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VALUATION FIRM

Main Line Rail Management, Inc. (MLRM) was established in 1988 as Main Line Management Services, Inc., to provide operations, marketing, financial, engineering, valuation and appraisal, management and computer programming services. MLRM provides operations planning, traffic flow analyses, and cost studies to a variety of Class I and regional rail carriers. MLRM has been retained to assess traffic forecasts, analyze the viability, and develop business plans for a number of rail properties being bought or sold. MLRM has also appraised and valued numerous rail corridors being acquired for rail purposes, including both track materials and real estate.

The principal of Main Line has been conducting railroad valuation studies for over twenty years. Prior to founding Main Line, the principal was part of Day & Zimmermann’s (TAD Associates) rail valuation group. Among such valuation studies completed while at Day & Zimmermann were the valuations of the Penn Central, Reading, Rock Island, and Milwaukee Road estates, as well as numerous shortline rail valuations and appraisals of publicly-owned lines.

Since its founding, MLRM has remained a leader in rail valuation studies. These studies have been used by sellers, buyers, state transportation departments, transit agencies, regulatory agencies, and a federal bankruptcy court. The valuation studies have involved lines of under one mile to lines in excess of 1,000 miles. MLRM valuation projects have been used by railroads, banks and financial agencies, private companies and industrial development authorities, state and local governments and public agencies, and the federal government. The more than 200 valuation projects completed by MLRM are listed below. These studies have included determinations of Net Liquidation Value, In-Place value, Replacement Cost Value, and Going Concern Value.

Rail Line Valuations

1989 Berwick rail facilities in PA for the buyer
1989 Canton & Loudoun right-of-way in MD for Trustee
1989 Centralia shop facilities in IL for a potential buyer
1989 CM&W lines in IL & MO for federal bankruptcy court
1989 CSXT branch lines in western PA for buyer
1989 CSXT branches in MI for Huron & Eastern Railway
1989 CSXT right-of-way in PA for Philadelphia Board of Education
1989 Grand Trunk branches in MI for potential purchaser
1989 Various rail lines in PA for SEDACOG
1990 Ambridge rail facilities in PA for the buyer
1990 Baltimore & Annapolis Railroad in MD for owner
1990 Chicago SouthShore lines in IN & IL for UMTA
1990 CSXT branch in south central FL for buyer
1990 Delaware & Hudson lines in NY & PA for Temple, Barker & Sloane
1990 Shore Fast Line in NJ for Better Materials Corp.
1990 Soo Line branches in ND, MT, MN, & WI for owner
1990 Various branches in ME for Bangor & Aroostook Railroad
1990 Various Conrail/CSXT branches in DE for Delaware Railroad Administration
1991 CSXT Brown City line in MI for Detroit Edison
1991 Georgetown Branch in MD & DC for a potential buyer
1991 Iowa Interstate lines in IL & IA for a potential buyer
1992 B&M North Adams Branch in MA for Massachusetts EOTC
1992 Conrail/B&M Canaan Branch in CT & MA for Housatonic Railroad
1992 Ladysmith line in WI for the seller
1992 NS Cheasapeake Western Branch in VA for Shenandoah Rail Authority
1992 Octoraro Railway in PA & DE for owner
1993 B&LE Industrial Track in PA for Erie Press
1993 Garden Spot lines in IN for owner
1994 Conrail branches in NY and CT for Metropolitan Transportation Authority
1994 Delta Southern lines in LA and AR for potential buyer
1994 South Central Tennessee Railroad in TN for RailAmerica and lender
1994 Wilmington & Northern line in DE for RailAmerica
1995 Conrail Peoria cluster in IN & IL for potential buyer
1995 Conrail South Pittsburgh lines in PA for a potential buyer
1995 CSXT Saginaw-Brown City line in MI for RailAmerica and CSXT
1995 Gettysburg Railroad in PA for buyer
1995 Posey & Owensville lines in IN for owner
1995 Rail sites in TX for Corsicana Industrial Foundation
1995 Seagraves, Whiteface & Lubbock line in TX for RailAmerica
1996 B&M Hazardville Branch in MA for Massachusetts EOTC
1996 Cascades & Columbia line in WA for RailAmerica and lender
1996 Conrail Fort Wayne cluster in OH & IN for potential buyer
1996 Conrail lines in PA & NY for Northern Tier Planning Commission
1996 Conrail’s Camden Cluster in NJ for a potential buyer
1996 Dakota Rail line in MN for buyer and lender
1996 Evansville Terminal lines in IN & KY for buyer
1996 Harbor Beach Branch in MI for Huron & Eastern Railway
1996 Saginaw Valley Railway in MI for RailAmerica and lender
1996 Various branch line segments in PA for Emons Transportation
1997 Cape Fear line in NC for potential buyer
1997 Central Branch in PA for Emons Transportation
1997 CP Rail Webbwood Subdivision in ON for a potential buyer
1997 Delaware Valley line in PA for PADOT
1997 Fertile and Red Lake lines in MN for RailAmerica
1997 Former Pocono Northeast lines in PA for Luzerne County
1997 Minnesota Northern lines in MN for RailAmerica and lender
1997 Northern Vermont line in VT for Iron Road Railways
1997 Otter Tail Valley line in MN for RailAmerica and lender
1997 Various CSXT and other lines in PA for Franklin County
1998 CP Rail E&N Division in BC for potential buyer and lender
1998 Massachusetts Central in MA for lender
1998 Penn Eastern lines in PA for PADOT
1998 Reading, Blue Mountain & Northern lines in PA for PADOT
1998 St. Croix Valley lines in MN for RailAmerica and lender
1999 A&R rail line in IN for Cargill
1999 Cape Breton & Central Nova Scotia lines in NS for lender
1999 Carolina Piedmont in SC for lender
1999 Central of Indiana lines in OH & IN for lender
1999 Central of Indianapolis lines in IN for lender
1999 Central Oregon & Pacific lines in CA & OR for lender
1999 Central Western lines in AB for a potential buyer and lender
1999 Chesapeake and Albemarle in VA & NC for lender
1999 Connecticut Southern in CT & MA for lender
1999 Dallas, Garland & Northeastern in TX for lender
1999 Gauley River line in WV for owner
1999 Georgia and Alabama in GA & AL for lender
1999 Georgia Southwestern in GA & AL for lender
1999 Gettysburg Railway in PA for owner
1999 Goderich-Exeter lines in ON for lender
1999 Grand Rapids and Eastern in MI for lender
1999 Huron & Eastern Railway in MI for lender
1999 Inactive rail corridors in PA for Luzerne County
1999 Indiana & Ohio Central lines in OH & IN for lender
1999 Indiana & Ohio line is OH & IN for lender
1999 Indiana Southern lines in IN for lender
1999 JK&L rail line in IN for Cargill
1999 Lakeland & Waterways lines in AB for a potential buyer and lender
1999 Mackenzie Northern lines in AB & NT for a potential buyer and lender
1999 Mexrail properties in TX for owner
1999 Michigan Shore in MI for lender
1999 Mid-Michigan in MI for lender
1999 Missouri & Northern Arkansas lines in MO, KS & AR for lender
1999 New England Central in VT, NH, MA, & CT for lender
1999 North Carolina and Virginia in VA & NC for lender
1999 Ontario L’Original lines in ON for lender
1999 Ottawa Valley lines in ON & PQ for a potential buyer and lender
1999 Pittsburgh Industrial in PA for lender
1999 Pittston area rail properties in PA for F&L Realty
1999 San Diego and Imperial Valley lines in CA & BJ for lender
1999 South Carolina Central in SC for lender
1999 Southern Ontario lines in ON for a potential buyer and lender
1999 Stourbridge line in PA for PADOT
1999 Texas Mexican Railway in TX for owner
1999 Texas New Mexico line in TX and NM for potential buyer and lender
1999 Texas Northeastern in TX for lender
1999 TP&W lines in IN & IL for potential buyer and lender
1999 Ventura County line in CA for potential buyer and lender
1999 Virginia Southern in VA & NC for lender
1999 West Texas & Lubbock lines in TX for lender
2000 CSXT line in MA for buyer
2000 Glen Lyon right-of-way in PA for PennDOT
2000 Landisville line in PA for Amherst Industries
2000 Peoria rail property in IL for ILDOT
2000 Serrano Yard (Laredo) in TX for owner
2000 Sewer easement on rail lines in PA for Luzerne County
2000 Towanda-Monroeton line in PA for PADOT
2000 Various rail corridors in PA for Luzerne County
2000 Various rail lines in Minnesota for Fargo State Bank
2000 Various rail properties in NY for Ogdensburg Bridge & Port Authority
2001 Alabama Gulf Coast line in AL and FL for buyer
2001 Arizona & California line in AZ and CA for buyer
2001 Arizona Eastern line in AZ for buyer
2001 California Northern line in CA for buyer
2001 CDAC lines in PQ for potential buyer
2001 Eastern Alabama line in AL for buyer
2001 Kiamichi line in AR, OK, and TX for buyer
2001 Kyle line in KS and CO for buyer
2001 L&S rail lines in PA for Luzerne Rail Authority
2001 LKP line in HI for buyer
2001 Puget Sound & Pacific line in WA for buyer
2001 RailAmerica railroads throughout North America for a financial institution
2001 San Joaquin Valley line in CA for buyer
2001 San Pedro Southwestern line in AZ for buyer
2001 Sewer easement on rail lines in PA for Hassey Legal Services
2001 Texas Mexican Railway in TX for RRIF loan application
2001 Windsor & Hantsport lines in NS for RailAmerica
2002 Georgia Southwestern segments in GA for RailAmerica
2002 Mid-States lines in KS, CO, and NE for RailAmerica
2002 NS Shippensburg line in PA for CAT.
2002 Portion of St. Lawrence & Atlantic line in ME for owner
2002 Warren track in PA for PADOT
2002 Winooski Subdivision in VT for RailAmerica
2002 Tex Mex and Mexrail replacement costs values in TX for owners
2002 DME lines in MN, SD, WY, and NE for investment banker
2002 IMRL lines in IL, WI, IA, MN, and MO for investment banker
2002 HESY/SGVY lines in MI for buyer
2002 TexMex/Mexrail assets in TX for owner
2002 NS Hazleton area branches in PA for Can Do, Inc.
2002 E&N corridor in BC for owner
2002 IC&E replacement costs values in IL, WI, IA, MN, and MO for owner
2002 Valuation of rail materials for TransAP in Chile and Panama
2003 Berwick/PP&L branch in PA for PADOT
2003 San Luis Valley cluster in CO for buyer
2003 BNSF lines in AL and MS for buyer
2003 KCT lines in MO and KS for owner for RRIF loan
2003 KC Joint Agency lines in MO for owner for RRIF loan
2003 BAR and CDAC branches in ME for Trustee
2003 TP&W segment in IL for owner
2003 TexMex lines in TX for owner
2003 West Texas & Lubbock in TX for owner
2003 Central Michigan lines in MI for buyer
2003 Maine, Montreal & Atlantic lines in ME and VT for owner
2003 JK line in IN for owner
2003 A&R line in IN for owner
2003 TMSL line in PA for review of highway taking for owner
2004 West Dallas trackage in TX for RailAmerica
2004 MonConn trackage in PA for potential buyer
2004 Alexandria Branch in DC for buyer
2004 Dunbar branch in PA for PADOT
2004 Former BAR and CP lines in ME and VT for RRIF loan
2004 Riverport lines in IL for RRIF loan review
2004 CSXT property in NY for highway project
2004 TNMR line in TX and NM for Permian Basin
2004 TexMex line in TX for KCS for RRIF loan
2004 USRA Lines 142, 907, and 939 in PA and DE for buyer
2004 Pittston rail/trail in PA for LCRA
2004 TNMR, WTL, and AZER lines in AZ, NM, and TX for RRIF loan
2004 Valuation methodology assessment of TPW line in IL for STB filing
2004 Corridor sales evaluation for line sale in WA
2004 TexMex replacement cost values in TX for owner
2005 Penn Eastern lines in PA for owner
2005 East Penn lines in PA for owner
2005 Conrail yard track in PA for potential buyer
2005 Silver Thread Railway in CO for buyer
2005 Sierra Railroad in CA for RRIF loan
2005 Yolo Shortline in CA for RRIF loan
2005 Mendocino Railway in CA for RRIF loan
2005 Fort Bragg yard property in CA for buyer
2005 Iowa Northern lines in IA, MN for owner
2005 FEC lines in FL for potential buyer
2005 MSTR line in NY for buyer
2005 BXN line in AR for buyer
2005 RSS line in TX for buyer
2005 PCN line in TX for buyer
2005 Amtrak property in PA for potential buyer
2005 CSXT property in PA for potential buyer
2005 SLR corridor in ME for potential buyer and seller
2005 San Luis cluster in CO for buyer
2006 Trinidad-Belen corridor in CO and NM for buyer
2006 Coe Rail line in MI for buyer
2006 WYCO line in WY for potential buyer
2006 Yorkrail ballpark properties in PA for seller
2006 Yorkrail “Northwest Triangle” properties in PA for seller
2006 RJ Corman Lines in PA and OH for RRIF loan
2006 Greenville Yards in NJ for operator
2006 Iowa Pacific holdings in AZ, CO, NM, and TX for bank
2006 Texas New Mexico and West Texas & Lubbock in NM and TX for RRIF loan
2006 Powerline easement in rail corridor in PA for PPL
2006 Tennessee Southern lines in AL and TN for buyer
2007 former Conrail lines in NJ for potential buyer
2007 former Conrail line in MD for potential buyer
2007 Iowa Pacific lines in AZ, CO, NM, and TX for bank
2007 Rarus lines in MT for buyer
2007 Colebrookdale line in PA for buyer
2007 RailAmerica lines in 25 states and 3 provinces for owner
2007 Clifton Line in AZ and NM for the buyer
2007 NPBL yards in VA for VPA
2007 South Plains line in TX for the buyer
2007 Utah Central lines in UT for the buyer
2008 Louisiana North West line in AR and LA for buyer
2008 Sierra Northern lines in CA for potential buyer
2008 DME/ICE lines in IA, IL, KS, MN, MO, NE, SD, WI, and WY for Canadian Pacific
2008 CSXT line in NY for NYSDOT
2008 Yadkin Valley lines in NC for owner
2008 Landisville Railroad in PA for buyer
2008 Tintic line in UT for potential buyer
2008 Leaman Place land in PA for potential buyer
2008 Weyerhauser lines in AR, MS, OK, and WA for potential buyer
2009 Patriot Rail lines in AL, AR, LA, MT, TN, and MT for lender
2009 Mt. Hood line in OR for owner
2009 NPBL property in VA for VPA
2009 FEC lines in FL for RRIF loan review
2010 Yadkin Valley lines in NC for RRIF load application

Equipment Valuations

General American Transportation - Replacement values for fleets of freight cars.
GATX Capital - Condition assessment and valuation of freight cars.
Octoraro Railway - Valuation of locomotives and freight cars.
Multi-West Bank - Condition assessment and valuation of Housatonic Railroad locomotives.
RailAmerica - Condition assessment and valuation of Gettysburg Railroad locomotives and passenger equipment.
RailAmerica - Condition assessment and valuation of Dakota Rail locomotives and track equipment.
Texas Mexican Railway - Valuation of locomotives, freight car fleet, and maintenance vehicles.
RailAmerica - Condition assessment and valuation of West Texas and Lubbock Railroad locomotives and track equipment.
Springfield Institute for Savings - Valuation of Massachusetts Central Railroad locomotives, passenger cars, and track equipment.
RailAmerica - Condition assessment and valuation of South Central Tennessee Railroad locomotives and track equipment.
Massachusetts Central Railroad - Valuation of Massachusetts Central Railroad intermodal and reload equipment.
Emons Transportation - Valuation of locomotives being considered for purchase.
First National Bank of New England - Valuation of locomotives and freight equipment.
RailAmerica – Valuation of vehicles and equipment of the five RaiLink properties.
Donaldson, Lufkin & Jenrette - Valuation of vehicles and equipment of the RailTex and RailAmerica properties.
State Bank of Fargo - Valuation of locomotive fleet for Minnesota rail transaction.
First International Bank - Valuation of locomotives and other railroad equipment.
Cedar American Holdings - Valuation of locomotives, freight cars, and other equipment
National City Commercial Capital – Valuation of 200 bulkhead flatcars
National City Bank – Valuation of 269 covered hoppers
National City Bank – Valuation of 600 covered hoppers
SEPTA – Valuation of 45 coaches and 8 locomotives
Amtrak – Valuation of 111 refrigerated cars
RailAmerica – Valuation of 154 locomotives