Fallen Flags

[WoundedBear]

I guess we can add another to the ranks.....I saw on the news today where the MM&A has had to file Chapter 11 bankruptcy after the Lac-Megantic fiasco. Almost 70 jobs gone down the drain. Sounds like the company's assets of 50-100 million aren't going to be enough to payoff the damages. The railroad was failing before the wreck, so the chances of finding a buyer are going to be slim.

So what now? Do the insurance companies get stuck with the bill?

Sid

[Doneldon]

Hurtin' Bear-

Only to the limits of their liability. I would guess that the existing MM&A physical plant will be purchased by another
railroad and stay in service. I suppose there will be, however, a net loss of jobs.

                                                                                                                         -- D

[jward]

I don't see how there would be a loss of jobs if somebody else took over. mm&a was using one man crews, you can't run trains with fewer, and by rights there should be at least two.

it is my understanding that the state of maine owns a significant portion of mm&a trackage. they'll find a designated operator like what happened to the d&h in the 1980s.

[RAM]

Well if it is like watco.  They run two man crews.  One on the locomotive and the other in a pickup truck.

[GG1onFordsDTandI]

Sounds like you Northern East coast guys better "fill up" before the price goes up!

[rogertra]

I guess we can add another to the ranks.....I saw on the news today where the MM&A has had to file Chapter 11 bankruptcy after the Lac-Megantic fiasco. Almost 70 jobs gone down the drain. Sounds like the company's assets of 50-100 million aren't going to be enough to payoff the damages. The railroad was failing before the wreck, so the chances of finding a buyer are going to be slim.

So what now? Do the insurance companies get stuck with the bill?

Sid

Which means you and I Sid.

[Jerrys HO]

Sid

According to this press release it looks like the jobs are safe.

http://www.bing.com/videos/search?q=Virginia+Creeper+Trail&form=hphot2&first=1&view=detail&mid=429ED75B357BC90D6119429ED75B357BC90D6119

I have worked for two companies that went bankrupt one did not last long after, but the other is stronger than ever now. Lets hope the latter is the case.
I don't know much about this railroad but if it's beneficial for the area to be around, it may survive.

Jerry