So if I understand this correctly, aside from all the legal-ese, the CNYRR is a named owned by the DO, the parent of the NYSW. The CNY was a part of the DO several years ago, and as i understand it most of the 22 miles are torn up. So in effect, the NS, which has a partial ownership stake in the DO/NYSW, is in effect leasing the railroad back to itself via a paper corpration with no discernable assets. Sounds like the lawyers had some creative thinking involved in coming up with this little paper trail! Recall that DO/NYSW also created(reactived the name anyway) of the Syracuse, Binghamton, New York Railroad to facilitate its OnTrack RDC ops in the Syracuse area.One benefit to the DO was that as a seperate company, they were not bound by any exsisting labor agreements Between the BLET and the DO/NYSW, hence the SBNY is a non union operation, which allows a fair amout of liberal work practices that the railroad would otherwise be bound by. Walter's no dummy, and the BLET knows it.
I know I'm getting old... My insurance company sent me only half a calendar this year!