The Surface Transportation Board lately has been relentless in demanding that applications for mergers and voting trusts, among other transactions, meet its standards for completeness.
The most recent example of this is STB’s decision rejecting as “incomplete” the merger application filed by CSX Transportation, Inc. to acquire control of Pan Am Systems, Inc. and its short line railroad subsidiaries. The Board said it “found that the application did not include all of the information necessary for purposes of a ‘significant’ transaction under the Board’s regulations. The Board’s decision expresses no conclusions about the ultimate merits of the proposed transaction, expressly permits the applicants to file a revised application, and provides guidance on the informational requirements.”
The Board’s decision in CSX Corporation and CSX Transportation, Inc., et al.—Control and Merger—Pan Am Systems, Inc., Pan Am Railways, Inc., Boston and Maine Corporation, Maine Central Railroad Company, Northern Railroad, Pan Am Southern LLC, Portland Terminal Company, Springfield Terminal Railway Company, Stony Brook Railroad Company, and Vermont & Massachusetts Railroad Company, FD 36472 et al. can be downloaded:
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