by RSD15
Matt Langworthy wrote:In 1970 Penn Central owned most of the Wabash RR and and was leasing it to the Norfolk & Western. In 1964 when the N&W purchased the NKP
Penn Central never owned N&W stock. The ICC forced the Pennsy to divest itself of its N&W shares as a prelude to the merger. Nitpick about red vs green all you want, but Saunders and his team at PC continued the same practices from the Pennsy i.e. divesting revenue in outside ventures and dividends, rather than using it to improve the Pennsy's physical plant. I don't care what Saunders accomplished with the N&W, because his actions at Pennsy/PC were blatantly immoral.
P.S. One shouldn't criticize another poster's spelling if one can't use the quote marks correctly.
they also wanted the Wabash,but for some reason the ICC made them wait 6 years to finish the deal. The N&W continued to lease the Wabash
from PRR/PC during those years.Finally in 1970 the two railroads finished the deal, N&W receiving Penn Central's stock in the Wabash and
PC receiving N&W common stock from N&W.
Charles
P.S. Matt I'm sorry I was not criticizing your spelling I actually thought that you were unaware that his name was Saunders.