[Federal Register Volume 66, Number 56 (Thursday, March 22, 2001)]
[Notices]
[Pages 16094-16095]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-6867]
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DEPARTMENT OF TRANSPORTATION
Surface Transportation Board
[STB Finance Docket No. 33984]
Borealis Infrastructure Trust Management Inc., Sole Trustee of
the Borealis Transportation Infrastructure Trust--Acquisition
Exemption--Detroit River Tunnel Company
Borealis Infrastructure Trust Management Inc., sole trustee of the
Borealis Transportation Infrastructure Trust (BTIT), a noncarrier, has
filed a notice of exemption under 49 CFR 1150.37 \1\ to acquire,
pursuant to a share and asset purchase agreement (agreement) with
Canadian National Railway Company (CNR), CNR's undivided one-half
interest in the Detroit River Tunnel Company (DRTC). The rail line of
the DRTC extends for 3.24 miles between milepost 228.08 in Detroit, MI,
and milepost 224.84 in Windsor, Ontario, CN, of which, according to
BTIT, approximately 1.79 miles are located in the United States. The
total area of DRTC's lands is approximately 27.894 acres, of which
approximately 15.041 acres are located in Canada and approximately
12.853 acres are in the United States. In addition to an undivided one-
half ownership interest in the DRTC, the agreement involves a long term
lease of the Detroit River Tunnel property (the Tunnel), as well as
CNR's undivided one-half ownership interest in certain improvements to
the Tunnel. All shares of the stock of DRTC, a corporation of the State
of Michigan and the Dominion of Canada, currently are held by CNCP
Niagara-Detroit Partnership (N-D Partnership), which is equally owned
by CNR and Canadian Pacific Railway Company (CPR).\2\ As part of the
proposed transaction, the N-D
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Partnership will be dissolved and its assets will be distributed to CNR
and CPR, with CNR then transferring its undivided 50% interest in the
Tunnel to BTIT. CPR and BTIT will form a new partnership, Detroit River
Tunnel Partnership, which will be 50% owned by CPR and 50% owned by
BTIT, and to which CPR and BTIT will contribute their undivided one-
half interests in DRTC and the related Tunnel assets. BTIT certifies
that its annual revenues will not exceed those that would qualify it as
a Class III rail carrier.\3\
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\1\ BTIT simultaneously filed a motion to dismiss the notice of
exemption on jurisdictional grounds. That motion will be addressed
by the Board in a separate decision.
\2\ See Canadian National Railway Company and Canadian Pacific
Limited-Acquisition-Interests of Consolidated Rail Corporation in
Canada Southern Railway Company and Detroit River Tunnel Company,
Finance Docket No. 30387 and Canadian National Railway and Canadian
Pacific Limited-Application for Trackage Rights Over Consolidated
Rail Corporation Trackage in Detroit, MI, Finance Docket No. 30387
(Sub-No. 1) (ICC served Sept. 4, 1984).
\3\ This transaction is related to the following simultaneously
filed verified notices of exemption: STB Finance Docket No. 34005,
Canadian Pacific Railway Company--Corporate Family Transaction
Exemption--Interests in Detroit River Tunnel and Niagara River
Bridge; STB Finance Docket No. 34006, Canadian Pacific Railway
Company--Trackage Rights ExemptioN-Detroit River Tunnel Company; STB
Finance Docket No. 34007, Canadian National Railway Company-
Corporate Family Exemption--Interest in Detroit River Tunnel and
Niagara River Bridge; and STB Finance Docket No. 34001, Canadian
National Railway Company--Trackage Rights Exemption--Detroit River
Tunnel Company.
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The transaction was scheduled to be consummated on or shortly after
March 6, 2001, the effective date of the exemption (7 days after the
exemption was filed).
Whether BTIT and its affiliates need an exemption for the
acquisition described in this notice or need some other Board approval
or exemption in connection with this transaction are matters that will
be addressed by the Board in its consideration of BTIT's motion to
dismiss.
If the notice contains false or misleading information, the
exemption is void ab initio. Petitions to revoke the exemption under 49
U.S.C. 10502(d) may be filed at any time. The filing of a petition to
revoke will not automatically stay the transaction.
An original and 10 copies of all pleadings, referring to STB
Finance Docket No. 33984, must be filed with the Surface Transportation
Board, Office of the Secretary, Case Control Unit, 1925 K Street, N.W.,
Washington, DC 20423-0001. In addition, a copy of each pleading must be
served on Fritz R. Kahn, 1920 N Street, N.W., 8th Floor, Washington, DC
20036-1601.
Board decisions and notices are available on our website at
``WWW.STB.DOT.GOV.''
Dated: March 14, 2001.
By the Board, David M. Konschnik, Director, Office of
Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. 01-6867 Filed 3-21-01; 8:45 am]
BILLING CODE 4915-00-P