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11/9/2001
Rail News: Rail Industry Trends
RVI must transfer rail line ownership to CCPA, STB says
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Surface Transportation Board Nov. 9 ordered Railroad Ventures Inc. (RVI) to fully comply with an earlier board decision and turn over to Columbiana County Port Authority (CCPA) all of the property interests of a 35.7-mile rail line between Youngstown, Ohio, and Darlington, Pa.
STB also ordered that funds be directly transferred from a previously established escrow account held by an independent agent to CCPA.
The board in 1999 granted RVI permission to abandon the track while allowing CCPA to try to acquire the line under financial assistance procedures.
STB later ordered RVI to sell the line to CCPA rather than abandon it, and a board-established purchase price was paid by CCPA in January, with RVI placing a portion in escrow to fund line repairs. STB ruled the repairs were necessary due to RVI's failure to keep the line operational.
Per the board's ruling, CCPA must establish a separate account for the escrow funds, document how funds are spent and return to RVI any monies remaining in the account 270 days after the effective date of STB's decision.
STB also ordered that funds be directly transferred from a previously established escrow account held by an independent agent to CCPA.
The board in 1999 granted RVI permission to abandon the track while allowing CCPA to try to acquire the line under financial assistance procedures.
STB later ordered RVI to sell the line to CCPA rather than abandon it, and a board-established purchase price was paid by CCPA in January, with RVI placing a portion in escrow to fund line repairs. STB ruled the repairs were necessary due to RVI's failure to keep the line operational.
Per the board's ruling, CCPA must establish a separate account for the escrow funds, document how funds are spent and return to RVI any monies remaining in the account 270 days after the effective date of STB's decision.
