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Re: PC:Re:Conrail Split

Philip J. Kuhl wrote:
> LLC = Limited Liability Corporation, indeed.
> The concept is that the liability of any investor in the corporation is
> limited to the maximum amount of his investment in the company in case of a
> liability lawsuit.
> For example:  You own $100 stock in XYZ Corporation, LLC.  XYZ Corporation
> is worth one million dollars.  XYZ loses a liability lawsuit and has to pay
> nine hundred billion dollars (nasty lawyers! <grin>).  Obviously, XYZ
> doesn't have the money to pay, so it goes out of business and its assets are
> sold off to help pay the debt, but its assets are nowhere near enough.  The
> plaintiffs in the lawsuit might decide to go after you for part of the rest
> of the money they are owned, since you are a part owner of XYZ.  But, since
> XYZ is an LLC, your liability is limited to the $100 you had invested in XYZ
> stock.  Your stock is worthless so you lost your $100 investment, but you
> have no further liability.
> That's what an LLC is.
> PhilWhat is the difference between an LLC and an ordinary common stock which 
would be listed on the New York Stock Exchange, for example Penn Central 
itself?  Also, I heard that there is an excellent train museum near 
Wilmington, Delaware but nobody can give me any other information.  HELP!

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