Despite Dustin's successes, doubtful the B&M could have survived the 1980's given rail and trucking deregulation that increased competition and removed artificial benefits all the while during an economic recession that took a good swipe at New England's industrial base. Decent probability that this would have lead to inclusion into Conrail by the end of the decade despite the independent reorganization attempt under Dustin's leadership at Conrail's start. This puts into perspective that despite the negativity associated with Guilford, maybe, just maybe, they "saved" the B&M as a competing force within the Class 1 network to live another day.
A lot of bad info here.
The EL was solvent until Hurricane Agnes. Even then it was not in as terrible of shape as other roads, but money it had set aside to modernize Marion yard and then some was wiped out from the hurricane damage. This is what led them to seek inclusion in the 3R Act that created Conrail.
Initially the eastern portion of the EL was to be given to Chessie to maintain two road competition in New York, however the unions rejected the terms Chessie offered, so it was all lumped into Conrail. There also was a plan to reorganize the EL and include the LV and RDG as a Mid-Atlantic Rail Corporation, again to maintain two systems in the east, that did not come to fruition.
The P&LE was long controlled by NYC and PC but was able to stay out. The Monogahela was kept out until Conrail purchased the portion not previously owned by PC/NYC. The Providence & Worcester split from PC after bankruptcy and stayed out.
Certainly any road who was included could have chosen to attempt to reorganize on their own, as the B&M did.