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PC: Re: Re: PC, Conrail and the Facts of Life

Tony Fleres
Plainsboro, NJ
----- Original Message -----
From: weldon <weldon -AT- fastol.com>
To: <penn-central -AT- smellycat.com>
Sent: Monday, August 27, 2001 1:49 PM
Subject: PC: Re: PC, Conrail and the Facts of Life

> A brief history lesson...
> Conrail stock had been held in a trust from 1976, was a private
> from the beginning, and was Never "the government".  The feds bought
> securities in the corporation to provide cash, but NEVER had a hand in the
> management decisions that ultimately lead to the successful public
> in 1987.   (Incidentally, the stock was originally offered at $35, and
> to NS and CSX at over $70.  Yeah, Conrail was a real flop.)

Actually, the stock did much better than that. I quote Conrail's website:

"Through the initial public stock offering in 1987, Conrail shares were
brought to market at a split-adjusted equivalent of $13 per share. When
Conrail was sold to CSX Corporation and Norfolk Southern Corporation in
1997, the price was $115 per share."

That's an increase of almost 9 times in only ten years. I'm not sure my
Intel did as well.

Tony Fleres

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