[Federal Register Volume 59, Number 9 (Thursday, January 13, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-855]


[[Page Unknown]]

[Federal Register: January 13, 1994]


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INTERSTATE COMMERCE COMMISSION

[Finance Docket No. 32426]

 

Laurinburg Oil Company--Merger Exemption--Laurinburg and Southern 
Railroad Company, et al.

    Laurinburg and Southern Railroad Company (LSR),\1\ Robeson County 
Railroad Corporation (RCR),\2\ Yadkin Valley Railroad Company (YVR), 
and Nash County Railroad Corporation (NCRC), nonconnecting rail common 
carriers within the State of North Carolina, have filed a notice of 
exemption under 49 CFR 1180.2(d)(3) to merge with and into Laurinburg 
Oil Company (LOC), a North Carolina corporation. The transaction was to 
be consummated December 31, 1993. LSR, RCR, YVR, and NCRC are jointly 
owned with LOC.
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    \1\LSR controls two inactive railroad carriers: Saltville 
Railroad Corporation and Franklin County Railroad Corporation. The 
shares of stock in the two companies will be assigned to Laurinburg 
Oil Company as a contribution to capital.
    \2\A division of RCR operates under the name Red Springs and 
Northern Railroad Company.
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    The proposed transaction is within a corporate family specifically 
exempted under section 1180.2(d)(3). It will not result in adverse 
changes in service levels, significant operational changes, or a change 
in the competitive balance with carriers outside the corporate family. 
The transaction's purpose is to ensure fair and equitable treatment of 
shareholders, simplify administrative and financial matters, and 
eliminate unnecessary legal entities and related costs.
    As a condition to use of this exemption, any employees affected by 
the transaction will be protected by the conditions set forth in New 
York Dock Ry.--Control-Brooklyn Eastern Dist., 360 I.C.C. 60 (1979).
    Petitions to revoke the exemption under 49 U.S.C. 10505(d) may be 
filed by any time. The filing of a petition to revoke will not stay the 
transaction. Pleadings must be filed with the Commission and served on: 
Fritz R. Kahn, Suite 120, 1101 30th Street, NW., Washington, DC 20007.

    Decided: January 6, 1994.

    By the Commission, David M. Konschnik, Director, Office of 
Proceedings.
Sidney L. Strickland, Jr.,
Secretary.
[FR Doc. 94-855 Filed 1-12-94; 8:45 am]
BILLING CODE 7035-01-P