The P&WV Hi-Line

[PWVJer]

...developments as of 8/15/13

As previously disclosed, our wholly owned subsidiary, Pittsburgh & West Virginia Railroad (P&WV) is currently in litigation with its tenant – Norfolk Southern Corp. ("NSC") – and with NSC's sub-lessee ("WLE"). P&WV is seeking to protect its rights under its long-term lease with NSC. At this point, fact discovery and expert witness discovery are complete. During the second quarter, P&WV filed leave with the court to amend its complaint to include additional claims against NSC and WLE, including claims related to previously undisclosed dispositions by NSC and WLE of oil, gas and other P&WV property. The supplemental claims relate to improper oil and gas and other leases by NSC and WLE that exceed $8 million. If the court approves the amendment to P&WV's counterclaims, the potential value of all P&WV's claims against NSC and WLE would exceed $24 million (approximately $14/share), not including any potential for interest and damages. The parties are awaiting the judge's ruling related to the inclusion of P&WV's amended claims. The parties have agreed to a deadline for filing summary judgment motions of 30 days from when the court rules on P&WV's motion. P&WV remains cautiously optimistic on the status of the litigation.

Read more: http://www.virtual-strategy.com/2013/08/15/power-reit-announces-results-second-quarter-2013?page=0,1#ixzz2c8VZmuj2