[Federal Register Volume 67, Number 87 (Monday, May 6, 2002)]
[Notices]
[Page 30413]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-10755]


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DEPARTMENT OF TRANSPORTATION

Surface Transportation Board

[STB Finance Docket No. 34193]


Toledo, Peoria & Western Railway Corporation--Corporate Family 
Merger Transaction Exemption

    Toledo, Peoria & Western Railroad Corporation (TPWRR), Marksman 
Corp. (Marksman), Toledo, Peoria & Western Railway Corporation (TPWRY), 
and Florida Rail Lines, Inc. (Florida Rail), have jointly filed a 
verified notice of exemption under the Board's class exemption 
procedure at 49 CFR 1180.2(d)(3).\1\ The exempt transaction is a 
corporate reorganization which involves the merger of TPWRR, TPWRY, and 
Florida Rail into Marksman. After the merger, Marksman, the surviving 
corporation, will change its name to Toledo, Peoria & Western Railway 
Corporation.
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    \1\ Florida Rail, a noncarrier, directly controls TPWRR, which 
in turn directly controls Marksman, and Marksman directly controls 
TPWRY. Florida Rail is directly controlled by RailAmerica 
Transportation Corp., which is directly controlled by Palm Beach 
Rail Holding, Inc., a wholly owned subsidiary of RailAmerica, Inc.
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    The transaction was scheduled to be consummated on or shortly after 
April 15, 2002, the effective date of the exemption.
    The transaction is intended to simplify the corporate structure and 
reduce overhead costs and duplication by eliminating three corporations 
while retaining the same assets to serve customers.
    This is a transaction within a corporate family of the type 
specifically exempted from prior review and approval under 49 CFR 
1180.2(d)(3). The parties state that the transaction 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.
    Under 49 U.S.C. 10502(g), the Board may not use its exemption 
authority to relieve a rail carrier of its statutory obligation to 
protect the interests of its employees. Section 11326(c), however, does 
not provide for labor protection for transactions under sections 11324 
and 11325 that involve only Class III rail carriers. Because this 
transaction involves Class III rail carriers only, the Board, under the 
statute, may not impose labor protective conditions for this 
transaction.
    If the notice contains false or misleading information, the 
exemption is void ab initio. Petitions to reopen the proceeding 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. 34193, must be filed with the Surface Transportation 
Board, Case Control Unit, 1925 K Street, NW, Washington, DC 20423-0001. 
In addition, a copy of each pleading must be served on Louis E. 
Gitomer, Ball Janik LLP, Suite 225, 1455 F Street, NW, Washington, DC 
20005.
    Board decisions and notices are available on our website at 
``WWW.STB.DOT.GOV.''

    Decided: April 25, 2002.

    By the Board, David M. Konschnik, Director, Office of 
Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. 02-10755 Filed 5-3-02; 8:45 am]
BILLING CODE 4915-00-P