply as possible. Trouble is “profits before People” Typical Libertarian way of thinking.
Hard to say who’s at fault, an owner trying to save a buck running an oil train with a one man crew, a heavy train with worn out engines, crude oil that now explodes, oil cars that were not safe to begin. This is a series of bad procedures and decisions from many people that finally came to a head. All we can do is learn from this and hopefully procedure will never let it happen again on any railroad.
A long time ago, the Quebec cops said they were “weeks away” from making arrests in this fiasco. We have heard of no arrests at all, with the principals in the mess walking around free. Does anyone wonder about the police in Canada, especially in light of their self-generated reputation for getting the baddies, no matter what? I fear this will be allowed to die for lack of attention, written off as just a tragic accident that resulted from no neglect. If they’re ever going to arrest anyone, Burkhardt could be one of them. We’re waiting for arrests, and waiting, and waiting . . .
It was criminal for Burkhardt to have only 25 million liability insurance. Every regional railroad needs at least 10 times that amount. And still that wouldn’t be nearly enough to pay for all of the Lac-Megantic disaster damages that his railroad caused by their negligence. Instead of bankruptcy court he should be in criminal court.
Mr. Burkhardt’s heart is broken. One finds it difficult to imagine breaking something that does not exist. His “suffering” appears to trump the suffering of those whose loved ones were sacrificed to the need for profit. Perhaps the Europeans should consider the record and prepare for the worst. In the meantime, we can only hope that our friend is able to transcend his broken heart, even if those left behind in Canada never can.