[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

Re: PC: RDG locomotives



In a message dated 98-07-28 11:33:41 EDT, you write:

> I believe that the GP-39-2's that you are talking about are the ones that
>  the D&H had on there roster.  The reason why they were returned to the CSX.
>   The CSX financed the rebuilding of them for at the time power short
>  D&H/NYSW.  Both the CSX and the NS had a big interest in the NYSW
>  controlling the D&H.  This gave both railroads an alternative to shipping
>  on Conrail in the Northeast.  The CSX was just helping out themselves by
>  doing that.  Remember they were given to CSX just like the NYSW B-40-8's
>  that they financed when the CP was given control of the D&H.  Blast the ICC
>  for such a poor decision.
>  
>  
>  Mark 
 No, Chessie BOUGHT them in 1974 and leased them to the RDG and
when they folded they transferred the lease to the D&H. After the lease
expired they took them back, just like a bank or GATX would. The D&H
also had a group of GP39-2's that they picked up new from EMD in 1976.
The 76xx's were re-built and refinanced in 1984 after Guilford took over
and became B&M 350-369 due to the D&H's toilet like financial rating; they
were returned to Mellon Bank a few years ago and now toil for the UP.

The NYSW B40-8's were bought by CSX and sub-leased to NYSW to
help out when the NYSW took over running the D&H; when that ended
CSX took them back. You're right that this was done to help out CSX,
few companies do anything out of altruistic reasons.

The "This equipment subject to ownership paperwork filed with the ICC 
( or STB nowadays)" is merely a reporting requirement; it means that 
whoever's reprting marks or paint covers the equipment isn't the actual 
owner. The ICC or STB doesn't control the ownership of the equipment 
or determine who owns it, the blokes who hold the lease or title does 
and the owner giveth and the owner taketh away :^). It's just reflective
of the fact that few companies actually buy ANYTHING nowadays. I used
to work for a large ( now defunct ) computer manufacturer and everytime
we announced some purchase of x million dollars worth of equipment by 
XYZ corporation, we never mentioned that actually we sold the stuff to
the ABC Bank and they were leasing it to XYZ so they could make a
profit on it. But that was the real deal...

Doug


Home | Main Index | Thread Index