[Federal Register Volume 66, Number 96 (Thursday, May 17, 2001)]
[Notices]
[Pages 27545-27546]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-12346]


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DEPARTMENT OF TRANSPORTATION

Surface Transportation Board

[STB Finance Docket No. 34026]


Summit View, Inc.--Control Exemption--Mahoning Valley Railroad 
Company

AGENCY: Surface Transportation Board, DOT.

ACTION: Notice of exemption.

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SUMMARY: Under 49 U.S.C. 10502, the Board exempts from the prior 
approval requirements of 49 U.S.C. 11323, et seq., the acquisition by 
Summit View, Inc. (Summit) of control of Class III rail carrier 
Mahoning Valley Railroad Company (MVRC). Summit is a noncarrier holding 
company that controls eight Class III rail carriers.\1\ MVRC's capital 
stock is owned by Cuyahoga Valley Railway Company which, in turn, is a 
wholly owned subsidiary of LTV Steel Company (LTV).\2\ On March 28, 
2001, Summit submitted to the Board for review and

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an informal opinion under 49 CFR 1013 a proposed voting trust agreement 
\3\ to be entered into by Summit and MVRC.\4\ Summit requests expedited 
action on the exemption petition. This request is addressed in the 
Board's decision.
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    \1\ Ohio Central Railroad, Inc., Ohio Southern Railroad, Inc., 
Youngstown Belt Railroad, Inc., Warren & Trumbull Railroad, Ohio & 
Pennsylvania Railroad, Youngstown & Austintown Railroad, Pittsburgh 
& Ohio Central Railroad, and Columbus & Ohio River Railroad Company.
    \2\ LTV, MVRC's largest shipper, is presently engaged in 
voluntary reorganization proceedings under Chapter 11 of the U.S. 
Bankruptcy Code. LTV has sought and secured conditional approval 
from the Bankruptcy Court to sell MVRC and other non-core assets as 
promptly as practicable in order to streamline LTV's operations and 
emerge a stronger and more efficient organization by selling a 
number of assets that are either unproductive or nonessential.
    \3\ A corrected copy of the agreement was submitted on April 3, 
2001.
    \4\ On April 12, 2001, the Board's Secretary, Vernon A. 
Williams, issued an informal opinion in which he concluded that the 
voting trust ``effectively insulates Summit and its subsidiaries and 
affiliates from unauthorized control of MVRC.''

DATES: The exemption will be effective June 1, 2001. Petitions for stay 
must be filed by May 22, 2001. Petitions for reconsideration must be 
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filed by June 6, 2001.

ADDRESSES: Send an original and 10 copies of any pleadings referring to 
STB Finance Docket No. 34026 to: Surface Transportation Board, Office 
of the Secretary, Case Control Unit, 1925 K Street, NW., Washington, DC 
20423-0001. In addition, send one copy of any pleadings to petitioner's 
representatives: Kelvin J. Dowd and Andrew B. Kolesar III, 1224 
Seventeenth St., NW., Washington, DC 20036.

FOR FURTHER INFORMATION CONTACT: Joseph H. Dettmar (202) 565-1600 [TDD 
for the hearing impaired: 1-800-877-8339.]

SUPPLEMENTARY INFORMATION: Additional information is contained in the 
Board's decision. To purchase a copy of the full decision, write to, 
call, or pick up in person from: Da-to-Da Office Solutions, 1925 K 
Street NW., Suite 210, Washington, DC 20006. Telephone: (202) 756-1649. 
[Assistance for the hearing impaired is available through TDD services 
1-800-877-8339.]
    Board decisions and notices are available on our website at 
WWW.STB.DOT.GOV.''

    Decided: May 11, 2001.

    By the Board, Chairman Morgan, Vice Chairman Clyburn, and 
Commissioner Burkes.
Vernon A. Williams,
Secretary.
[FR Doc. 01-12346 Filed 5-16-01; 8:45 am]
BILLING CODE 4915-00-P