[Federal Register Volume 69, Number 83 (Thursday, April 29, 2004)]
[Notices]
[Pages 23557-23558]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-9607]


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DEPARTMENT OF TRANSPORTATION

Surface Transportation Board

[STB Finance Docket No. 34462]


MVC Transportation, LLC--Acquisition Exemption--P&LE Properties, 
Inc.

    MVC Transportation, LLC (MVC), a noncarrier, has filed a verified 
notice of exemption under 49 CFR 1150.31 to acquire approximately 15 
miles of rail lines located in Allegheny County, PA, from P&LE 
Properties, Inc. (P&LE). These rail lines, which consist of the track 
facilities of the former Pittsburgh and Lake Erie Railroad Company's 
Mckees Rocks Yard, do not have assigned mile posts and extend along and 
adjacent to the CSX Transportation, Inc. (CSXT) main line in McKees 
Rocks, PA.\1\ The portions of the lines that receive service are 
currently served by CSXT.
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    \1\ On April 22, 1997, pursuant to a Bankruptcy Court order in 
In Re: Pittsburgh & Lake Erie Properties, Inc., Case No. 96-406 
(MFW) Chapter 11, P&LE sold the McKees Rocks Yard property to 
Allegheny Railroad Properties, Inc. (ARC) and accepted a cognovit 
judgment note and mortgage on the McKees Rocks Yard property from 
ARC. P&LE's Vice President and Treasurer, John D. Hartman, claims 
that P&LE retained ownership of the property because ARC did not 
fully pay for the property pursuant to the parties' agreement. MVC 
also believes P&LE retained its right, title, and property interest 
in the McKees Rocks Yard. After ARC defaulted on its payment 
obligations to P&LE, the ARC note and mortgage was acquired and 
satisfied by Mariah Venture Capital & Consulting, Co. (Mariah) with 
approval of the Bankruptcy Court by order dated June 18, 1999. With 
the consent of P&LE, Mariah will assign the ARC note and mortgage to 
MVC, which, in lieu of execution and foreclosure, will by deed and 
bill of sale from P&LE take title to the rail yard facilities 
subsequent to the effective date of this acquisition exemption.
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    MVC certifies that its projected annual revenues will not exceed 
those that would qualify it as a Class III rail carrier and that its 
annual revenues are not projected to exceed $5 million.
    MVC states that the parties intended to consummate the transaction 
on or after April 15, 2004, the effective date of the exemption (7 days 
after the exemption was filed).
    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. 34462, must be filed with the Surface Transportation 
Board, 1925 K Street NW., Washington, DC 20423-0001. In addition, one 
copy of each pleading must be served on Laurence A. Neish, 651 Holiday 
Drive, Pittsburgh, PA 15220.
    Board decisions and notices are available on the Board's Web site 
at http://www.stb.dot.gov.

    Decided: April 21, 2004.

[[Page 23558]]

    By the Board, David M. Konschnik, Director, Office of 
Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. 04-9607 Filed 4-28-04; 8:45 am]
BILLING CODE 4915-01-P