Lodi Point /Seneca Lake / LV main

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Re: Lodi Point /Seneca Lake / LV main

Postby Matt Langworthy » Wed Oct 10, 2018 9:09 am

BR&P wrote:
Matt Langworthy wrote:The combined PC/LV estate did not care whether the LV main was restored or not.


Combined estate? Seems to me they were two separate entities altho it's getting to be a long time ago.


Yes, the LV estate was folded into the PC estate- based on several sources I've read. It happened because PC owned 97% of LV's stock and retained control after the bankruptcy.
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Re: Lodi Point /Seneca Lake / LV main

Postby nydepot » Wed Oct 10, 2018 9:58 am

It was after the estate disposed of the assets - in the 1980s.

"The remainder of the assets were disposed of by the estate until it was folded into the non-railroad Penn Central Corporation in the early 1980s."
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Re: Lodi Point /Seneca Lake / LV main

Postby Matt Langworthy » Wed Oct 10, 2018 10:29 am

As I recall, the company scrapping the LV main also removed the ex-PRR Rochester Branch between Wadsworth Jct and Genesee Jct in 1978, due to PC overseeing the entire process. I think both FarmallBob and TB Diamond can shed more light on this subject.
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Re: Lodi Point /Seneca Lake / LV main

Postby BR&P » Wed Oct 10, 2018 10:02 pm

nydepot wrote:It was after the estate disposed of the assets - in the 1980s.

"The remainder of the assets were disposed of by the estate until it was folded into the non-railroad Penn Central Corporation in the early 1980s."


Thanks Charles!
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Re: Lodi Point /Seneca Lake / LV main

Postby lvrr325 » Thu Oct 11, 2018 12:48 am

IIRC it was 1983; Penn Central had to buy out the remaining shares of LV stock to merge in the company, and the founder of Morning Sun books made the money to start that company selling back shares he'd paid pennies for over the previous few years.

The LV also had it's own subsidiary company who's name escapes me that property was transferred to once rail service ended, the file I have for the Auburn branch to Weedsport ends with that transfer noted.
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