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PC: PC newspaper article
- Subject: PC: PC newspaper article
- From: "Chris Osterhus" <su_carbs@xxxxxxxxxxx>
- Date: Sun, 20 Dec 1998 19:00:46 PST
While looking for some HO scale E8 locomotive parts, I came across this
in my workshop. This article ran in the Washington (PA)
Observer-Reporter newspaper. I don't remember the date, but I think it
happened quite recently...
Penn Central must face $600 million USX suit
The corporate successor to the bankrupt Penn Central railroad on Tuesday
lost a Supreme Court bid to avoid a $600 million lawsuit by USX Corp.
and Transtar Inc.
American Premier Underwriters Inc., formerly known as Penn Central
Corp., argues that the lawsuit should have been barred because it
centers on activities that date from before the company's 1978
bankruptcy reorganization. Thus, the company argued, any liability
under the lawsuit would have been covered by the bankruptcy court order
that discharged all prior liabilities and debts.
The Supreme Court, however, refused to consider that argument, which
American Premier Underwriters offered to challenge an appeals court
ruling allowing the lawsuit to go to trial. American Premier
Underwriters is a subsidiary of American Financial Group, Inc.
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