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RE: [FJGRailroad] Bingo to Port Jervis

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  • joseph Klapkowski
    My recollection of the events was that this was a pre-emptive move on the part of NS. Uncertain as to what the outcome of the CR sale might be, they secured
    Message 1 of 22 , Dec 28, 2004
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      My recollection of the events was that this was a pre-emptive move on the
      part of NS. Uncertain as to what the outcome of the CR sale might be, they
      secured entry into NYC via D&H (haulage agreement?), Buffalo to Binghamton
      and NYSW over the tier and into Little Ferry. The idea that CSX (or even
      worse BN) might get the whole of Conrail without sharing any of the assets
      was a real fear for NS. They retained Morgan Stanley as thier advisor and I
      believe that they had accumulated something on the order of $3-4 billion in
      cash assets to make thier bid stand out. I also seem to remember that at
      various times, one or more of the bidders publicly announced that they were
      dropping out of the bidding. I am not clear on how the final outcome
      occurred. The government wanted to sell the whole thing in one shot. Various
      politicians were pushing for a "Highest Bidder" auction to recoup the
      government's investment as best they could.

      In the end I kind of think that CSX was the high bidder but NS cried foul. I
      think there was political pressure placed upon both sides and they both went
      behind closed doors to work out the "split-up" plan.

      I think this is more or less how it went.


      >From: "Dicarlo, Gino" <Gino.Dicarlo@...>
      >Reply-To: FJGRailroad@yahoogroups.com
      >To: <FJGRailroad@yahoogroups.com>
      >Subject: RE: [FJGRailroad] Bingo to Port Jervis
      >Date: Tue, 28 Dec 2004 08:29:02 -0600
      >
      >Wow, I didn't realize that!
      >
      >-----Original Message-----
      >From: mwilber@... [mailto:mwilber@...]
      >Sent: Tuesday, December 28, 2004 8:01 AM
      >To: FJGRailroad@yahoogroups.com
      >Subject: Re: [FJGRailroad] Bingo to Port Jervis
      >
      >
      >
      >Joe-Yes there was a buyout and NS does own good portion of the NYSW.Mark
      >
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      >
      >Visit Gino's Railpage at
      >http://www.ginosrailpage.com and http://fjgrr.org
      >Visit The Greater Capital District Railfan Assocation at
      >http://gcdranet.homelinux.com/ Visit Pete Seftons Lost Landmark Page
      >http://www.lostlandmarks.org Visit Charles P. Woolever's Existing
      >Railroad Stations in New York State at http://ny.existingstations.com/
      >Yahoo! Groups Links
      >
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    • joseph Klapkowski
      Except for the LASB (do they have any traffic ?) and Narrowsburg Lumber, is there any local traffic between PJ and Bing?
      Message 2 of 22 , Dec 28, 2004
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        Except for the LASB (do they have any traffic ?) and Narrowsburg Lumber, is
        there any local traffic between PJ and Bing?

        >From: "Stephen G. Myers" <Knixrule1@...>
        >Reply-To: FJGRailroad@yahoogroups.com
        >To: FJGRailroad@yahoogroups.com
        >Subject: [FJGRailroad] Bingo to Port Jervis
        >Date: Tue, 28 Dec 2004 09:54:07 -0500
        >
        >
        >NS will run trains over the line but local switching will be provided by
        >CNYK? Are they union scale or is this an attempt to reduce wages? You
        >said that the signals will be removed too? Reminds me of the MEC and B&M
        >purchased by Guilford, they took down signals and reduced wages to make
        >more money. NS will be closing Bison Yard in Buffalo and move that work
        >to Bingo.
        >
        >Steve
        >
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        >On Tue, 28 Dec 2004 08:41:30 -0500 mwilber@... writes:
        > >
        > > The buy out came just shortly after Conrail split up. Stocks were
        > > bought
        > > out around $25 a share.Anyone bought stocks from day one when the
        > > DO
        > > came into existance made a killing.The orignal price on a share was
        > > selling for $10.During the existance of DO,the stocks split 4
        > > ways,then
        > > split 10 ways,then doubled,and finally sold out for $25 a
        > > share.Thats a
        > > 80 to 1 split. Every $10 share in the beginning became a $2,000 in
        > > the
        > > end.What a kill! Several years ago the company gave its
        > > transportation
        > > employees shares of stock,depending on the length of service.A lot
        > > of us
        > > were uncertain what was going to happen to the stocks after
        > > Conrails
        > > breakup,so we sold ours around at $16 a share,now wishing we held
        > > onto
        > > ours for another 6 months later.Of course Uncle Sam had his hand
        > > into
        > > it. Mark
        > >
        > >
        > >
        > >
        > >
        > >
        > > ------------------------ Yahoo! Groups Sponsor
        >
        > >
        > >
        > > Visit Gino's Railpage at
        > > http://www.ginosrailpage.com and http://fjgrr.org
        > > Visit The Greater Capital District Railfan Assocation at
        > > http://gcdranet.homelinux.com/
        > > Visit Pete Seftons Lost Landmark Page
        > > http://www.lostlandmarks.org
        > > Visit Charles P. Woolever's Existing Railroad Stations in New York
        > > State at
        > > http://ny.existingstations.com/
        > > Yahoo! Groups Links
        > >
        > >
        > >
        > >
        > >
        > >
        > >
        > >
        > >
      • mwilber@webtv.net
        I asked today about the ownership,I thought the NS and CSX had more into it. Walt owns 80%,NS owns 10%,and CSX owns 10%.Mark
        Message 3 of 22 , Dec 28, 2004
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          I asked today about the ownership,I thought the NS and CSX had more into
          it. Walt owns 80%,NS owns 10%,and CSX owns 10%.Mark
        • mwilber@webtv.net
          The Frito Lay in Binghamton will be switched by us.There is not much in between Port Jervis and Bing.Narrowsburg also have a feed mill. Cohecton has a feed
          Message 4 of 22 , Dec 28, 2004
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            The Frito Lay in Binghamton will be switched by us.There is not much in
            between Port Jervis and Bing.Narrowsburg also have a feed mill. Cohecton
            has a feed mill and looking to increase traffic.Bisby Lumber (havent had
            a car in years) in Hancock has a siding.There is a siding in Deposit
            that can used by some one.I think Steve hit by saying the CNY for labor
            reasons,but hard to say.Mark
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