Pioneer Railcorp
| Pioneer Railcorp | |
|---|---|
| legal form | Corporation |
| founding | January 31, 1986 |
| Seat | Peoria (Illinois) |
| management | J. Michael Carr (CEO and President) |
| sales | $ 23.2 million |
| Branch | Rail transport |
| Website | http://www.pioneer-railcorp.com/ |
| As of December 31, 2016 | |
Pioneer Railcorp (PRRR) is an American rail company that operates several shortline companies. The company is based in Peoria, Illinois .
history
The company was founded on January 31, 1986 by Guy Brenkman, who lives in Peoria, Illinois, as Pioneer Railroad. As a result of the deregulation in the railway sector by the Staggers Rail Act, many branch lines were shut down by the large railway companies from the beginning of the 1980s . He saw the possibility of realizing his dream of acquiring appropriate railway lines and running a business. However, since he had no experience in the management of a railway company, did not own a railway company and he had gone bankrupt with a property management company, he received no credit from the banks. So he began selling stocks at his own risk. By October 1, 1988, he had raised $ 235,000 from 1,800 investors . With this capital he took over operations on a railroad line leased from Salem County , from July 1, 1990 as the West Jersey Railroad . In the following years he acquired or leased further railway lines and railway companies.
On March 31, 1992, the name was changed to Pioneer Railcorp. As of June 1993, the stock was traded on the Chicago Stock Exchange . In 2005 the company was converted and from then on the shares were no longer publicly traded. The company was thus released from the extensive reporting obligations to the United States Securities and Exchange Commission , also brought about by the Sarbanes-Oxley Act . Since 2012, financial information has been published on the OTC Markets Group's online trading platform .
In 2004 Guy Brenkman resigned as President of the Society. He was succeeded by J. Michael Carr, and in 2006 he also took over the position of Chief Executive Officer . Brenkman remained on the board of directors until his death in 2013.
In addition to the railway companies that are bundled in the subsidiary Pioneer Lines, the company operates a leasing company for locomotives and freight cars, as well as other services such as cleaning and minor repairs, with Pioneer Railroad Equipment Co., founded on April 1, 1990. The locomotives are mainly leased to the railway companies of the Pioneer Railcorp group. The subsidiary Pioneer Railroad Services Inc. has been offering various administrative and marketing services for the subsidiaries since October 1, 1993. A twenty-page magazine was also published under the title “The Short Line”. With Pioneer Air Inc., founded on August 5, 1994, a company-owned aircraft ( Cessna 421 B) was operated. Pioneer Resources Inc. was incorporated on December 30, 1993 to manage real estate. The subsidiary Rail Switching Services Inc. offers various shunting services.
The acquisition of the company by BRX Transportation Holdings LLC was announced on May 17, 2019. BRX is an amalgamation of the investment companies Brookhaven Capital Partners and Related Infrastructure .
Railway companies
| Railway company | Reporting mark | State | Acquired | Submitted | comment |
|---|---|---|---|---|---|
| Alabama Railroad | ALAB | Alabama | October 25, 1991 | Acquisition of the route from CSX Transportation | |
| Alabama and Florida Railway | AF | Alabama | November 23, 1992 | August 2011 | Acquisition of the route from A&F Inc .; shut down |
| Decatur Junction Railway | DT | Illinois | September 23, 1993 | Leases from Cisco and CISI | |
| Elkhart and Western Railroad | EEA | Indiana | May 1, 2001 | Spin-off from Michigan Southern Railroad | |
| Fort Smith Railroad | FSR | Arkansas | July 7, 1991 | Missouri Pacific Railroad leased line | |
| Garden City Western Railway | GCW | Kansas | April 29, 1999 | Acquisition of all shares in the company | |
| Gettysburg and Northern Railroad | GET | Pennsylvania | February 20, 2001 | Acquisition of the Gettysburg Railway (GBRY) and the Gettysburg Scenic Railway (GSRX) | |
| Georgia Southern Railway | GS | Georgia | December 16, 2009 | Acquisition of Georgia Midland Railroad (GMR) from Atlantic Western Transportation | |
| Indiana Southwestern Railway | ISW | Indiana | April 1, 2000 | Acquisition of Evansville Terminal Railway assets | |
| Kendallville Terminal Railway | KTR | Indiana | February 1, 2001 | Spin-off from Michigan Southern Railroad | |
| Keokuk Junction Railway | KJRY | Iowa, Illinois | March 12, 1996 | Acquisition of KNRECO Inc. together with the subsidiary Keokuk Union Depot Company | |
| Michigan Southern Railroad | MSO | Michigan | January 6, 1999 | Acquisition of Michigan Southern Railroad (MSR) from Morris Leasing, Inc. and Gordon D. Morris | |
| Minnesota Central Railroad | MCTA | Minnesota | December 12, 1994 | May 6, 1999 | Acquisition from MNVA Railroad , sale to Southern Rail Resources Inc. |
| Mississippi Central Railroad | MSCI | Mississippi, Tennessee | April 1, 1992 | formerly Natchez Trace Railroad , renamed in 1993 | |
| Napoleon, Defiance & Western Railroad | ND W | Indiana, Ohio | January 3, 2013 | Acquisition of Maumee and Western Railroad by the Michigan Southern Railroad | |
| Pioneer Industrial Railway | PRY | Illinois | February 18, 1998 | Operation of the lines of the Peoria, Peoria Heights and Western Railroad (PPHW) on behalf of the Peoria and Pekin Union Railway (PPU) | |
| Ripley and New Albany Railroad | RNA | Mississippi | November 25, 2011 | Acquisition of the Mississippi Tennessee Railroad by the Alabama & Florida Railway | |
| Rochelle Railroad | RRCO | Illinois | March 25, 1996 | November 13, 1998 | |
| Shawnee Terminal Railway | STR | Illinois | November 13, 1996 | Acquisition of the Cairo Terminal Railroad | |
| Vandalia Railroad | VRRC | Illinois | October 7, 1994 | Acquisition of all shares in the company | |
| Wabash and Western Railway | WAB | Michigan, Indiana | December 19, 1996 | January 6, 1999 | Operation of the Michigan Southern Railroad (MSR) route under its name, renamed Michigan Southern Railroad (MSO) after its acquisition in 1999 |
| West Jersey Railroad | WJR | New Jersey | October 1988 | April 30, 1995 | Salem County lease expired in 1995; Renamed West Michigan Railroad in 1995 |
| West Michigan Railroad | WMI | Michigan | June 24, 1995 | 3rd November 2015 | Takeover of operations and subsequent acquisition of the Kalamazoo, Lakeshore and Chicago Railroad route ; Closed in 2012, sold to the Hamilton Hartford Group in 2015. |
Web links
- Company website
- Rail Insider-Pioneer Railcorp has flourished for 30 years thanks to the foundation built by a devoted founder. Information For Rail Career Professionals From Progressive Railroading Magazine. Retrieved December 5, 2017 (American English).
- OTC Markets: Pioneer Railcorp. Retrieved December 5, 2017 .
Individual evidence
- ^ Rail News - BRX Transportation to acquire Pioneer Railcorp. For Railroad Career Professionals. Retrieved May 20, 2019 .
- ^ DVV Media UK: Pioneer Railcorp buys Maumee & Western Railroad . In: Railway Gazette . ( railwaygazette.com [accessed December 5, 2017]).