Penn Central Company

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Penn Central Company,

former U.S. transportation company, formed in 1968 by the merger of the New York Central RRNew York Central RR,
U.S. transportation compay formed in 1853 by the consolidation of many small New York state railroads. In 1867, Cornelius Vanderbilt became president of the railroad and, through a series of mergers, formed the New York Central and Hudson River RR Company,
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 and the Pennsylvania RRPennsylvania Railroad,
former U.S. transportation company; inc. 1846 by the Pennsylvania legislature. It opened in 1854 as a single-track line between Philadelphia and Pittsburgh.
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. By the early 1970s the railroad was bankrupt; in 1976 the U.S. government created Conrail from the Penn Central and five other failed eastern railroads. In 1994 the company became an insurance firm, American Premier Underwriters. Conrail itself was taken over in 1999 by the CSX and Norfolk Southern railroads.

Bibliography

See J. R. Daughen and P. Binzen, The Wreck of the Penn Central (1971, repr. 1999).

References in periodicals archive ?
takings analysis in Penn Central Transportation Co.
Contrary to what the article suggests, in addition to this narrow category of "total" or "catergorical" takings, (1) in which a landowner must prove a loss of all value, "partial" regulatory takings challenges are governed by the standards set forth in Penn Central Transportation Co.
Bailout!: Government Intervention in Business succinctly and objectively covers corporate bailouts and includes a history of government intervention in business dating back to 1970, when the government provided the Penn Central Transportation Company with $700 million to pay its creditors.
The second type of taking is based on the application of the balancing test developed in Penn Central Transportation Co.
He then joined the Chicago, Rock Island & Pacific Railroad as chairman and president, serving in that post until 1970, when he became lead bankruptcy trustee and later (1974-1976) president of the Penn Central Transportation Company.
The genesis of the regulatory takings test is Justice Brennan's 1978 decision in Penn Central Transportation Co.
To better understand the Tahoe-Sierra decision, and its impact on temporary takings law, it will be useful to review three key takings tests: the general test outlined in Penn Central Transportation Co.
In a process reminiscent of early court findings regarding air rights and the over-flight of aircraft, the court simply found that the Penn Central Transportation Company did not own the air rights above Grand Central Terminal.
The cases are all modern: Penn Central Transportation Company v.
The Supreme Court decision in Penn Central Transportation Co.

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