Legislators' Plan: Force Sale of Rail ; They Allege That Pan Am Railways Fails to Provide Timely and Consistent Service to Many of Its Manufacturing Customers.
Portland Press Herald › March 06, 2008
Linked as:
Summary
State lawmakers' latest plan for improving freight rail service in Maine essentially comes down to this: engineering a hostile takeover of the rail lines owned by the state's largest railroad.
A legislative committee believes that the state could use an obscure federal statute to force Pan Am Railways to sell the company's lines in Maine to the state. The action would put the state in the position of choosing another railroad company to operate trains on the lines.See the full content of this document
Extract
Legislators' Plan: Force Sale of Rail ; They Allege That Pan Am Railways Fails to Provide Timely and Consistent Service to Many of Its Manufacturing Customers.
Proponents say tax dollars would not be spent because the new railroad company would pay Pan Am the market value of its Maine properties.
The privately owned railroad, formerly known as Guilford Rail Systems, is controlled by Timothy Mellon of the Mellon banking family of Pittsburgh.Legislators allege that the railroad fails to provide timely and consistent service to many of its...See the full content of this document
Sponsored links
