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6/26/2002
Rail News: Rail Industry Trends
STB places DM&E's I&M Rail Link purchase on one-month hiatus
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Surface Transportation Board June 26 issued a procedural "housekeeping" stay regarding Iowa, Chicago & Eastern Railroad Corp.'s (IC&E) request for an exemption to acquire and operate I&M Rail Link's (IMRL) 1,125 track miles, 275 miles of trackage rights, rolling stock and substantially all other assets.
The stay effectively postpones the transaction until July 26, enabling the board to consider arguments raised and examine petitions submitted to halt the exemption.
Brotherhood of Locomotive Engineers, Brotherhood of Maintenance of Way Employes, Brotherhood of Railroad Signalmen, International Association of Machinists, International Brotherhood of Electrical Workers, Transportation Communications International Union, Iowa Traction Railroad Co., Ag Processing Inc. and Iowa Department of Transportation filed petitions to stay and/or revoke the exemption with STB.
IC&E June 24 replied to those petitions and, by separate letter, advised the board it wouldn't close its IMRL transaction until July 26 at 5 p.m. (CDT) to provide parties time to resolve certain Chicago terminal access issues.
Without the stay, IC&E's exemption to acquire and operate IMRL's rail assets would've become effective June 28.
Dakota, Minnesota & Eastern Railroad Corp. (DM&E) in February announced plans to acquire IMRL, establishing IC&E as a new railroad to incorporate IMRL, and creating wholly owned DM&E subsidiary Cedar American Rail Holdings Inc. to commonly manage IC&E and DM&E.
The stay effectively postpones the transaction until July 26, enabling the board to consider arguments raised and examine petitions submitted to halt the exemption.
Brotherhood of Locomotive Engineers, Brotherhood of Maintenance of Way Employes, Brotherhood of Railroad Signalmen, International Association of Machinists, International Brotherhood of Electrical Workers, Transportation Communications International Union, Iowa Traction Railroad Co., Ag Processing Inc. and Iowa Department of Transportation filed petitions to stay and/or revoke the exemption with STB.
IC&E June 24 replied to those petitions and, by separate letter, advised the board it wouldn't close its IMRL transaction until July 26 at 5 p.m. (CDT) to provide parties time to resolve certain Chicago terminal access issues.
Without the stay, IC&E's exemption to acquire and operate IMRL's rail assets would've become effective June 28.
Dakota, Minnesota & Eastern Railroad Corp. (DM&E) in February announced plans to acquire IMRL, establishing IC&E as a new railroad to incorporate IMRL, and creating wholly owned DM&E subsidiary Cedar American Rail Holdings Inc. to commonly manage IC&E and DM&E.
