Derailed By Bankruptcy: Life After The Reading Railroad (Railroads Past And Present)
Publish Date: 2016-01-04
Author: Howard H. Lewis
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What happened when the US government stopped investing in railroads and started investing in highways and air travel? By the late 1970s, six major eastern railroads had declared bankruptcy. Although he didnt like trains, Howard H. Lewis became the primary lawyer for the Reading Railroad during its legendary bankruptcy case. Here, Lewis provides a frank account of the high-intensity litigation and courtroom battles over the US governments proposal to form Conrail out of the six bankrupt railroads, which meant taking the Reading's property, leaving the railroad to prove its worth. After five grueling years, the case was ultimately settled for $186 millionthree times the original offer from the US governmentand Lewis became known as a champion defender of both the railroad industry and its assets.