CPR is a Canadian company, and D&H is a US company. D&H is an operating company.Until about 10 years ago, everything was still D&H. About that time they filed for a DBA ( doing business as) to call themselves CP. All STB filings are D&H. The same is true about SOO Line. The only reason for the DBA was marketing.
Penn Central was a bad analogy. They still own the Harlem Line, and likely some other lines which did not make the cut in the CR final system plan. None of its employees are engaged in railroading. D&H owns cars, locomotives, and track. It also has employees such as myself who operate trains and are directly paid by the D&H to do so.
The real D&H, which started as Delaware and Hudson Canal Company divested itself of the railroad in 1967. N&W formed Delaware and Hudson Railway. The original went into other industries. I heard that one was IHop restaurants. D&H Railway was N&W's vehicle to own the former D&H Railroad Co.'s railroad assets. There may have been one or two other D&H names to distinguish the pre and post bankruptcy entities.
You can argue this topic all day long. All I know is that D&H pays me well on every Friday!
but the Penn Central railroad does not.