I’m still making my way through the merger application, but I thought I would pause and lay out some of my initial impressions.
Let’s start with the history lesson. In 1970, Penn Central filed for bankruptcy. The rail industry could no longer convince themselves that the kids were alright. This became a national crisis that resulted in several successive pieces of legislation to create a healthier rail network, culminating with the passage of the Staggers Act in October of 1980.