WNYP independent of LAL?

And, now, we wait to find out what it all means.

Gene Blabey's slate won 170-151-4, Blabey-Burt-Anderson.

Dave Becker

......and now we wait to see what is going to take place. Congrats to the winners, condolences to the rest. Let the trains roll on.

New boards for the LAL and WNYP have been elected. There's also been a major shakeup in management that includes a new chairman, president, operations head, etc.

However, I understand that some of those named are to fill the positions on an interim basis, so it's perhaps best to wait until the railroad makes a public statement on appointments, etc.

So anyone want to speculate (or know) what happens now?

RS

I suspect that with new management in place, there will be little to no public news of major plans and the like. Much to some's dismay.

Dave Becker

pablo wrote:Gene Blabey's slate won 170-151-4, Blabey-Burt-Anderson.

Dave Becker

Just curious, am I right to assume from reading this thread that there are 40 (give or take a few) shareholders and 325 shares? I realize that that last reverse split of 10 to 1 would reduce the number of held and outstanding (if any then) shares drastically but to just 325?

chris

Ha! I suspect you're right there. Of course they can't hide their plans once they start happening. Do they hang a for sale sign on the WNYP? Could Burt sell/trade his LAL stock and buy WNYP stock? Do they keep the WNYP and run it "their way"? Do they sell everything and retire in Hawaii? (Would anyone buy it if its worth nothing?) They can't just stop running it. Its been an interesting ride and its not over yet.

RS

I wondered that as well, but I have never had the numbers broken down. At one point, I inquired about some shares, as in purchasing them...but I neither had the money I was quoted to need, and with all of the splits, I wouldn't have it now anyway.

Since this is a privately held company, whether any of us like it or not, I don't believe that they (whoever "they" is) have to tell anyone anything.

There is no doubt that the railroad will NOT be shut down anytime soon. We'll all know well in advance, then.

As for something else from RS's post...word is, the police are already involved, as I thought they would.

Dave Becker

alsorailfan wrote: Just curious, am I right to assume from reading this thread that there are 40 (give or take a few) shareholders and 325 shares? I realize that that last reverse split of 10 to 1 would reduce the number of held and outstanding (if any then) shares drastically but to just 325?

chris

I have lost count since the 1 for 10 reverse split eliminated most of the stockholders. I think there are a few more than 325 - I believe a handful of shares were not voted at all.

RS-3 wrote:Ha! I suspect you're right there. Of course they can't hide their plans once they start happening. Do they hang a for sale sign on the WNYP? Could Burt sell/trade his LAL stock and buy WNYP stock? Do they keep the WNYP and run it "their way"? Do they sell everything and retire in Hawaii? (Would anyone buy it if its worth nothing?) They can't just stop running it. Its been an interesting ride and its not over yet.

RS

Back when the reverse split happened in 2000 they made a big deal about an agreement the directors had whereby if one of them wanted to sell their shares they had to offer them to the other directors first before selling to someone "outside". If Burt is no longer a director then I assume he is free to sell his shares to anyone who wants to buy them. The same would probably be true with WNY&P. As to who would want them and what price would be set is hard to say with a company that is essentially private. The things you might do to value NS or even Coca-Cola (PE ratio, dividend yield, etc.) don't work well when applied here. Perhaps looking at what companies like Rail America/Fortress or Genesee & Wyoming have paid for recent acquisitions might be a good comparison.

pablo wrote:Since this is a privately held company, whether any of us like it or not, I don't believe that they (whoever "they" is) have to tell anyone anything.

Dave Becker

We never hear this level of "inside baseball" about GVT, M&E, or even the NYS&W. Frankly, maybe silence in this case (if it happens) will be a good thing.

Steamtown Observer[code] wrote:

pablo wrote:Since this is a privately held company, whether any of us like it or not, I don't believe that they (whoever "they" is) have to tell anyone anything.

Dave Becker

We never hear this level of "inside baseball" about GVT, M&E, or even the NYS&W. Frankly, maybe silence in this case (if it happens) will be a good thing.

I tend to believe that the making of this ordeal public was very harmful to the cause and quite possibly to new business interests for future marketing,

Greg

Perhaps...unless the fact that the monkey business is over becomes very public news. That could restore confidence. Some shippers voted for the "winning" slate, so that idea has at least some merit.

Dave Becker

Well I wish someone(s) would give us their "2 cents" on what they perceive the implications of this to mean...

This is a forum and we do discuss issues like this, #1 it's interesting and #2 it does/will have an influence.

If it were just about any other road we'd get all sorts of opinions...

At this juncture we've gotten the "Railpace" version.

OK, well I can tell you what it will mean for the railroad. Or what it could mean. I am certain that the new powers will be will exercise the discretion that the outgoing people should have

The place will be run as a very tight ship from this point on as people are re-evaluated.

I expect a full financial investigation with some results.

As this was nearing "vote-day" someone provided me with information that said if there were defect detectors on the line, NS would finally run merchandise traffic on the line. I've always wondered why more of that is not on the line...and that to me is a plausible explanation of why you haven't see it yet. I cannot prove that this is the case.

I was told by someone else that NS has an out in their lease if things don't get better...that would allow them to run Olean to Hornell and bypassall of the Meadville section and through Jamestown. I don't know how "bad" things would have to be for that to occur. I'm certain they aren't there now, and I'm certain NS would prefer this not to happen.

Dave Becker

Who is on the newly voted in slate of officers ?