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Rail News: Rail Industry Trends

DM&E might latch onto IMRL by late June, STB says


Surface Transportation Board June 12 issued a notice advising the public that Iowa, Chicago & Eastern Railroad Corp.'s (ICE) acquisition of I&M Rail Link L.L.C. (IMRL) could proceed as early as June 28 unless the board issues a stay.
Referencing previous expressions of concern about the acquisition, STB reiterated that petitions to stay are due June 14; comments, June 19; and replies to stay petitions and other comments, June 21.
The board also stated that copies of stay petitions and comments must be provided to ICE June 14 and June 19, respectively.
ICE, which has invoked exemption procedures through STB, plans to acquire IMRL's 1,125 track miles, 275 miles of trackage rights, rolling stock and substantially all other assets.
Dakota, Minnesota & Eastern Railroad Corp. (DM&E) in February announced plans to acquire IMRL, establishing ICE as a new railroad to incorporate IMRL, and creating wholly owned DM&E subsidiary Cedar American Rail Holdings Inc. to commonly manage ICE and DM&E.

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More News from 6/12/2002