[PRCo] Re: PAT's 1964 bus company acquisitions

[John Swindler]

Hi Dwight
 
And wasn't it a PAT bond issue that provided the money for the acquisitions plus first 150 GM buses, plus cash flow??  I don't know if the county guaranteed the bonds.
 
There was no federal money used at that time, so state taxpayers were on the hook for paying for PAT start-up - possibly into the 1990s.  

The follow-on bus purchases may have involved federal grants, but this is a very suspect recollection.
 
Cheers
John
 
 
 
 
> From: dwightlong at verizon.net
> To: pittsburgh-railways at dementia.org
> Subject: [PRCo] Re: PAT's 1964 bus company acquisitions
> Date: Thu, 17 Mar 2011 11:28:01 -0400
> 
> Fred
> 
> No, I don't think so. 
> 
> What the court lowered was PRC's original asking price. They raised the PAAC's original offering price.
> 
> The final amount included over $2MM in interest which had accrued since the 1 March 1964 takeover date.
> 
> Dwight
> ----- Original Message ----- 
> From: Fred Schneider 
> To: pittsburgh-railways at dementia.org 
> Sent: Thursday, 17 March, 2011 11:18
> Subject: [PRCo] Re: PAT's 1964 bus company acquisitions
> 
> 
> Then if the court ordered $19,137,589, the original offer wasn't $5 million as suggested further down in this string but perhaps $20 million or more because the court lowered the original offer.
> 
> On Mar 17, 2011, at 10:42 AM, Dwight Long wrote:
> 
> > John
> > 
> > And settled (court-dictated) for $19,137,589 in 1967!
> > 
> > The individual MCA articles were in the late 70s and are out of print and unavailable unless one comes up on ebay or similar sales sites. The later articles on PAAC were in the April 1997 and 1998 issues--they were by VAN Wilkins, not John Wilkins as I earlier opined--and were the source of most of my info, which I have passed on to Bob Rathke (and will to you or anyone else interested in such arcania--just drop me a line via email directly.
> > 
> > Dwight
> > ----- Original Message ----- 
> > From: John Swindler 
> > To: pittsburgh-railways at dementia.org 
> > Sent: Thursday, 17 March, 2011 08:11
> > Subject: [PRCo] Re: PAT's 1964 bus company acquisitions
> > 
> > 
> > 
> > 
> > There's a good chance that some PUC reports on the independents is sitting in the PTM archives. Some three plus decades ago I copied both route certificate information and annual reports from the PUC archives on the Pittsburgh independents for a series Ollie Miller was putting together for Motor Coach Age. The series appeared in Motor Coach Age over several years around 1980.
> > 
> > There is also a more complete list of the acquisition cost of the independents - Grant McCoy's father and uncle sold McCoy Bros. and William Penn to Port Authority for just over $1 million. Of course supporting the Democratic Party in Allegheny Co. had no connection with that sale price.
> > By comparison, PRC was offered $5 million.
> > 
> > Cheers
> > John
> > 
> > 
> > 
> >> From: dwightlong at verizon.net
> >> To: pittsburgh-railways at dementia.org
> >> Subject: [PRCo] Re: PAT's 1964 bus company acquisitions
> >> Date: Wed, 16 Mar 2011 20:17:28 -0400
> >> 
> >> Bob
> >> PAAC acquired in 1964, besides Pittsburgh Railways, 29 independent bus lines. Of these, eleven were deficit operations or close to it. It is said that only four companies, Penn Transit, Shafer Coach Lines, Ohio River Motor Coach, and Community Transit Service, provided about half the net income of all 29 carriers. However, without further research, I don't have income figures for the various companies. Here are the 1964 acquisitions: PRC, Community Transit, Penn Transit, Shafer Coach, Rogers Transit, Brentwood Motor Coach, DeBolt Bus Lines, Poskin Bus Line, Ridge Lines, Bigi Bus Lines, Oriole Motor Coach, Trafford Coach Lines, Bacco Coach Lines, Burrelli Transit Service, McKeesport Transit Co, Wall Bus Line, Horrell Transportation Co., Ohio River Motor Coach, Austin Motor Coach, McCoy Bros Coach, Wm. Penn Motor Coach, Culmersville, Russleton & Cheswick Transit Co., J.M. Ferguson Bus, Duquesne Motor Coach Lines, Dawson Motor Coach, Deere Bros. Bus Line, Noble J. Dick Lin!
> >> es, Mon Valley Bus Co., Bamford Motor Coach Lines, and Carnegie Coach Lines.
> >> 
> >> In an earlier post I recalled the Brentwood Motor Coach Co., sometimes known as Brentwood Murder Lurch Co. I mentioned their Fitz john buses. They also had a motley collection of used GM buses--all TDH models of different capacity and age. 
> >> 
> >> PAAC acquired 857 buses in 1964 from the acquired companies. The makers included GM, White, Mack, Beaver, Fitz john, ACF Brill and--school buses--38 of them. I have a complete roster but I don't have the time to re-type it and this site will not let me reproduce it as part of this email. If you--or anyone else on the list--is interested in it, send me a direct email and I'll copy it and forward to you.
> >> 
> >> Dwight
> >> ----- Original Message ----- 
> >> From: Bob Rathke 
> >> To: Pittsburgh Trolley List 
> >> Sent: Wednesday, 16 March, 2011 18:57
> >> Subject: [PRCo] PAT's 1964 bus company acquisitions
> >> 
> >> 
> >> 
> >> In the Fall of 1964 I started to compile a summary of PAT bus company (and PRC) acquisitions that year - company name, location, date acquired and purchase price. My sources were articles in the Pittsburgh Press and input from some trolley fans who lived in towns along the acquired routes. 
> >> 
> >> 
> >> 
> >> I'm looking for?the final summary.?In the meantime, attached are my incomplete working notes. Apologies for the messy presentation, but it's allI can find right now. 
> >> 
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> >> 
> >> Bob 
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> >> -- Attached file removed by Ecartis and put at URL below --
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> >> -- URL : http://lists.dementia.org/files/pittsburgh-railways/PATbusAcquisitionReport1964.JPG
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