Does the LVRR corp still exist?

[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?

[lvrr325]

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).

The story was published in Trains Magazine in the last 2 or 3 years, one of the short stories they run towards the back each month.

[TB Diamond]

On 16 April 1983, at the ARHS membership meeting in Wilkes Barre, PA, Robert C. Haldeman, former President and Reorganzation Manager of the Lehigh Valley Railroad, gave a speech entitled "Railroading From The Top". Mr. Haldeman mentioned during the speech that the Lehigh Valley Railroad had been reorganized as a fully-owned subsidiary of Penn Central on 01 October 1982 with two emphases: disposition of LV's remaining real estate and the on-going program of satisfying claimants. Mr. Haldeman went on to state that the latter was 90% complete, but the time frame within which claims were to be satisfied would extend through September, 1987, so the Lehigh Valley Railroad Company would be around until that time as a "shell" corporation.

[njmidland]

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).