MidSouth
The MidSouth Corporation was an American holding company . The Jackson, Mississippi- based company owned several railroad companies.
history
From the mid-1980s, the Illinois Central Gulf Railroad began to sell lines that did not fit into the concept of the north-south railroad. The railroad manager Edward L. Moyers and the lawyer Mark Levin convinced the investment company Prospect Group to finance the takeover of a route network of around 660 kilometers for 123.5 million dollars from ICG. From this the MidSouth Rail Corporation was formed in November 1985. The network primarily comprised the route from Meridian (Mississippi) via Vicksburg to Shreveport (Louisiana) and the route from Hattiesburg to Gulfport as well as route usage rights between Jackson and Hattiesburg.
On September 8, 1987, the company acquired the North Louisiana and Gulf Railroad and continued as MidLouisiana Rail.
On April 14, 1988, the loss-making Gulf and Mississippi Railroad with a route network between Mobile and Corinth was acquired. This company was henceforth called SouthRail.
After the Whitman Corporation separated from the Illinois Central Railroad at the end of 1988, the Prospect Group took the opportunity and took over this railway company. In return, the stake in MidSouth was given up. The shares were transferred to the shareholders of the Prospect Group. Chairman McDowell and President Moyers left MidSouth for Illinois Central.
In December 1990 the Illinois Central Railroad offered a merger with MidSouth, but this was rejected. In February 1991, Archer Daniels Midland acquired a stake in the company.
On December 31, 1991, the Corinth and Counce Railroad was taken over and continued as TennRail.
On September 21, 1992, the MidSouth Corporation agreed with Kansas City Southern Industries to take over the company. On May 27, 1993, the Interstate Commerce Commission approved the deal. The purchase price was $ 219.3 million. On January 1, 1994, Kansas City Southern took over operations. This increased its route network of around 4,000 kilometers by a further 1,900 kilometers.
subsidiary company
- MidSouth Rail (Meridian – Vicksburg – Shreveport; Redwood – Vicksburg – Le Tourneau)
- MidLouisiana Rail ( Hodge - Gibsland )
- Southrail (Mobile – Meridian – West Point – Corinth; Laurel – Ackerman – West Point – Aberdeen; Middleton – Tupelo / Woodland; Artesia – Brookwood)
- TennRail ( Corinth - Counce )
Corporate management
- Chairman of the Board
- 1986-1989: W. Wallace McDowell
- 1990-1993: Mark. M. Levin (and Chief Executive Officer)
- president
- 1986–1989: Edward L. Moyers (and Chief Executive Officer)
- 1989-1993: Frank K. Turner
Web links
- Elizabeth Walsh: The Corporate Directory of US Public Companies 1995 . Springer, 2016, ISBN 978-1-349-13890-6 ( google.de [accessed May 7, 2019]).
literature
- Trains Magazine (Ed.): The Historical Guide to North American Railroads . 3. Edition. Kalmbach Publishing Co., Waukesha, WI 2014, ISBN 978-0-89024-970-3 .
- ^ 13 Nov 1985, 3 - Hattiesburg American at Newspapers.com. Retrieved May 8, 2019 .
- ^ 4 Dec 1990, Page 35 - St. Louis Post-Dispatch at Newspapers.com. Retrieved May 8, 2019 .
- ^ 18 Dec 1990, 40 - Chicago Tribune at Newspapers.com. Retrieved May 8, 2019 .
- ↑ 27 Feb 1991, Page 18 - Clarion-Ledger at Newspapers.com. Retrieved May 8, 2019 .
- ^ Bloomberg News: Company News; Icc Clears Kansas City Southern Buyout of Midsouth . In: The New York Times . June 5, 1993, ISSN 0362-4331 ( nytimes.com [accessed May 7, 2019]).
- ↑ KANSAS CITY SOUTHERN PLANS TO BUY MIDSOUTH | JOC.com. September 21, 1992, accessed May 8, 2019 .