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

[Edward H. Lybarger]

I wouldn't believe everything I read in "Transit in the Triangle."  The
problem was the out-of-town folks who bought up the securities for pennies
on the dollar and then held out for big payouts.  But there has been no
reliable research done on just what occurred there, and it's badly needed.
Those people's claims, however, were legal, just as the ones by heirs of the
original investors were.

I seriously doubt that there would have been any further investment after
the final reorganization in the face of deteriorating passenger counts and
rising costs.  No one in his right mind believed that public transit was a
growth industry, so no one was willing to lend money to the industry.  Let's
not let emotion supersede economics!

Ed

-----Original Message-----
From: pittsburgh-railways-bounces at mailman.dementix.org
[mailto:pittsburgh-railways-bounces at mailman.dementix.org] On Behalf Of Herb
Brannon
Sent: Monday, April 29, 2013 3:02 PM
To: Western PA Trolley discussion
Subject: Re: [PRCo] "This Streetcar Mess" Pittsburgh Press Editorial -
December 1948

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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