While I have not the energy or time, nor do I care, to bother with it, A company can buy any real estate it likes. By "secretly", since it was 40 miles away, the town being bypassed would have no way of knowing what the railroad was up to until it was too late. They would have no reason to suspect anything until the deed was done and the rails became derelict.
As to the company, I don't remember---and don't care. It was told to me in a company safety meeting over 20 years ago over coffee. However, I DO get tired of all the bull---- towns and cities trying to tell the railroads what and how to run their business. This town I DO remember from the Brosnan years on Southern. Spencer, NC was once a HUGE rail facility employing many people and home to a big roundhouse and repair facility. They began to hassle Southern RR over wastewater, various other issues, and trying to fine them for not complying with their[i/] silly guidelines. Southern bought land about 20 miles north of Spencer, and at the time I was hired or shortly after, Linwood Yard came to be. The shops were closed, as well as Spencer Yard, and basically the railroad told Spencer to go F#@^% itself! Anyone that knew, or heard of, DW Brosnan, knew he was a profane and fierce CEO that would do what he said he would. Under L Stanley Crane, his protege', this project was completed, and locomotive repairs were moved to Atlanta and Chattanooga, leaving the big historic roundhouse and shop facilities to be condos for pigeons. The State of NC bought the facility and made it into a transportation museum. While an entirely different story, I am sure that Spencer misses the revenue and the business the railroad brought. After all, Spencer was only there because of the railroad.