NJMidland states the NY&H was merged out of existence about 5 years ago, speaking as a stockholder of that company..
A week later Kinlock posts that it still exists.
You guys want to fight it out and let us know who is right?
Both are right. In 2007 American Premier Underwriters (or whatever subsidiary of theirs that did the deal) bought out all of the NY&H stockholders other than themselves - they owned 95% of the stock, the other 5% was held by the public. The the NY&H corporate entity still exists there are just aren't any public stockholders anymore.
Someone made mention of the bonds. Yes there are still two bonds outstanding due in 2043 and I think the second is due in 2045. I tried for years to buy some of these with no luck. Again many of the bonds were held by American Premier Underwriters. They may own 100% now thus making them a curious remnant rather than an outstanding issue.
20-30 years ago I owned a number of the stocks and bonds of these various subsidiary railroads. Most of them sold at substantial discounts to real value since they were so hard to buy and sell. Most paid a fixed dividend or bond payment that were quite attractive. As the railroads became more profitable over the last 10-15 years they have been buying these things back and cleaning their books. Now only a few remain like the Dayton & Michigan RR which is now leased forever to CSX and pays a dividend with about a 7% yield - if you can find any stock to buy.
