One for the Doom & Gloom People

[ricebrianrice]

Here is a rumor, without proof for the Doom & Gloom crowd that NS & CSX are taking over:
I swung by the Binghamton yard at lunch time today, and there it was, 3014 MU's behind 2 NS engines.

The End Is Near........

http://naphotos.nerail.org/showpic/?pho ... cebrianric
http://naphotos.nerail.org/showpic/?pho ... cebrianric

[Steamtown Observer]

The End Is Near........

The end came and went when the company was taken private with money borrowed from NS and CSX. Now that Walter Rich is gone there are not likely to be any more good surprises in the future.

[amoreho1]

Here is a rumor, without proof for the Doom & Gloom crowd that NS & CSX are taking over.
I swung by the Binghamton yard at lunch time today, and there it was, 3014 MU's behind 2 NS engines.

The End Is Near........

http://naphotos.nerail.org/showpic/?pho ... cebrianric
http://naphotos.nerail.org/showpic/?pho ... cebrianric

3014 is likely returning to nysw after heading out to amp for reasons unknown

[ricebrianrice]

3014 is likely returning to nysw after heading out to amp for reasons unknown

I forgot about that.

Party Pooper

[Sid Farkus]

I think NYSW has many great years left. That picture of the 3014 on a NS train could be like when CSX took 3636. NS might be taking 3014 for extra power on that train. Just because its on a NS train doesn't mean the whole company is starting to come apart.

[ANDY117]

If I recall, it was due to an engine issue.

It came in on the H88 apparently.

[dutchboy]

The 3014 was in the R&S yard last Saturday so it must of been in Dansville getting work done to it.

[Sid Farkus]

Yeah it went back to Dansville as soon as it left.

[n01jd1]

Here is a rumor, without proof for the Doom & Gloom crowd that NS & CSX are taking over.
I swung by the Binghamton yard at lunch time today, and there it was, 3014 MU's behind 2 NS engines.

The End Is Near........

http://naphotos.nerail.org/showpic/?pho ... cebrianric
http://naphotos.nerail.org/showpic/?pho ... cebrianric

3014 is likely returning to nysw after heading out to amp for reasons unknown

Maybe the powers that be on the NYSW will wise up and let NS's Juniata Shops do their major locomotive work. Juniata could do wonders for the 3040, 3042, 2012 and 3020.

[kingfish]

ricebrianrice you crack me up!

A Homer Simpson "Duh" from Kingfish!

3014 was coming back via NS/CPR trackage rights to NYSW after warranty repair. No other facts than that. CSX had cancelled the 403/404 for many moons. No need for shared power at this point.

3014 should be on SU100 tonight.

SteamTown Observer: are you speaking from personal knowledge. I think many surprises can be in the line up...
PS: Why and how do you speak of borrowed money. Those two giants bought the majority of NYSW stock both preferred and non preferred. It is a matter of public record.


Cheers.

Kingfish

[GOLDEN-ARM]

Just a "friendly" reminder. Facts, and just the facts, please. Thanks!

[Steamtown Observer]

SteamTown Observer: are you speaking from personal knowledge. I think many surprises can be in the line up...
PS: Why and how do you speak of borrowed money. Those two giants bought the majority of NYSW stock both preferred and non preferred. It is a matter of public record.

I am speaking about the money Walter Rich borrowed from NS and CSX in order to pay for his part of the buyout of the public stockholders in 1997.

[lvrr325]

I wish someone could clear that issue up for us, but the way I understand it the loan allowed him to purchase a controlling interest, or a greater interest than he held previously, after CSX and NS bought out the public shares - which probably makes it a private transaction - which is why no one seems to be able to dig up a confirmed source for that information. There may not be a public source.

But it does seem to me that if there was outstanding debt, the estate would have to find a way to settle it through the sale of other assets of the estate - and so far all I've seen them selling off is a bunch of mostly beat up surplus MOW equipment that belonged to the railroad itself.

My suggestion, if you're friends with a lawyer who knows this aspect of the law, ask him for an educated opinion - but present it as an opinion, not as a fact.

[Steamtown Observer]

Walter did borrow money from CSX and NS to pay for the leveraged buyout - the details were spelled out in the proxy statement we got as shareholders during the lead-up to the vote. The question which will remain unanswered is how much, if any of that debt was paid off over the last 10 years. For example, DO owned a right of first refusal to buy a portion of the line out of Corry, PA that the WNY&P now owns. At the time DO sold that for some unspecified amount of money - perhaps that went to pay off the debt (or maybe DO now owns part of the WNY&P - the LA&L owns less than 50% of it so I have wondered who they sold - or gave - the rest to). Walter was also on the board of directors of several companies which usually implies stock awards that might help meet these obligations. But lvrr325 is correct, we don't know how the estate is going to need to settle its taxes, loans, etc. Only if there is a sale or a liquidation will we really know.

[blockline4180]

Kind of off topic with the discussion at hand, but the January issue of RumorPace has said that the Southern Division will be getting a major track rehab soon, which includes putting in a passing siding through Newfoundland...Hmmm.

I won't believe it until i see it since it comes from RUMORpace, but if it were to happen then I could conceivably see traffic increase on this line in the future.