I would assume that you did not work for the ICG RAILROAD during this period.



--- In illinoiscentral@yahoogroups.com, buslist@... wrote:
>
> I'm not sure that the link between the abandonments of the 80's and ICI is as
strong as you suggest. The 80's saw the passage of the Staggers Act that vastly
simplified abandonment issues. All the US roads engaged in massive abandonments
in that decade. Remeber the C&NW tactic of buying parallel and competing roads
and then abandoning them.
>
>
> ----- Original Message -----
> From: "ic4003e6" <jackf66@...>
> To: illinoiscentral@yahoogroups.com
> Sent: Sunday, July 5, 2009 5:12:11 PM GMT -07:00 US/Canada Mountain
> Subject: [IllinoisCentral] Re: Trains magazine
>
>
>
>
>
>
>
>
>
>
> Everyone in these posts failed to mention the ILLINOIS CENTRAL INDUSTRIES of
which the IC & the GM&O (ICG) were just a
> part. The ICI was very interested in the GM&O cash in the bank (reported as
some $30 million) as they began to expand with the arrival of William B.
Johnson, first as President of the ICRR and then Chairman of the ICI. As the
INDUSTRIES grew, relying
> heavily on the railroads reputation, investing in Perfect Plus Panty Hose,
Midas Muffler, Pepsi-Cola Bottlers, PET Industries (El Paso
> Beans, Whitman's Sampler, Pet Milk, etc.), Chandeyesson Electric, etc. the ICG
became less and less important and slowly fell out of favor because of the high
costs to maintain it compared to the other companies they owned.
>
> One other thing to note, the IC INDUSTRIES took all the ICGs property, so when
any land or air rights were sold, the money didn't go back to the railroad. That
part of the INDUSTRIES was called THE ILLINOIS CENTER.
>
> The 1970's were especially hard on all the railroads, ICG included. The ICG
had lots of deferred maintenance and when the ICI tried
> to dump the railroad on the Southern in the early 1980s and were turned down,
the INDUSTRIES began the wholesale abandoning, sale and dumping of unwanted
lines in order to get rid of the railroad -- which they eventually did a few
years later.
>
> --- In illinoiscentral@yahoogroups.com , Pinta6704@ wrote:
> >
> >
> >
> > The GM&O that couldn't afford new parts like trucks for the locomotives
> > was "more valuable for cash" The GM&O would have taken another trip though
> > bankruptcy court (and probably liquidation at that point) As for "cash
> > management" they did an excellent job with what they had and the non rail
> > operations did well.
> > I had always heard/read that GM&O was pretty sound up to merger time with
IC. I had also read that GM&O did have cash in the bank, and it was IC managment
who raided those coffers. The GM&O on the whole with SD40's, GP30/35/38's seemed
to be newer than the IC with the Paducah program just a few years away, so I
don't get your reference there.
> >
> >
> > -----Original Message-----
> > From: Kyrailfan666@
> > To: illinoiscentral@yahoogroups.com
> > Sent: Sun, Jul 5, 2009 9:11 am
> > Subject: Re: [IllinoisCentral] Trains magazine
> >
> >
> >
> >
> >
> >
> >
> >
> > The GM&O that couldn't afford new parts like trucks for the locomotives
> > was "more valuable for cash" The GM&O would have taken another trip though
> > bankruptcy court (and probably liquidation at that point) As for "cash
> > management" they did an excellent job with what they had and the non rail
> > operations did well. The BOD and Upper management failed the corporation.
Now the
> > Prospect group that dropped the gulf and turned the railroad around those
> > folks were mangers. They started with almost nothing and made it into
> > something. Same goes for the folks on the PAL, CC, and probably a few other
> > spinoffs
> >
> > Mark R
> >
> >
> > In a message dated 7/3/2009 4:28:44 P.M. Central Daylight Time,
> > whobulk3@ writes:
> >
> > It has often been alluded that the cash
> > management of the IC was so poor that the GM&O was more valuable for the
> > cash than any rail.
> >
> > **************Make your summer sizzle with fast and easy recipes for the
> > grill. ( http://food.aol.com/grilling?ncid=emlcntusfood00000005 )
> >
> > [Non-text portions of this message have been removed]
> >
> >
> >
> >
> >
> >
> >
> >
> > [Non-text portions of this message have been removed]
> >
>
>
>
>
> [Non-text portions of this message have been removed]
>