Portec Rail Products, Inc. said late Monday that, as a result of a court order June 24, the company and L.B. Foster Co. “are no longer prohibited by the Court from completing the tender offer and merger.
“Portec and L.B. Foster intend to continue to pursue the completion of the tender offer and related merger, which remain subject to certain closing conditions, including the tender of 65% of the outstanding shares of Portec common stock and regulatory approval,” Portec said.
The decision by the Court of Common Pleas of Allegheny County, Pa., supersedes its issuing a preliminary injunction on April 21, enjoining the completion of the tender offer by L.B. Foster Co. for all of the outstanding shares of Portec common stock and the related merger of Portec into L.B. Foster.
The economic downturn brought a great deal of hardship to carriers across the supply chain. Many shippers took the opportunity to re-bid their trucking contracts out of cycle, placing even more pressure on companies in the trucking sector.
Ongoing fiscal distress continues to roil New York’s subway operations, but system expansion literally is on a full bore.
No longer the lone star even within the Lone Star State, DART still is leading the rail transit renaissance within Texas—and the United States—by example.
Amid the high-profile meeting of the G20 nations in Toronto during the weekend, High Speed Rail Canada said Monday it has reviewed all the Group of 8 (G8) and G20 countries and their high speed rail systems and plans, and found that Canada trails the pack in many respects.
“After reviewing the G8 countries high speed rail systems, it is a fact that Canada is only country that does not have a high speed rail system,” the group said in a release Monday. “After reviewing the G20 countries high speed rail systems, Canada is one of only four countries that does not have a high speed rail system. Further, Canada is the only G20 government that has not committed to building a high speed rail system in the last 10 years.”
Lamented Paul Langan, the group’s founder, “The federal Conservative government has no national policy or plan on passenger rail. The end result of this debacle is that Canada's passenger rail system is 30 years behind the rest of the modern world.”
The group’s complete analysis of the situation is available at http://highspeedrail.ca.
The $9 billion Access to the Region’s Core project is the most ambitious railway engineering and construction undertaking since the Pennsylvania Railroad tunneled under the waters of the Hudson River over a century ago.
In a triumph railroad and airline unions, the U.S. District Court of the District of Columbia on Friday turned down an airline industry appeal against new National Mediation Board rules on representation elections. The NMB ruling, announced in May, would reverse a 75-year-old practice by requiring only a majority of those voting—not a majority ifall qualified to vote—to decide a representation election.
The Air Transport Associations said it will “thoroughly study the decision to determine what, if any steps, ATA will take, including exercising our right to appeal the ruling.”
“With today’s court decision, tens of thousands of airline and rail workers are a step closer to pursuing the power of collective bargaining under fairer union election rules,” said Edward Wytkind, president of the Transportation Trades Department of the AFL-CIO. “The deck has been stacked against workers for too long with many union elections being invalidated by unfair rules that required super-majority participation—a standard found nowhere else in our democracy.”