Durden Enterprises II Inc - Formally Rail Management Corporation (RMC), based in
Panama City Beach, Florida
Panama City Beach is a resort town in the Florida Panhandle, and principal city of the Panama City Metropolitan Area. It is a popular vacation destination, especially among people in the Southern United States, and is located in the "Emerald C ...
, was a
holding company
A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...
of
short line railroads in the southeastern
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
.
History
On May 26, 2005,
Genesee and Wyoming (G&W) announced that it has agreed to purchase RMC's railroad operations. G&W will pay
$243 million in cash and assume $1.7 million in company debt to gain control of 14 short line railroads from RMC across the southeastern
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
, as of June 1, 2005. The owners of RMC would then use cash derived from the sale to purchase several radio stations, including
WILN,
WKMX,
KDAY
KDAY (93.5 FM, "93.5 KDAY") is a radio station that is licensed to Redondo Beach, California and serves the Greater Los Angeles area. The station is owned by Meruelo Media and airs a classic hip hop format. The station's studios are locate ...
, and
WYYX among others.
Holdings
RMC held controlling interests in the following railroads:
*
AN Railway
*
Atlantic and Western Railway
*
Bay Line Railroad
*
Copper Basin Railway
*
East Tennessee Railway
*
Galveston Railroad
*
Georgia Central Railway
*
Kentucky West Tennessee (KWT)
*
Little Rock and Western Railway
*
Meridian and Bigbee Railroad
*
Tomahawk Railway
*
Valdosta Railway
*
Western Kentucky Railway
*
Wilmington Terminal Railroad
References
* Genesee and Wyoming, Inc. (May 26, 2005),
Genesee & Wyoming Announces Agreement to Acquire Short Line and Port Railroads from Rail Management Corporation'. Retrieved May 27, 2005.
* Trains News Wire (May 26, 2005),
G&W to acquire Rail Management Corp. rail operations'. Retrieved May 27, 2005.
United States railroad holding companies
Defunct companies based in Florida
Genesee & Wyoming
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