Author: William C. Vantuono

With Railway Age since 1992, William C. Vantuono has broadened and deepened the magazine's coverage of the technological revolution that is so swiftly changing the industry. He has also strengthened Railway Age’s leadership position in industry affairs with the conferences he conducts, among them Next-Generation Train Control, Light Rail, and Rail Insights. He is the author or co-author or editor of several books, among them All About Railroading; John Armstrong’s The Railroad: What It Is, What It Does; Railway Age’s Comprehensive Railroad Dictionary; and Planning, Engineering, and Operating Light Rail, With Applications in New Jersey.

KCS: Beware of Titus Rockefeller LLC

Kansas City Southern has received notice of an unsolicited “mini-tender” offer by Canadian outfit Titus Rockefeller LLC (a.k.a. TRC Capital Investment Corp.) to purchase up to 500,000 shares, or approximately 0.55%, of KCS’s outstanding common stock at a price of $285.00 per share in cash. KCS said it does not endorse the offer and recommends that its shareholders reject it and not tender their shares in response to it. TRC Capital has been cited in numerous documented cases of securities fraud (see below).

CPKC Support Count Nears 550

As Canadian Pacific and CN vie for a merger with Kansas City Southern, the letters of support for both potential transactions continue to pile up at the Surface Transportation Board. On May 10, it was CP’s turn to up its count, as it reported 131 new letters.

STB Approves CPKC Voting Trust (UPDATED)

The Surface Transportation Board on May 6 approved, by unanimous vote, a voting trust for Canadian Pacific’s proposed merger with Kansas City Southern. “The Board finds that formal Board review of the voting trust agreement proposed for use in connection with this transaction is warranted and determines that the proposed arrangement is acceptable with certain modifications,” STB wrote in Docket No. FD 36500.

Cowen: Can UP Drive to 55?

At Union Pacific’s Investor Day, where achievements in operational efficiency, benefits of PSR implementation, shareholder returns and financial outlook were discussed, management predicted that the railroad will achieve a 55% OR (operating ratio) by 2022. As a result, Cowen and Company modestly adjusted its 2022 assumptions.