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jayrod
Joined: 19 Oct 2007 Posts: 494 Location: Akron, OH
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Posted: Tue Dec 04, 2018 12: 31 pm Post subject: Power REIT Lawsuit Update |
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PWV/Power REIT lost all their appeals in Aug 2017. I kinda figured they would. Is that finally the end or has anyone heard anything new?
Also part of the decision was that Power REIT committed fraud by reorganizing P&WV as a subsidiary and not disclosing it to NS in their SEC filings. They owe NS one whole dollar in damages since the reorg did not monetarily affect NS. _________________ Eric Schlentner
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Rich_S
Joined: 23 Aug 2011 Posts: 253 Location: Baden, PA
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Posted: Thu Dec 06, 2018 10: 35 am Post subject: Re: Power REIT Lawsuit Update |
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PWV/Power REIT lost all their appeals in Aug 2017. I kinda figured they would. Is that finally the end or has anyone heard anything new?
Also part of the decision was that Power REIT committed fraud by reorganizing P&WV as a subsidiary and not disclosing it to NS in their SEC filings. They owe NS one whole dollar in damages since the reorg did not monetarily affect NS. |
Hi Eric, This does not surprise me as NS triple checks that all their "I" are
dotted and "T" are crossed before they do anything. Look at the hoops they
have Atlanta jumping through to try and entice the company to move it's
corporate offices to Atlanta. When NS was formed, half of the corporate
functions stayed in Norfolk (ex-N&W) and the ex-Southern portion remained in
Atlanta. Now NS wants to combine all those offices in Atlanta with a few strings
attached. The only positive thing is the P&WV REIT only owes NS one dollar,
this thing could have gone really sideways bankrupting the P&WV REIT. _________________ Regards,
Rich S. |
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jayrod
Joined: 19 Oct 2007 Posts: 494 Location: Akron, OH
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Posted: Thu Dec 06, 2018 11: 31 am Post subject: |
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They were like a gnat flying around your face that you keep swatting at but it just won't go away. I don't think NS has any interest in going after PW but you never know. That's time & money better spent elsewhere and since P&WV's original debt had been paid off, the whole thing is now really small taters in the grand scheme of things.
I looked at PW's claims against the original lease a couple years ago and thought "well, good luck with that....". The financial analysts were saying the same thing. I wonder how much money PW spent on the whole thing. _________________ Eric Schlentner
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Rich_S
Joined: 23 Aug 2011 Posts: 253 Location: Baden, PA
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Posted: Fri Dec 07, 2018 8: 01 am Post subject: |
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I don't think NS has any interest in going after PW but you never know. That's time & money better spent elsewhere and since P&WV's original debt had been paid off, the whole thing is now really small taters in the grand scheme of things. |
Hi Eric, I agree, NS has more pressing issues to deal with now that they've also agreed to implementing Precision Scheduled Railroading. I'm already seeing locomotives being placed into storage. Leased locomotives being returned and some middle management personal have been let go. A full roll out of the plan is to be presented in February of 2019. At this point I'm just hoping I still have a job when everything is said and done. _________________ Regards,
Rich S. |
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