[Federal Register Volume 73, Number 229 (Wednesday, November 26, 2008)]
[Notices]
[Page 72113]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-27991]


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DEPARTMENT OF TRANSPORTATION

Surface Transportation Board

[STB Finance Docket No. 35199]


Potlatch Land & Lumber, LLC--Change of Control Within Corporate 
Family Exemption

    Potlatch Land & Lumber, LLC (PL&L), has filed a verified notice of 
exemption under 49 CFR 1180.2(d)(3) to undertake a change of control 
within its corporate family. PL&L, a newly organized subsidiary of 
Potlatch Corporation of Spokane, WA (Potlatch), seeks to acquire the 
stock of 3 short line railroads: St. Maries River Railroad Company 
(STMA), Warren & Saline River Railroad Company (WSR), and The Prescott 
and Northwestern Railroad Company (PNW). The stock of the railroads is 
currently held by Potlatch Forest Products Corporation, another 
subsidiary of Potlatch, which is being spun off and will be renamed 
Clearwater Paper Corporation.
    The transaction is expected to be consummated on December 13, 2008 
(30 days after the exemption was filed).
    PL&L states that the transaction is designed to permit Potlatch, 
through PL&L, to retain indirect control of STMA, WSR, and PNW. PL&L 
adds 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. Therefore, the 
transaction is exempt from the prior approval requirements of 49 U.S.C. 
11323. See 49 CFR 1180.2(d)(3).
    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 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 automatically stay the transaction. Petitions for stay 
will be due no later than December 5, 2008 (at least 7 days before the 
effective date of the exemption).
    An original and 10 copies of all pleadings, referring to STB 
Finance Docket No. 35199, must be filed with the Surface Transportation 
Board, 395 E Street, SW., Washington, DC 20423-0001. In addition, one 
copy of each pleading must be served on Fritz R. Kahn, 1920 N Street, 
NW., 8th Floor, Washington, DC 20036.
    Board decisions and notices are available on our Web site at 
``http://www.stb.dot.gov.''

    Decided: November 19, 2008.

    By the Board, David M. Konschnik, Director, Office of 
Proceedings.
Kulunie L. Cannon,
Clearance Clerk.
[FR Doc. E8-27991 Filed 11-25-08; 8:45 am]
BILLING CODE 4915-01-P