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

[Ken <erie910_@_harborbeach.com>]

Paint the E-L logo on the van!


Ken B.

At 11:46 PM 7/25/02 -0400, William Gallagher  WA3RA wrote:

>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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