[PRCo] "This Streetcar Mess" Pittsburgh Press Editorial - December 1948

[Herb Brannon]

According to "Transit In The Triangle" the investors did receive their
money even though most of the people receiving that money were distant
relatives of the original owners/investors. This really did bankrupt PRCo.
We would have probably seen more new PCCs purchased and more fixed plant
improvements in the early 1950s had the contingency fund not been wiped out
by a bunch of money-mongers who I would have told to "step off" long before
they even made a claim to any money. That is what the bankruptcy process is
all about. I am at a loss as to why these people were awarded anything.


On Mon, Apr 29, 2013 at 1:11 PM, Edward H. Lybarger <trams2 at comcast.net>wrote:

> It's easy to say that the investors in the underliers had no rights to the
> cash, but they did.  There wouldn't have been a company if it weren't for
> them.
>
> But those folks also had the right to see their investment wiped out in a
> reorganization...that's why debtors love the bankruptcy process.
>
> When it's not your money, it's easy to say anything!
>
> Ed
>
> -----Original Message-----
> From: pittsburgh-railways-bounces at mailman.dementix.org
> [mailto:pittsburgh-railways-bounces at mailman.dementix.org] On Behalf Of
> Barry, Matthew R
> Sent: Monday, April 29, 2013 12:42 PM
> To: Western PA Trolley discussion (
> pittsburgh-railways at mailman.dementix.org)
> Subject: [PRCo] "This Streetcar Mess" Pittsburgh Press Editorial - December
> 1948
>
> I put the whole editorial into one jpeg, so you'll probably need to use the
> + key in your viewer, or enlarger in whatever photo program you open the
> file with.  Paint works pretty well.
>
> Matt
>
>
>
>
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-- 
Herb Brannon
Back In The Burgh !



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