by kinlock
A big "paper railroad" that still exists after everything around it went away is the New York & Harlem Railroad.
It was chartered 1831, built a line from New York City to Chatham, then leased to the New York Central in 1873 for 401 years. Funny thing, it still exists and owns a lot of New York City real estate including Grand Central Terminal!
After Conrail, Penn Central began a new life with non-rail assets such as the gas pipeline company, coal leases, and real estate such as New York City's Grand Central Terminal and Park Avenue. It should be noted that one corporation that still remains as an asset of the successor company (American Premier Underwriters) is the New York & Harlem Railroad Co. This company, founded in 1831, is responsible for $7.8 million in (redeemable in gold) 3 ½ bonds due in 2043. These bonds are legally secured by the 127-mile right-of-way from New York City to Chatham AND by GRAND CENTRAL TERMINAL! Currently, these borrowings are rated "Baa1" by Moody's (not too bad since Penn Central seems to have sold off some of this property).
American Premier Underwriters, Inc. is now the direct descendant of the Pennsylvania Railroad Company which was founded in 1846 and the New York Central Railroad Company, founded in 1853, but tracing its roots back to 1826. They merged in 1968 to form the Penn Central Transportation Company and developed into a highly diversified conglomerate. In March, 1994, Penn Central dropped its well known rail-related name in favor of a title that more accurately described its business activities - property and casualty insurance. Today it employs 5,400 people, has sales of $1.8 billion and is publicly traded on five stock exchanges.
American Premier Underwriters is part of American Financial Group. American Financial Group, Inc. which, as the successor entity to Penn Central, is the largest holder of common stock in the National Railroad Passenger Corporation (“Amtrak”). American Financial holds roughly 55% or 5,200,000 shares of outstanding Amtrak Common Stock, out of a total of about 9,000,000 shares.
In 1994, the Metropolitan Transportation Authority gained long-term control of Grand Central Terminal in the form of a 110-year lease from American Premier Underwriters, Inc.,
In 2004, American Premier Underwriters sold 1.3 million previously issued and outstanding American Financial Group common shares. These shares were held for the benefit of creditors of APU's predecessor, The Penn Central Transportation Company. Proceeds from that sale ($41.5 million) were placed in escrow to be used to pay APU environmental claims related to its former railroad operations.
Have heard that something like Midtown TDR Ventures, LLC purchased Grand Central Terminal from American Financial in December, 2006. Midtown TDR Ventures, LLC is, in turn, controlled by Argent Ventures But frankly, all these corporations that followed Penn Central sound more like AIG or Bernard Madoff. We are unable to find out how much any of these corporations received in Federal Bail Out Funds (except AIG). NOTE: Mr. Madoff needs BAIL not bailout.
It was chartered 1831, built a line from New York City to Chatham, then leased to the New York Central in 1873 for 401 years. Funny thing, it still exists and owns a lot of New York City real estate including Grand Central Terminal!
After Conrail, Penn Central began a new life with non-rail assets such as the gas pipeline company, coal leases, and real estate such as New York City's Grand Central Terminal and Park Avenue. It should be noted that one corporation that still remains as an asset of the successor company (American Premier Underwriters) is the New York & Harlem Railroad Co. This company, founded in 1831, is responsible for $7.8 million in (redeemable in gold) 3 ½ bonds due in 2043. These bonds are legally secured by the 127-mile right-of-way from New York City to Chatham AND by GRAND CENTRAL TERMINAL! Currently, these borrowings are rated "Baa1" by Moody's (not too bad since Penn Central seems to have sold off some of this property).
American Premier Underwriters, Inc. is now the direct descendant of the Pennsylvania Railroad Company which was founded in 1846 and the New York Central Railroad Company, founded in 1853, but tracing its roots back to 1826. They merged in 1968 to form the Penn Central Transportation Company and developed into a highly diversified conglomerate. In March, 1994, Penn Central dropped its well known rail-related name in favor of a title that more accurately described its business activities - property and casualty insurance. Today it employs 5,400 people, has sales of $1.8 billion and is publicly traded on five stock exchanges.
American Premier Underwriters is part of American Financial Group. American Financial Group, Inc. which, as the successor entity to Penn Central, is the largest holder of common stock in the National Railroad Passenger Corporation (“Amtrak”). American Financial holds roughly 55% or 5,200,000 shares of outstanding Amtrak Common Stock, out of a total of about 9,000,000 shares.
In 1994, the Metropolitan Transportation Authority gained long-term control of Grand Central Terminal in the form of a 110-year lease from American Premier Underwriters, Inc.,
In 2004, American Premier Underwriters sold 1.3 million previously issued and outstanding American Financial Group common shares. These shares were held for the benefit of creditors of APU's predecessor, The Penn Central Transportation Company. Proceeds from that sale ($41.5 million) were placed in escrow to be used to pay APU environmental claims related to its former railroad operations.
Have heard that something like Midtown TDR Ventures, LLC purchased Grand Central Terminal from American Financial in December, 2006. Midtown TDR Ventures, LLC is, in turn, controlled by Argent Ventures But frankly, all these corporations that followed Penn Central sound more like AIG or Bernard Madoff. We are unable to find out how much any of these corporations received in Federal Bail Out Funds (except AIG). NOTE: Mr. Madoff needs BAIL not bailout.