Amazing story of RDG post bk - book Derailed by Bankruptcy

Discussion Related to the Reading Company 1833-1976 and it's predecessors Philadelphia and Reading Rail Road and then the Philadelphia and Reading Railway.

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Amazing story of RDG post bk - book Derailed by Bankruptcy

Postby carajul » Mon Apr 10, 2017 1:33 pm

Suggest you RDG fans get a copy of "Derailed by Bankruptcy". Awesome story of the RDG Co leading up to C-day and after the bk. I didn't know this but CSX owned 51% of RDG stock and the RDG owned 51% of CNJ stock. This was done so CSX could reach the northwest market and compete with the PRR. Really something how the RDG and the fed gov't fought over the value of the railroad related assets for 10 years. The RDG finally got $120,000,000 cash which was required per the 4R act to be used to pay the creditors. The RDG stock was delisted from the stock market, valued at $0.02/share. Four amigos were drunk at a cocktail party and decided to offer CSX a whopping $25,000 which was accepted as CSX was making tons of $ and needed a tax write off so they took a huge loss on the stock. Then those 4 friends appointed themselves to executive positions, took the leftover $ from the feds and started selling the old RDG real estate to make $. Then later they sold the company to lawyer who used the $ to build movie theatres.
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Re: Amazing story of RDG post bk - book Derailed by Bankrupt

Postby ExCon90 » Tue Apr 11, 2017 3:09 pm

Author? Publisher? Year of publication?
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Re: Amazing story of RDG post bk - book Derailed by Bankrupt

Postby westernfalls » Wed Apr 12, 2017 10:20 am

Looks interesting...
LMGTFY
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Re: Amazing story of RDG post bk - book Derailed by Bankrupt

Postby JimBoylan » Thu Jun 15, 2017 5:37 pm

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Re: Amazing story of RDG post bk - book Derailed by Bankrupt

Postby ExCon90 » Fri Jun 16, 2017 3:13 pm

Just found the replies; thanks to both of you. John Spychalski's name on it is assurance of quality and reliability.
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