Yeah, the other guy doesn't know what he's talking about. Traffic always starts to drop off from the end of summer into fall, then it picks up again from winter through spring. In addition, the segment from Waterville to NMJ is in quite a bit better shape than the track east of Old Town. It's still ten, but the roadbed isn't completely shot like it is up east, and it's good for 286k cars. Even in the Maine Central days the trackage between Old Town and Keag was the weak link of the mainline, and it hasn't changed any for Pan Am.
And, yes, they dropped out of the grant, and as you pointed out, they used the money to buy GEs. Honestly, it was the right move; the 600s/300s were beat to *, and they desperately needed more power for the entire system. It's unfortunate that the Waterville to NMJ segment didn't get the upgrade it needed, but, at the same, they improved the rest of the railroad by getting better power. And as you pointed out, yes, they don't typically use their own money to upgrade, but neither do the other Maine railroads. Every other railroad uses Tiger Grants as well, so trying to call out Pan Am for also doing so isn't really applicable.
And finally, regarding Searsport: CP can say whatever they want in the press release, it doesn't change the fact that Searsport would need huge investments to even get it to a point where it's competitive against Halifax and Saint John, and they're getting access to Saint John again by buying the CMQ. Explain why they would dump tons of money into what's essentially a backwater port when Saint John offers all that Searsport could potentially offer right out of the gate, without needing to invest millions of dollars into it?