Category:Spin-offs of Conrail
Pages in category "Spin-offs of Conrail"
The following 59 pages are in this category, out of 59 total. This list may not reflect recent changes (learn more).
The following 59 pages are in this category, out of 59 total. This list may not reflect recent changes (learn more).
1. Corporate spin-off – A corporate spin-off, also known as a spin-out, or starburst, is a type of corporate action where a company splits off a section as a separate business. Shareholders of the parent company receive equivalent shares in the new company in order to compensate for the loss of equity in the original stocks. In contrast, divestment can also sever one business from another, many times the management team of the new company are from the same parent organization. Spin-offs also allow high-growth divisions, once separated from other low-growth divisions, the United States Securities and Exchange Commissions definition of spin-off is more precise. Spin-offs occur when the equity owners of the parent company receive equity stakes in the spun off company. For example, when Agilent Technologies was spun off from Hewlett-Packard in 1999, a company not considered a spin-off in the SECs definition may also be called a spin-off in common usage. A second definition of a spin-out is a firm formed when an employee or group of leaves a existing entity to form an independent start-up firm. The prior employer can be a firm, a university, or another organization, spin-outs typically operate at arms length from the previous organizations and have independent sources of financing, products, services, customers, and other assets. In some cases, the spin-out may license technology from the parent or supply the parent with products or services, conversely, such spin-outs are important sources of technological diffusion in high-tech industries. For example, Fosters Group, an Australian beverage company, was prepared to sell its wine business, but due to the lack of a decent offer, it decided to spin off the wine business, which is now called Treasury Wine Estates. Some examples of spin-offs, Guidant was spun off from Eli Lilly and Company in 1994, formed from Lillys Medical Devices, Agilent Technologies spun off from Hewlett-Packard in 1999, formed from HPs former test-and-measurement equipment division. Cenovus Energy was spun off from Encana Corporation in 2009, ocean Rig UDW Inc was spun off from Dryships Inc in September 2011. AOL was a Time Warner spin-off, this effectively was a demerger, DreamWorks Animation was spun off from DreamWorks Studios in 2004. Nuage Networks was spun off from Alcatel Lucent in 2012 News Corporations publishing operations were spun off as News Corp in 2013, the previous News Corporations remaining media properties were retained under the name 21st Century Fox. Over £266 million in external investment has been raised by Isis spin-out companies since 2000, mirror company formation is a specialized form of spin-off used to create a new public company. It simplifies the process of listing the shares on a stock exchange. It works by a public company issuing a bonus share at a 1-for-1 rate in the new company. This new company is sold to another company that does not want to go through the complex
2. Conrail – Conrail, formally the Consolidated Rail Corporation, was the primary Class I railroad in the Northeastern United States between 1976 and 1999. Conrail is a portmanteau of consolidated and rail from the name of the company, the Federal Government created Conrail to take over the potentially profitable lines of multiple bankrupt carriers, including the Penn Central Transportation Company and Erie Lackawanna Railway. With the benefit of regulatory requirements being reduced, Conrail began to turn a profit in the 1980s and was turned over to private investors in 1987. Following Surface Transportation Board approval, CSX and NS took control in August 1998, the old company remains a jointly-owned subsidiary, with CSX and NS owning respectively 42 percent and 58 percent of its stock, corresponding to how much of Conrails assets they acquired. Each parent, however, has a voting interest. The primary asset retained by Conrail is ownership of the three Shared Assets Areas in New Jersey, Philadelphia, and Detroit, both CSX and NS have the right to serve all shippers in these areas, paying Conrail for the cost of maintaining and improving trackage. They also make use of Conrail to perform switching and terminal services within the areas, Conrail also retains various support facilities including maintenance-of-way and training, as well as a 51 percent share in the Indiana Harbor Belt Railroad. In the years leading to 1973, the railroad system of the United States was collapsing. Its largest Eastern railroad, the Penn Central Railroad, had declared bankruptcy in 1970, at its lowest point, PC was losing over $1 million a day and trains were becoming lost all over the railroad. In 1972, Hurricane Agnes damaged the rundown Northeast railway network and threatened the solvency of other railroads, in mid-1973, officials with the bankrupt Penn Central threatened to liquidate and cease operations by years end if they did not receive government aid by October 1. This threat to U. S. freight and passenger traffic galvanized the Congress to quickly create a bill to nationalize the bankrupt railroads, the Association of American Railroads, which opposed nationalization, submitted an alternate proposal for a government-funded private company. Judge Fullam forced the Penn Central to operate into 1974, when, on January 2, after threatening a veto, President Richard Nixon signed the Regional Rail Reorganization Act of 1973 into law. The 3R Act, as it was called, provided funding to the bankrupt railroads. The USRA was incorporated February 1,1974, and Edward G. Jordan, arthur D. Lewis of Eastern Air Lines was appointed chairman April 30, and the remainder of the board was named May 30 and sworn in July 11. Under the 3R Act, the USRA was to create a Final System Plan to decide which lines should be included in the new Consolidated Rail Corporation, unlike most railroad consolidations, only the designated lines were to be taken over. Other lines would be sold to Amtrak, various governments, transportation agencies. Controlled railroads and jointly owned railroads such as Pennsylvania-Reading Seashore Lines, the EL had been formed in 1960 as a merger of the Erie Railroad and Delaware, Lackawanna and Western Railroad. It too was bankrupt, but was somewhat stronger financially than the others and it was ruled reorganizable under Chapter 77 on April 30,1974, but on January 9,1975, with no end to its losses in sight, its trustees reconsidered and asked for inclusion
3. Allegheny Valley Railroad – The Allegheny Valley Railroad is a class III railroad that operates in Western Pennsylvania, and is owned by Carload Express, Inc. The AVRs mainline travels northward through Pittsburgh from an intersection with Norfolk Southern near Panther Hollow, the AVR uses the P&W Subdivision segment of the line to cross the Allegheny River on the 33rd Street Railroad Bridge to interchange with the B&P in Bakerstown and/or Evans City. The other segment serves industries along the namesake valley between Pittsburgh and Arnold. The Glenwood B&O Railroad Bridge is utilized by it as part of its branchline from the city to the exurb of Washington, a short spur line is the newest addition to the AVRs portfolio, it links the Allegheny Valley line with Sharpsburg via the Brilliant Branch Railroad Bridge. Before this section opened in 2003, the bridge and stretch of track had sat unused since 1976, currently, the AVR leases the Glenwood railyard from CSX in the Hazelwood neighborhood of Pittsburgh. They operate five GP11 engines, and three SD40 engines, AVR has also begun to conduct transloading operations within Glenwood yard itself, handling limestone unit trains and also sand for fracking. The current company, established in 1992 is an entity from the original Allegheny Valley Railroad. That line, affiliated with the Pennsylvania Railroad system, followed the present companys tracks to Arnold and continued beyond, the original Allegheny Valley Railroad transported oil from the vicinity of Oil Creek and Titusville. On February 20,1861, The Pittsburgh Post printed The Allegheny Valley Railroad, on February 5,1862, The Pittsburgh Gazette and Commercial Journal published Allegheny Valley Railroad—Annual Meeting of Stockholders. Allegheny Valley Railroad railfan page Carloadexpress
4. Bay Colony Railroad – The Bay Colony Railroad is a shortline railroad operating in Massachusetts. The BCLR operates in the Millis - Milford - Needham Corridor, in addition to moving freight for its customers, Bay Colony also performs AAR-certified repairs on rolling stock and contract track construction projects for other railroads. It has a railroad, the Seminole Gulf Railway, which is based out of Fort Myers. The Bay Colony railroad was chartered on March 31,1977, with the intent of taking over service on former New Haven lines from Conrail. The lines were purchased by the government, and Bay Colony took over all freight operations on the lines on June 12,1982 with a 25-year contract. The contract for the lines owned by the State of Massachusetts administered by the Executive Office of Transportation. It was awarded to a new company, the Massachusetts Coastal Railroad, at that time the Bay Colony ceased operation on those lines, but continues in other areas of the state. Bay Colony 151, a GE23 Tonner, sold 1995, RS1 Bay Colony 1064, a RS1. Bought by the Green Mountain Railroad in Vermont in the late 1990s as a part source locomotive, later scrapped by the early 2000s. Bay Colony 1701, an EMD GP8, acquired in March 1987 and previously owned by Indiana Midland, now sits abandoned near the Medfield Waste Water Plant on the Millis branch line, Bay Colonys last standing line
5. Belvidere and Delaware River Railway – The Belvidere and Delaware River Railway Company is a class III railroad in the United States. It was formed in 1995 when the Conrail Delaware Secondary was purchased by the Black River Railroad System, the Black River Railroad System also owns and operates the Black River and Western Railroad. The Black River and Western Railroad leases 10 miles of track to the BDRV, the trackage bought was a portion of the former Belvidere-Delaware Railroad which was controlled by the Pennsylvania Railroad and then the Penn Central. The main operation of BDRV is freight service south along the Delaware River from Phillipsburg to Carpentersville, much of the industry is lumber, stone, chemicals and raw materials. Service is provided three days per week, originally BDRV served the James River Paper plant in Milford, New Jersey, taking over the task from Conrail but that ended in July 2003 when the paper plant closed. The paper plant today is currently a SuperFund site, no train has been to Milford since early 2004 when the last train left with some of the remaining freight cars that were on the paper plant property. Freight service to Congregated Paper in nearby Riegelsville, Pennsylvania was also terminated in early 2004 when the firm switched from railroad to trucking for product shipment, the Belvidere and Delaware River Railway connects with Norfolk Southern in Phillipsburg, which provides connections to the national rail network. Commercial agreements also provide a connection with the Canadian Pacific Railway at Allentown, the BDRV is a Norfolk Southern handling carrier, meaning Norfolk Southern haulage rates include delivery to BDRV customers by the BDRV. The locomotive was renumbered 142, and operated mainline excursions on the NYS&W, the locomotive was brought out of storage by the BDRV for use on the excursions in 2004. The NYS&W Technical & Historical Society operates their trains under the banner name Delaware River Railroad Excursions, since around 2009 the NYS&W T&HS has been clearing the line south of Carpentersville of vegetation, eventually reaching Milford in late 2010. The line south of Carpentersville remains to this day out of service though track gangs frequent the southern portion on rail speeders, every year the borough of Milford has an event called Milford Alive which includes rail speeder rides on the defunct railroad line. There are plans to return rail service to the Riegelsville area
6. Brandywine Valley Railroad – The Brandywine Valley Railroad is a class III railroad operating in Pennsylvania. It was established in 1981 by the Lukens Steel Company to operate trackage at Coatesville, Pennsylvania and it was acquired, with the rest of the Lukens properties, by Bethlehem Steel Corporation in 1998. The Brandywine Valleys main line was built by the Wilmington and Northern Railroad, largely following the Brandywine Creek, to connect Reading with Wilmington. By the time of the Brandywine Valleys formation, the line had been abandoned north of Valley Station, under Bethlehem operation, BVRY took over operation of the Delaware Valley Railroad, then operating the remainder of the ex-Wilmington and Northern, in early 1999. This gave the railroad interchange access not only to Conrail at Coatesville and it also thus began to operate a connecting branch of the former Pennsylvania Railroad from Chadds Ford, Pennsylvania, on the W&N, to Nottingham. After the acquisition of Bethlehem Steels assets by International Steel Group in 2003, the ex-PRR line, also known as the Octoraro line, was taken over in that year by the Morristown and Erie Railroad. In 2005, the line south of Modena was turned over to the East Penn Railroad. With the merger of ISG in 2005, the railroad and steel plant were taken over by Mittal Steel Company, which became ArcelorMittal in 2006
7. Buffalo Southern Railroad – The Buffalo Southern Railroad is a class III railroad operating in western New York. The BSOR is locally owned and operates in the Buffalo area and it should not be confused with the South Buffalo Railway which is a separate railroad. The BSOR operates on 32 miles of track owned by Erie County, New York, the line runs south from Buffalo, New York to Gowanda, New York servicing the villages of Hamburg and North Collins along the way. It interchanges with Norfolk Southern Railway, CSX Transportation, Canadian Pacific Railway, Buffalo and Pittsburgh Railroad, the rail line intersects Norfolk Southern at a diamond in the village of Blasdell near Lake Avenue. BSOR traffic includes animal feed, fertilizer, propane, lumber, scrap metal, cement, aggregates, brick, the annual tonnage hauled is 50,046 using 556 carloads per year. Trains operate on demand, typically several times per week, the company offers services such as car switching, car unloading, and locomotive leasing and servicing. It operates the Buffalo Creek yard in Eden, New York and has maintenance facilities in Hamburg. BSOR locomotives are painted green with yellow trim, Buffalo Southern Railroad website Railroads of New York listing http, //www. members. aol. com/BuffaloSouthern/index. html
8. Cape May Seashore Lines – Cape May Seashore Lines is a short line railroad in southern New Jersey. It offers two services, a 30-mile round trip between Richland and Tuckahoe, and a 14-mile round trip between Rio Grande, Cold Spring Village, and Cape May City. The track is owned by New Jersey Transit and leased to CMSL, connections are provided with Conrails Beesleys Point Secondary, owned jointly by CSX and Norfolk Southern, at the north end in Tuckahoe. Tony Macrie has been president of CMSL since he formed the railroad in 1984 and these unconscionable and heinous acts of vandalism have caused extensive damage to the track structure, rendering the rail line impassable by any type of train movement. The Seashore Lines is actively exploring solutions to remediate this situation of ruinous proportions, CMSL operates both freight trains and excursion trains. At one time, the line that both excursions travel on was known as The Steel Speedway To The Shore. Eventually it became part of Conrail, which ended service on the line in 1981, ended freight service on October 10,1983. CMSL was founded by Tony Macrie in January 1984, regular train service between Cape May Court House and Cold Spring Village began in 1996. Service was extended in Cape May City in 1999 after repairs to the bridge crossing the Cape May Canal were completed. In 2005, mechanical issues with the Cape May Canal swing bridge prevented trains from entering the city of Cape May, although the bridge was repaired a year later, a severe storm in April 2007 damaged the tracks and left locomotives stranded in Tuckahoe. After a series of setbacks, passenger train service between Rio Grande and Cape May City resumed on August 17,2010. This is CMSLs main line between Tuckahoe and Cape May City, the investigating trooper informed them that several individuals associated with the theft had been arrested and charged with indictable offenses. Arrested on Monday, March 5, were a father and son team from the Villas section of Lower Township, New Jersey, the trooper also mentioned that the investigation was continuing, with the possibility of filing charges against additional individuals. The inspection was performed via track car and hi-rail truck, and their inspection concluded that the area of the theft encompassed approximately 6,800 linear feet of their main line. The actual theft of the OTM represented 75 percent of the amount of tie plates and spikes in that particular section of track. In their actions to remove the tie plates and spikes, the perpetrators also damaged and destroyed numerous cross ties, excursion trains did not run during the summer of 2012 due to the damage from the vandalism. The company offered rides to the public on speeder vehicles along several miles of track at the Cape May City end of the line, Macrie has stated that CMSL plans to have train service restored in 2013. As of November 2016, service to Cape May has not resumed, two of which are restored and in operating condition