Penn Central Car Movements #74 / Inbound Pre Op

Greetings All,


A little P.C.C.M.74 housekeeping today to clarify the Penn Central bankruptcy and get the N.Y.C.T.L. ready for the inbound trains coming my way tomorrow.

Penn Central Car Movements #74 will continue this weekend with the 1:1 Penn Central now operating under Section 77 of the Bankruptcy Act. Section 77 was adopted by Congress in 1933 specifically for railroads in bankruptcy situations. Unlike ordinary bankruptcies, Section 77 does not provide for liquidation. It is a means for a railroad to reorganize while the trains keep running.

With that in mind let's get a few P.C.C.M. cars that were left in Terminal Yard to their next virtual op destinations.

We're in Terminal Yard with a pair of GP38-2s ready to depart with Train BT-27 that consists of both P.C.C.M. and non P.C.C.M. cars.

The 8150 and 8148 bring BT-27 onto the Bedford Secondary. The Penn Central purchased almost three hundred no frills GP38s and GP38-2s while under bankruptcy protection. 

Across from Bedford Station BT-27 eases to a stop in front of the Heileman Brewery / Neubaum's Tea & Coffee Importers siding. 

The new Neubaum's makes its virtual ops debut as IC boxcar #30130 is spotted for its next P.C.C.M. load.

Next stop for BT-27 is the Bedford Hostess / Wonder Bread Plant to spot empty APRR 50' boxcar #58279 for its next P.C.C.M. load.

BT-27 is back together and on the way back to Terminal Yard and that will conclude our short pre op.

As for the 1:1 Penn Central, after the filing for reorganization under  Section 77 of the Bankruptcy Act, Judge John P. Fullam of the U.S. District Court in Philadelphia named George P. Baker, Richard C. Bond, Jervis Langdon Jr and W. Willard Wirtz as trustees to oversee the Penn Central going forward.

During the period of trusteeship virtually all obligations of the railroad are held in abeyance, except debts incurred to purchase equipment. The protection of the court prevents creditors from collecting on these debts which include state and local taxes.

Working with Judge Fullam the trustees picked William Moore, the retired former #2 man at the Southern Railway to succeed Paul Gorman as president. Mr Moore would lead the PC until he resigned on January 4, 1974. 

Trustee Jervis Langdon Jr, formerly of the Chicago, Rock Island & Pacific Railroad would assume the PC presidency and see it thru to the end which came at 11:59 PM on March 31, 1976.

 Thanks for reading!!!

See ya tomorrow!!!