Re: (erielack) Alco Farewell / Economy Changes

[Tim Stuy <njmidland_@_verizon.net>]

That is correct.  The estate of the L&HR sold off the remaining assets,
mainly the Warwick office building and various real estate not taken by
Conrail.  In 1982 they had a huge auction in Warwick where they essentially
sold off the contents of the building.  I was there and bought a lot of neat
stuff.  Walter Rich of Delaware Otsego fame, brought a truck and bought a
lot of the really nice office furniture.  He got the prize fan item, a 16 mm
film that the L&HR had done of the conversion from steam to diesel.  I spoke
with someone up there about 2 years ago and they are aware of it and may
eventually release it on DVD as a fund raiser for the Walter Rich museum in
Franklin, NY.

Once the settlement came from the federal government for what was taken by
Conrail, the L&HR paid off all of its debts at 100 cents on the dollar and
had cash left to pay the stockholders about $68 per share.  95% of the stock
was owned by its connections, including about 25% owned by EL.

Tim

On Mon, Dec 13, 2010 at 2:46 PM, Tupaczewski, Paul R (Paul) <
paul.tupaczewski_@_alcatel-lucent.com> wrote:

> > Nothing so far on what happened to L&HR, other then merged
> > into Conrail.
>
> I thought I recently read an old Block Line from the 1980s that showed
> everything from the L&HR offices and their stockholders were paid for their
> shares of the company, effectively dissolving the corporation.
>
>        - Paul
>
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>


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