Derailed By Bankruptcy

Download or read book Derailed by Bankruptcy written by Howard H. Lewis and published by Indiana University Press. This book was released on 2016-01-04 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behind-the-scenes story of the five-year legal battle over a railroad bankruptcy and the formation of Conrail, as told by a lawyer on the case. What happened when the US government stopped investing in railroads and started investing in highways and air travel? By the late 1970s, six major eastern railroads had declared bankruptcy. Although he didn’t like trains, Howard H. Lewis became the primary lawyer for the Reading Railroad during its legendary bankruptcy case. Here, Lewis provides a frank account of the high-intensity litigation and courtroom battles over the US government’s proposal to form Conrail out of the six bankrupt railroads, which meant taking the Reading’s property, leaving the railroad to prove its worth. After five grueling years, the case was ultimately settled for $186 million—three times the original offer from the US government—and Lewis became known as a champion defender of both the railroad industry and its assets. “Should be required reading in every law school, especially for students who aspire to become corporate attorneys . . . valuable insights into the creation of Conrail.” —Rush Loving, Jr., author of The Men Who Loved Trains “For the railfan, you’ll receive an insider view of this historically important period and a better understanding of how and why Conrail came into being and what it meant for rail transportation.” —Model Railroad News