Derailed by Bankruptcy: Life after the Reading Railroad (Railroads Past and Present)

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 didn't 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 government's 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 million--three times the original offer from the US government--and Lewis became known as a champion defender of both the railroad industry and its assets. The behind-the-scenes story of the five-year legal battle over a railroad bankruptcy and the formation of Conrail, as told by a lawyer on the case.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 didn't 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 government's 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 million—three times the original offer from the US government—and Lewis became known as a champion defender of both the railroad industry and its assets.“Should be required reading in every law school, especially for students who aspire to become corporate attorneys... valuable insights into the creation of Conrail.” —Rush Loving, Jr., author of The Men Who Loved Trains“For the railfan, you'll receive an insider view of this historically important period and a better understanding of how and why Conrail came into being and what it meant for rail transportation.” —Model Railroad News "What happened when the U.S. 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 didn't 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 U.S. government's proposal to form Conrail out of the six bankrupt railroads, which meant taking the Reading's property and leaving the railroad to prove its worth. After five grueling years, the case ultimately settled for $186 million - three times the original offer from the U.S. government - and Lewis became known as a champion defender of both the railroad industry and its assets"--Unedited summary from book jacket Cover......Page 1 DERAILED by Bankruptcy......Page 2 Title......Page 4 Copyright......Page 5 Dedication......Page 6 CONTENTS......Page 8 Foreword......Page 10 List of Abbreviations......Page 14 List of Important Names......Page 16 Introduction......Page 22 1 The Age of Innocence......Page 25 2 The Gathering Storm......Page 39 3 A Time of Waiting......Page 48 4 The Beginning......Page 52 5 The Plot Thickens......Page 63 6 Fear and Exhaustion......Page 81 7 Detailed Case Preparation......Page 89 8 The Times That Try Men’s Souls......Page 98 9 The Rail Use Case: Ours and the Government’s......Page 106 10 The Government’s Case......Page 115 11 End Game......Page 122 Epilogue......Page 144 Notes......Page 154