[Federal Register Volume 68, Number 112 (Wednesday, June 11, 2003)]
[Notices]
[Page 35052]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-14728]


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DEPARTMENT OF TRANSPORTATION

Surface Transportation Board

[STB Finance Docket No. 34351]


Sierra Railroad Company--Acquisition of Control Exemption--Yolo 
Shortline Railroad Company

    Sierra Railroad Company (SRC) and Yolo Shortline Railroad Company 
(YSL), Class III rail carriers, have jointly filed a verified notice of 
exemption for SRC to acquire control of YSL through stock purchase of 
YSL's parent, Midland Railroad Enterprises Corporation.\1\
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    \1\ In addition to this acquisition, the parties plan a 
corporate reorganization. To obtain necessary Board authorization 
for this subsequent transaction, on June 3, 2003, the parties filed 
a notice of exemption under 49 CFR 1180.2(d)(3) in STB Finance 
Docket No. 34360, Sierra Railroad Company--Corporate Family Merger 
Exemption--Yolo Shortline Railroad Company.
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    The transaction is expected to be consummated by June 30, 2003.
    SRC and YSL state that: (i) The railroads do not connect; (ii) the 
transaction is not part of a series of anticipated transactions that 
would connect these railroads with each other or any railroad in their 
corporate family; and (iii) the transaction does not involve a Class I 
carrier. Therefore, the transaction is exempt from the prior approval 
requirements of 49 U.S.C. 11323. See 49 CFR 1180.2(d)(2).
    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. Accordingly, the 
Board may not impose labor protective conditions here, because all of 
the carriers involved are Class III rail carriers.
    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 stay the transaction.
    An original and 10 copies of all pleadings, referring to STB 
Finance Docket No. 34351, must be filed with the Surface Transportation 
Board, 1925 K Street, NW., Washington, DC 20423-0001. In addition, a 
copy of each pleading must be served on: Michael G. Hart, 220 Sierra 
Avenue, Oakdale, CA 95361 and David Magaw, 341 Industrial Way, 
Woodland, CA 95776.

    Board decisions and notices are available on our Web site at 
http://www.stb.dot.gov.

    Decided: June 5, 2003.

    By the Board, David M. Konschnik, Director, Office of 
Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. 03-14728 Filed 6-10-03; 8:45 am]
BILLING CODE 4915-00-P