[Federal Register Volume 72, Number 243 (Wednesday, December 19, 2007)]
[Notices]
[Pages 72000-72001]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-24451]


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DEPARTMENT OF TRANSPORTATION

Surface Transportation Board

[STB Finance Docket No. 35108]


Permian Basin Railways, Inc.--Acquisition of Control Exemption--
Mount Hood Railroad

    Permian Basin Railways, Inc. (PBR) has filed a verified notice of 
exemption to permit PBR to acquire control of the Mount Hood Railroad 
(MHRR) by purchasing 100% of the outstanding stock of MHRR.\1\
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    \1\ A copy of a draft Agreement for Sale of Stock, as required 
by 49 CFR 1180.6(a)(7)(ii), was filed under seal along with a motion 
for protective order. The motion is being addressed in a separate 
decision.
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    PBR is a noncarrier holding company, and a wholly owned subsidiary 
of Iowa Pacific Holdings, also a noncarrier. PBR owns the following 
Class III rail carriers: Texas-New Mexico Railroad, West Texas & 
Lubbock Railway, Arizona Eastern Railway, San Luis & Rio Grande 
Railroad, and the Chicago Terminal Railway.
    The transaction is scheduled to be consummated on or about December 
31, 2007, but consummation can lawfully occur no earlier than January 
2, 2008, the effective date of the exemption (30 days after the 
exemption was filed).
    Applicant states that: (i) The rail lines involved in this 
transaction do not connect with any rail lines now controlled, directly 
or indirectly, by

[[Page 72001]]

PBR; (ii) this transaction is not part of a series of anticipated 
transactions that would connect any of these rail lines with each other 
or any railroad in their corporate family; and (iii) this transaction 
does not involve a Class I carrier. Therefore, this 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 verified 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 effectiveness of the 
exemption. Petitions for stay must be filed no later than December 26, 
2007 (at least 7 days before the exemption becomes effective).
    An original and 10 copies of all pleadings, referring to STB 
Finance Docket No. 35108, must be filed with the Surface Transportation 
Board, 395 E Street, SW., Washington, DC 20423-0001. In addition, a 
copy of each pleading must be served on John D. Heffner, John D. 
Heffner, PLLC, 1750 K Street, NW., Suite 350, Washington, DC 20006.
    Board decisions and notices are available on our Web site at http://www.stb.dot.gov.

    Decided: December 12, 2007.

    By the Board, David M. Konschnik, Director, Office of 
Proceedings.
Vernon A. Williams,
Secretary.
 [FR Doc. E7-24451 Filed 12-18-07; 8:45 am]
BILLING CODE 4915-01-P