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Alleghany Corporation is an American investment holding company originally created by the railroad entrepreneurs Oris and Mantis Van Sweringen as a holding company for their railroad interests. It was incorporated in 1929 and reincorporated in Delaware in 1984. On March 21, 2022, Berkshire Hathaway made an $11.6 billion offer to acquire the company, which completed in October 2022. After the company's bankruptcy in the Great Depression, control of the company fell into the hands of Robert Ralph Young and Allan Price Kirby. Young used the company as a vehicle for his vendetta against the J.P. Morgan banking interests, who had financed the Van Sweringens and managed to defeat them and the Vanderbilt interests in a 1954 proxy fight A proxy fight, proxy contest or proxy battle (sometimes even called a proxy war) is an unfriendly contest for the control over an organization. The event usually occurs when a corporation's stockholders develop opposition to some aspect of the c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsidiary
A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a same management being substantially controlled by same entity/group are called sister companies. The subsidiary can be a company (usually with limited liability) and may be a government- or state-owned enterprise. They are a common feature of modern business life, and most multinational corporations organize their operations in this way. Examples of holding companies are Berkshire Hathaway, Jefferies Financial Group, The Walt Disney Company, Warner Bros. Discovery, or Citigroup; as well as more focused companies such as IBM, Xerox, and Microsoft. These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries. Details Subsidiaries are separate, distinct legal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Proxy Fight
A proxy fight, proxy contest or proxy battle (sometimes even called a proxy war) is an unfriendly contest for the control over an organization. The event usually occurs when a corporation's stockholders develop opposition to some aspect of the corporate governance, often focusing on directorial and management positions. Corporate activists may attempt to persuade shareholders to use their proxy votes (i.e., votes by one individual or institution as the authorized representative of another) to install new management for any of a variety of reasons. Shareholders of a public corporation may appoint an agent to attend shareholder meetings and vote on their behalf. That agent is the shareholder's proxy. In a proxy fight, incumbent directors and management have the odds stacked in their favor over those trying to force the corporate change. These incumbents use various corporate governance tactics to stay in power, including: staggering the boards (i.e., having different election years ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penn Central
The Penn Central Transportation Company, commonly abbreviated to Penn Central, was an American class I railroad that operated from 1968 to 1976. Penn Central combined three traditional corporate rivals (the Pennsylvania, New York Central and the New York, New Haven and Hartford railroads), all united by heavy service into the New York metropolitan area and (to a lesser extent) New England and Chicago. The new company failed barely two years after formation, the largest bankruptcy in U.S. history at the time. The Penn Central's railroad assets were nationalized into Conrail along with the other bankrupt northeastern roads; its real estate and insurance holdings successfully reorganized into American Premier Underwriters. History Pre-merger The Penn Central railroad system developed in response to challenges facing northeastern American railroads during the late 1960s. While railroads elsewhere in North America drew revenues from long-distance shipments of commodities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conrail
Conrail , formally the Consolidated Rail Corporation, was the primary Class I railroad in the Northeastern United States between 1976 and 1999. The trade name Conrail is a portmanteau based on the company's legal name. It continues to do business as an asset management and network services provider in three Shared Assets Areas that were excluded from the division of its operations during its acquisition by CSX Corporation and the Norfolk Southern Railway. The federal government created Conrail to take over the potentially-profitable lines of multiple bankrupt carriers, including the Penn Central Transportation Company and Erie Lackawanna Railway. After railroad regulations were lifted by the 4R Act and the Staggers Act, Conrail began to turn a profit in the 1980s and was privatized in 1987. The two remaining Class I railroads in the East, CSX Transportation and the Norfolk Southern Railway (NS), agreed in 1997 to acquire the system and split it into two roughly-equal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Haven Railroad
The New York, New Haven and Hartford Railroad , commonly known as The Consolidated, or simply as the New Haven, was a railroad that operated in the New England region of the United States from 1872 to December 31, 1968. Founded by the merger of the New York and New Haven and Hartford and New Haven railroads, the company had near-total dominance of railroad traffic in Southern New England for the first half of the 20th century. Beginning in the 1890s and accelerating in 1903, New York banker J. P. Morgan sought to monopolize New England transportation by arranging the NH's acquisition of 50 companies, including other railroads and steamship lines, and building a network of electrified trolley lines that provided interurban transportation for all of southern New England. By 1912, the New Haven operated more than of track, with 120,000 employees, and practically monopolized traffic in a wide swath from Boston to New York City. This quest for monopoly angered Progressive Era ref ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interstate Commerce Commission
The Interstate Commerce Commission (ICC) was a regulatory agency in the United States created by the Interstate Commerce Act of 1887. The agency's original purpose was to regulate railroads (and later trucking) to ensure fair rates, to eliminate rate discrimination, and to regulate other aspects of common carriers, including interstate bus lines and telephone companies. Congress expanded ICC authority to regulate other modes of commerce beginning in 1906. Throughout the 20th century, several of ICC's authorities were transferred to other federal agencies. The ICC was abolished in 1995, and its remaining functions were transferred to the Surface Transportation Board. The Commission's five members were appointed by the President with the consent of the United States Senate. This was the first independent agency (or so-called '' Fourth Branch''). Creation The ICC was established by the Interstate Commerce Act of 1887, which was signed into law by President Grover Cleveland. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penn Central Transportation Company
The Penn Central Transportation Company, commonly abbreviated to Penn Central, was an American class I railroad that operated from 1968 to 1976. Penn Central combined three traditional corporate rivals (the Pennsylvania, New York Central and the New York, New Haven and Hartford railroads), all united by heavy service into the New York metropolitan area and (to a lesser extent) New England and Chicago. The new company failed barely two years after formation, the largest bankruptcy in U.S. history at the time. The Penn Central's railroad assets were nationalized into Conrail along with the other bankrupt northeastern roads; its real estate and insurance holdings successfully reorganized into American Premier Underwriters. History Pre-merger The Penn Central railroad system developed in response to challenges facing northeastern American railroads during the late 1960s. While railroads elsewhere in North America drew revenues from long-distance shipments of commodities s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wabash Railway
The Wabash Railroad was a Class I railroad that operated in the mid-central United States. It served a large area, including track in the states of Ohio, Indiana, Illinois, Iowa, Michigan, and Missouri and the province of Ontario. Its primary connections included Chicago, Illinois; Kansas City, Missouri; Detroit, Michigan; Buffalo, New York; St. Louis, Missouri; and Toledo, Ohio. The Wabash's major freight traffic advantage was the direct line from Kansas City to Detroit, without going through St. Louis or Chicago. Despite being merged into the Norfolk and Western Railway (N&W) in 1964, the Wabash company continued to exist on paper until the N&W merged into the Norfolk Southern Railway (NS) in 1982. At the end of 1960 Wabash operated 2,423 miles of road on 4,311 miles of track, not including Ann Arbor and NJI&I; that year it reported 6,407 million net ton-miles of revenue freight and 164 million passenger-miles. Origin of name The source of the Wabash name was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nickel Plate Road
The New York, Chicago and St. Louis Railroad , abbreviated NYC&St.L, was a railroad that operated in the mid-central United States. Commonly referred to as the "Nickel Plate Road", the railroad served parts of the states of New York, Pennsylvania, Ohio, Indiana, Illinois, and Missouri. Its primary connections occurred in Buffalo, Chicago, Cincinnati, Cleveland, Indianapolis, St. Louis, and Toledo. The Nickel Plate Road was constructed in 1881 along the South Shore of the Great Lakes to connect Buffalo and Chicago, in competition with the Lake Shore and Michigan Southern Railway. At the end of 1960, NKP operated of road on of track, not including the of Lorain & West Virginia. That year it reported 9.758 billion net ton-miles of revenue freight and 41 million passenger-miles. In 1964, the Nickel Plate Road and several other midwestern carriers were merged into the larger Norfolk and Western Railway (N&W). The goal of the N&W expansion was to form a more competitive and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Virginian Railway
The Virginian Railway was a Class I railroad located in Virginia and West Virginia in the United States. The VGN was created to transport high quality "smokeless" bituminous coal from southern West Virginia to port at Hampton Roads. History Early in the 20th century, William Nelson Page, a civil engineer and coal mining manager, joined forces with a silent partner, industrialist financier Henry Huttleston Rogers (a principal of Standard Oil and one of the wealthiest men in the world), to develop the Deepwater Railway, a modest 85-mile long short line railroad to access untapped bituminous coal reserves in some of the most rugged sections of southern West Virginia. When Page was blocked by collusion of the bigger railroads, who refused to grant reasonable rates to interchange the coal traffic, he did not quit. As he continued building the original project, to provide their own link, using Rogers' resources and attorneys they quietly incorporated another intrastate rail ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Norfolk And Western Railway
The Norfolk and Western Railway , commonly called the N&W, was a US class I railroad, formed by more than 200 railroad mergers between 1838 and 1982. It was headquartered in Roanoke, Virginia, for most of its existence. Its motto was "Precision Transportation"; it had a variety of nicknames, including "King Coal" and "British Railway of America". In 1986, N&W merged with Southern Railway to form today’s Norfolk Southern Railway. The N&W was famous for manufacturing its own steam locomotives, which were built at the Roanoke Shops, as well as its own hopper cars. After 1960, N&W was the last major Class I railroad using steam locomotives; the last remaining Y class 2-8-8-2s would eventually be retired between 1964 and 1965. In December 1959, the N&W merged with the Virginian Railway (reporting mark VGN), a longtime rival in the Pocahontas coal region. By 1970, other mergers with the Nickel Plate Road and Wabash formed a system that operated of road on of track from No ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stuart T
Stuart may refer to: Names *Stuart (name), a given name and surname (and list of people with the name) Automobile *Stuart (automobile) Places Australia Generally *Stuart Highway, connecting South Australia and the Northern Territory Northern Territory *Stuart, the former name for Alice Springs (changed 1933) * Stuart Park, an inner city suburb of Darwin *Central Mount Stuart, a mountain peak Queensland *Stuart, Queensland, a suburb of Townsville * Mount Stuart, Queensland, a suburb of Townsville *Mount Stuart (Queensland), a mountain South Australia *Stuart, South Australia, a locality in the Mid Murray Council *Electoral district of Stuart, a state electoral district *Hundred of Stuart, a cadastral unit Canada *Stuart Channel, a strait in the Gulf of Georgia region of British Columbia United Kingdom *Castle Stuart United States *Stuart, Florida *Stuart, Iowa *Stuart, Nebraska *Stuart, Oklahoma *Stuart, Virginia *Stuart Township, Holt County, Nebraska *St ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
