Word: csx
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...billboard stands rather unremarkably in a field of tall grass, a few hundred yards beyond the high barbed-wire fence, past the NO TRESPASSING signs and across some towering cranes and rusted tracks. It reads: WELCOME TO FLINT, PLEASE BE CAREFUL. It is an uninspired sign featuring a cartoon CSX conductor--one of those corporate image-enhancing niceties that until a few weeks ago blurred into the desolate industrial landscape like so many slabs of sheet metal. For whom the sign's message is intended has always been unclear; CSX trains only carry freight, and it's too far away...
...appears inevitable that by the end of summer, the mine will close and the last 120 miners will lose their jobs. It will be the latest in a series of hard-luck hits for the area, which lost 30 or 40 businesses, its only hospital and the CSX railroad when the Black Fork River flooded in 1985. Another flood in early 1996 provided sufficient excuse for a shoe plant employing 135 to close down and move abroad. That makes a small charcoal plant with 150 workers the largest single employer in Tucker County, where many of the miners reside. Beyond...
...nasty fight over a railroad? Not since the robber barons has the ownership of a set of tracks been so contested. The target: Conrail, the once tattered collection of government-owned freight lines that was created in 1976 and went public in 1987. CSX Corp. agreed to buy Conrail last month for more than $8 billion in cash and stock. Rival Norfolk Southern swiftly countered with a massive all-cash bid for Conrail of $10 billion, or $110 a share...
That's when the fight started. Despite Norfolk's munificence, Philadelphia-based Conrail is using Pennsylvania's antitakeover laws to reject the bid. Conrail says the CSX offer will be better in the long haul...
Wall Street isn't getting off at that station. "CSX and CRR, with the complicity of the Pennsylvania legislature, have effectively stacked the deck against an economically superior Norfolk Southern offer for Conrail," contends Donaldson, Lufkin & Jenrette analyst James M. Higgins. The contestants are headed for court...