by carajul
After C-day 4/1/76 did the LVRR continue to exist and go onto other things as the PC, CNJ, RDG did. Or was the corporation dissolved?
Railroad Forums
Moderator: scottychaos
lvrr325 wrote:It existed until roughly 1982, when Penn Central fully merged it in so as to take advantage of some tax issues. Bob Yanosey made a fair amount of money which he used to start Morning Sun Books through the purchase of LV stock in the 1970s that suddenly gained some value when the company became valuable to parent Penn Central (who had owned about 80% of the LV dating to 1962 PRR stock purchases).I don't know when PRR/PC acquired additional LV shares but at the end they owned something like 93% of the outstanding stock. Back then there were a lot of these oddities out there. I personally owned stock in the M-K-T - Katy Industries owned 97%. I was bought out as part of UP's acquisition of M-K-T. Until the 1980's about 1% of the St. Louis Southwestern was not owned by SP. Most of these situations did very well for the minority holders (not always - I owned B&O stock and didn't get what I thought it was worth when CSX finally merged out the B&O).