[Federal Register Volume 63, Number 69 (Friday, April 10, 1998)]
[Notices]
[Pages 17925-17926]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-9421]
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DEPARTMENT OF TRANSPORTATION
Surface Transportation Board
[STB Finance Docket No. 33576]
Albany Bridge Company, Inc., Georgia & Florida Railroad Co.,
Inc., Gulf & Ohio Railways, Inc., Lexington & Ohio Railroad Co., Inc.,
Live Oak, Perry & Georgia Railroad Company, Inc., Piedmont & Atlantic
Railroad Co., Inc., Rocky Mount & Western Railroad Co., Inc., Wiregrass
Central Railroad Company, Inc.--Corporate Family Transaction
Exemption--Gulf & Ohio Railways Holding Co., Inc.
Albany Bridge Company, Inc., Georgia & Florida Railroad Co., Inc.,
Gulf & Ohio Railways, Inc., Lexington & Ohio Railroad Co., Inc., Live
Oak, Perry & Georgia Railroad Company, Inc., Piedmont & Atlantic
Railroad Co., Inc., Rocky Mount & Western Railroad Co., Inc., Wiregrass
Central Railroad Company, Inc. (Railroad Companies), and Gulf & Ohio
Railways Holding Co., Inc. (Holding Company) have filed a joint notice
of exemption to undertake a corporate family transaction, which
involves a transfer of ownership of the Railroad Companies from H.
Peter Claussen and Linda C. Claussen, owners of all outstanding shares
of stock in the Railroad Companies, to the Holding Company. The Holding
Company will be wholly owned by H. Peter Claussen and Linda C.
Claussen.
The transaction was to be consummated on or after March 30, 1998.
The purpose of the transaction is to eliminate administrative
expenses associated with the continued maintenance of separate loans
for each of the Railroad Companies.
This is a transaction within a corporate family of the type
specifically exempted from prior review and approval under 49 CFR
1180.2(d)(3). The transaction will not result in adverse changes in
service levels, significant operational changes or a change in the
competitive balance with carriers operating outside the applicants'
corporate family.
Under 49 U.S.C. 10502(g), the Board may not use its exemption
authority to relieve a rail carrier of its statutory obligation to
protect the interests of its employees. Section 11326(c), however, does
not provide for labor protection for transactions under sections 11324
and 11325 that involve only Class III rail carriers. Because this
transaction involves Class III rail carriers only, the Board, under the
statute, may not impose labor protective conditions for this
transaction.
[[Page 17926]]
If the notice contains false or misleading information, the
exemption is void ab initio. Petitions to revoke the exemption under 49
U.S.C. 10502(d) may be filed at any time. The filing of a petition to
revoke will not automatically stay the transaction.
An original and 10 copies of all pleadings, referring to STB
Finance Docket No. 33576, must be filed with the Surface Transportation
Board, Office of the Secretary, Case Control Unit, 1925 K Street, NW
Washington, DC 20423-0001 and served on: Jo A. DeRoche, Weiner,
Brodsky, Sidman & Kider, P.C., Suite 800, 1350 New York Avenue, NW
Washington, DC 20005-4797.
Decided: April 1, 1998.
By the Board, David M. Konschnik, Director, Office of
Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. 98-9421 Filed 4-9-98; 8:45 am]
BILLING CODE 4915-00-P
