Chicago Milwaukee Corporation
The Chicago Milwaukee Corporation (CMC) was an American holding company based in Chicago , which emerged in 1971 from the Chicago, Milwaukee, St. Paul and Pacific Railroad (Milwaukee Road) rail company .
history
The economically troubled and deficit railroad company Chicago, Milwaukee, St. Paul and Pacific Railroad tried to expand its business areas by founding the holding company Chicago Milwaukee Corporation in 1972 without having to reckon with regulatory interventions by the Interstate Commerce Commission , as well as the value of the shares to obtain.
The company was incorporated on June 24, 1971 and became the parent company of Milwaukee Road on January 14, 1972. The change was made through a share swap. After that, the CMC had a share of over 90% in the railway company. The most important subsidiaries of Milwaukee Road in the non-rail sector were the Milwaukee Motor Transportation Company and the Milwaukee Land Company (MLC). The latter was able to generate significant income mainly through the sale of land and property rights as well as logging.
In 1973 and 1974 the companies Hi-Way Paving Inc. (construction of road surfaces), Aslesen Company (catering equipment) and Vulcan-Hart Corporation (catering supplies) were acquired, while hardly any investments were made in the assets of the railway company, including electrification the routes in the Rocky Mountains were dismantled. The SEC is investigating whether the rail company's funds have been diverted to the parent company.
On December 19, 1977, the Chicago, Milwaukee, St. Paul and Pacific Railroad finally had to file for bankruptcy and came under bankruptcy administration. On April 6, 1984, the railroad assets were sold to the Soo Line Railroad for $ 571 million. The rail company then had fixed assets of around $ 400 million and cash assets of $ 150 million. It was renamed CMC Real Estate Corporation with the end of the bankruptcy administration in November 1985 and was merged into the Chicago Milwaukee Corporation on November 30, 1989. Through its subsidiary Milwaukee Land Company, it owned significant properties in Chicago and around 14,000 hectares of forest. The forest land was sold to John Hancock Mutual Life Insurance Co. in January 1989 for $ 23.8 million.
In mid-1985 the Aslesen Company and in early 1986 the Vulcan-Hart Corporation was sold.
On June 30, 1990, the remaining real estate ownership and the associated rights and obligations were transferred to the spin-off Heartland Partners LP. This had sold most of the property by the end of 2003 and in 2006 liquidation was initiated.
The CMC remained as an investment company and as a guarantor for the remaining liabilities of the former Milwaukee Road. In 1993 the remaining subsidiary Milwaukee Land Company was spun off as an independent company and renamed itself to Heartland Technology Inc. in 1997 after the acquisition of an IT company. In 2005 bankruptcy proceedings were opened.
On May 22, 1995, the Chicago Milwaukee Corporation went out of business and paid off all stockholders.
Management
- 1972–1977: William J. Quinn (President, CEO, Chairman of the board)
- 1978-21. August 1979: Stanley EG Hillman (Bankruptcy Administrator)
- 1978–1979: Robert E. Dunlap (President)
- 1978–1979: Arthur M. Wirtz (Chairman of the board)
- August 22, 1979–1985: Richard B. Ogilvie (insolvency administrator)
- 1980-30. May 1981: Donald F. Hunter
- June 1, 1981 – June 1985: Emory Williams (President, CEO, Chairman of the board)
- July 1985-22. May 1995: Edwin Jacobson (President and CEO)
- July 1, 1985-22. May 1995: Clarence G. Frame (Chairman of the board)
Web links
- Annual Reports Chicago Milwaukee Corporation 1972-1977
- Annual Report Chicago Milwaukee Corporation 1995
- Bankruptcy documents on www.milwaukeeroadarchives.com
- Heartland Partners LP Annual Report 2003
Individual evidence
- ^ New York Times February 9, 1985: Soo Line wins bid for Milwaukee
- ↑ Chicago Tribune November 26, 1985: Milwaukee Road's Reorganization Set
- ^ A b New York Times November 26, 1985: Milwaukee Road Reorganization
- ↑ Chicago Tribune: January 17, 1989: Chicago Milwaukee Corp.'s Milwaukee Land Co. unit sold ...
- ↑ Investors Buying Aslesen . In: tribunedigital-chicagotribune . ( chicagotribune.com [accessed August 8, 2017]).
- ↑ Heartland spinoff completed: Chicago Milwaukee Corp ... In: tribunedigital-chicagotribune . ( chicagotribune.com [accessed August 8, 2017]).
- ↑ Quarterly report as of June 30, 2006
- ↑ Goose Island to survive firm's split . August 5, 1988 ( highbeam.com [accessed August 8, 2017]). Goose Island to survive firm's split ( Memento of the original from August 8, 2017 in the Internet Archive ) Info: The archive link was automatically inserted and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ^ Reuters: COMPANY NEWS; Chicago Milwaukee To Shed Properties . In: The New York Times . August 5, 1988, ISSN 0362-4331 ( nytimes.com [accessed August 8, 2017]).
- ^ Federal Register, "Notice of Application for Deregistration of Milwaukee Land Company," Fed Reg 62: 241, December 16, 1997. Retrieved August 8, 2017 .
- ↑ SEC FORM 8-K DATED JUNE 21, 2005
- ^ Leonard Sloane: BUSINESS PEOPLE; CHICAGO MILWAUKEE HAS NEW CHAIRMAN . In: The New York Times . May 26, 1981, ISSN 0362-4331 ( nytimes.com [accessed August 8, 2017]).
- ^ Graydon Megan, Special to the Tribune: Emory Williams, longtime Sears executive, 1911-2014 . In: chicagotribune.com . ( chicagotribune.com [accessed August 8, 2017]).
- ↑ Kenneth N. Gilpin, Todd S. Purdum: BUSINESS PEOPLE; President Is Appointed At Chicago Milwaukee . In: The New York Times . July 2, 1985, ISSN 0362-4331 ( nytimes.com [accessed August 8, 2017]).
