Search results
Results From The WOW.Com Content Network
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 large-scale service into the New York metropolitan area and (to a lesser extent) New ...
American railroad company Penn Central Transportation Company declared bankruptcy on June 21, 1970, two and a half years after its formation by the merger of the New York Central Railroad and the Pennsylvania Railroad. At the time, this was the largest bankruptcy in American history. [1]
Its only formidable rival was the New York Central Railroad (NYC), which carried around three-quarters of the Pennsy's ton-miles. In 1968, the Pennsylvania Railroad merged with New York Central and the railroad eventually went by the name of Penn Central Transportation Company, or "Penn Central" for short.
Penn Central Transportation Co. v. New York City, 438 U.S. 104 (1978), was a landmark United States Supreme Court decision on compensation for regulatory takings. [1] Penn Central sued New York City after the New York City Landmark Preservation Commission denied its bid to build a large office building on top of Grand Central Terminal.
Alfred Edward Perlman (November 22, 1902—April 30, 1983) was a railroad executive, having served as president of the Penn Central Transportation Company and its predecessor, the New York Central Railroad, and later, president of the Western Pacific railroad presiding over its successful turnaround before being absorbed into the present day Union Pacific system.
In 1968, the PRR merged with the New York Central railroad, to form the Penn Central (PC). The Penn Central filed for bankruptcy protection in 1970. [87]: 233–234 It operated under court supervision until 1976, when its lines were transferred to Conrail under the Railroad Revitalization and Regulatory Reform Act. [88]: 4–5
The outcry over the destruction of the ornate structure instigated the landmarks preservation movement. Saunders also orchestrated PRR's merger with the New York Central Railroad to create Penn Central (PC), serving as that railroad's chairman and CEO. Financial difficulties forced the company into bankruptcy in 1970.
In 1968, the PRR, with its 119 surviving GG1s, merged with the New York Central Railroad to form Penn Central. Penn Central went bankrupt in 1970 and its freight operations were later assumed by government-controlled Conrail, which used 68 GG1s in freight service until the end of electric freight traction in 1980.