RAILROADS: Battle for MoPac

Of all the major railroads that went broke during the Depression, the Missouri Pacific is still the only one in bankruptcy, despite the fact that it is fat with profits. What's wrong? The trouble is that holders of $223 million worth of top-claim MoPac bonds and holders of 828,395 shares of its common stock cannot agree on who should control the road after reorganization. At stake is a rich prize. MoPac has 10,000 miles of track tapping the Midwest and Southwest, $104 million in the till, and what looks like a bright...

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