Re: (erielack) Conrail did not buy Erie-Lackawanna..!

["William Gallagher WA3RA" <ks3y_@_prodigy.net>]

The EL finally paid all of its bonds in 1992, and dissolved at that time. It
was the only fallen flag to settle all of its obligations.

There were residuals after all was said and done, and they were distributed
to the shareholders. My last check came from Pru-Bache along with my
cancelled certificate. As I recall, it bought a good dinner at Cooper's, and
made a down payment on a new van, so it was a few cents per share!

I also sent my proxy for continuing the company, but the majority
shareholders (holding companies and trust funds) had already decided that it
was going away, and the final meeting and vote was a forgone conclusion.

I still have the now ten-year old van, by the way...so I guess that I still
have a tangible asset courtesy of the corporation!

Bill G.
- ----- Original Message -----
From: <intercityrailpal_@_netscape.net>
To: <erielack_@_lists.railfan.net>
Sent: Thursday, July 25, 2002 11:05 PM
Subject: (erielack) Conrail did not buy Erie-Lackawanna..!


> Dear E-L friends, Conrail did not buy Erie-Lackawanna...they brought the
rail assets they wanted. If you brought the corporation you would be buying
their problems, and have to deal with their stockholders.You'd get the
trademarks of a failed business. Trademarks...I don't know about any new
laws in the 1970's. But the only railroads that trademarked their logo's
that I know of, were the Chesapeake and Ohio and The Santa Fe.The weary,
Erie was not one of them. (Just my opinion.)
>
> Erie-Lackawanna as much as we feel this is the perfect railroad. Was not
...I guess the term is ...a clean corporation. There were issues....which
came up in the past 100 years which were still going on, in 1992.
>
> If you found the largest shareholder, and brought their shares. Perhaps,
you could go to the Ohio court that ordered the liquidation, and open the
corporation again!Here's a question for the group....Who was the largest
shareholder? It wasn't me. I just had one share to follow...the company to
the end. (It also looks great over my desk, on the wall.)I still have the
last check. It was for a few cents. The management would sell a asset, pay
themselves...shareholders got what was left. There was a movement to
continue the company. I voted for that. It failed!To my knowledge all the
outstanding bonds were paid off. Conrail paid ....what? six humdred million
dollars for the rail assets. I'm not sure of this amount. There was lots of
money to continue the company!....
> I really doubt...it's just my opinion here, Conrail would want any
connection with Erie-Lackawanna.Lackawanna Lance
>
>
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