Norfolk Southern Takeover Underway

[acptulsa]

A little background for, well, basically everyone but Anti Federalist: The U.S. is down to four major railroads, plus two Canadian railways, each with a major U.S. component. CSX and Norfolk Southern operate in the eastern half of the country. CSX recently endured a period being run by corporate raiders who gutted the system to the point where they couldn't serve all their customers any more. This was good for Norfolk Southern, which picked up most of that business.

Now raiders are after NS. It's amazing how many of these prospective board members sent by Ancora are ex-governors.

With Norfolk Southern Corp.'s annual meeting just days away, NS and Ancora Holdings Group LLC each have appealed to shareholders for their support of the companies’ respective plans in a proxy fight for the future of NS' executive and board leadership.

Since February, NS board and company leaders have been locked in a battle with Ancora — a major NS shareholder — over Ancora’s proposed overhaul of the railroad's board and the ouster of its President and CEO Alan Shaw. Under Ancora’s plan, Shaw would be replaced by former UPS executive Jim Barber, while former CSX executive Jamie Boychuk would become the new chief operating officer...

https://www.progressiverailroading....-final-push-for-May-9-shareholder-vote--71847

 

[Anti Federalist]

Oh great...now NS will follow CSX's lead in gobbling up functional but low profit short lines / Class II and IIIs and run them into the dirt.

 

[sparebulb]

Only marginally related, but I voted my proxy last month for Southwest Airlines.

They are going to put that f'ing turd Roy Blunt on the board.

Not with my vote, of course.

But my vote is meaningless.

 

[acptulsa]

Oh great...now NS will follow CSX's lead in gobbling up functional but low profit short lines / Class II and IIIs and run them into the dirt.

Turn them into dirt. They just did that to abandon them, pull their track up and sell all their land. They weren't railroaders, they were real estate agents.

Shipping Net Zero.

 

[Anti Federalist]

Turn them into dirt. They just did that to abandon them, pull their track up and sell all their land. They weren't railroaders, they were real estate agents.

Shipping Net Zero.

Wreckers...goddamn criminals.

 

[oyarde]

Turn them into dirt. They just did that to abandon them, pull their track up and sell all their land. They weren't railroaders, they were real estate agents.

Shipping Net Zero.

pretty muc as i figured , ere we got land companies working for solar companies trying to by up ag land for lesstan value

 

[acptulsa]

They're so determined to eliminate the world's most efficient method of shipping that they pay engineers to declare old railroad bridges -- designed to carry tens of thousands of tons -- too old to be "safe" for joggers and bicyclists. So, they get replaced by lightweight pedestrian bridges, making it harder to reclaim the "rail trail" for shipping if we need to later.