Experience

SRC specializes in going concern valutaions for the railway industry.  Descriptions of experience in other industries are available on request.  

Uganda Railways Corporation (2002 to 2005)
Communications Advisor to the Government of Uganda relative to the privatization of Uganda Railways Corporation.

New York State Department of Transportation(2004 to 2005)
Valuation and litigation support services relative to condemnation of railroad right of way in Queens, N.Y.

RailAmerica, Inc. (2001 to 2002)
Valuation of 37 North American short line operating properties for financing purposes.

I&M RailLink (1999 to 2002)
Valuation and financial advisory services for bank lender group relative to financial reorganization of a regional railroad, including assistance with evaluation of strategic options and prospective acquirers.

Lackawanna Cutoff Commuter Rail Project (1998 to 2001)
Valuation and litigation support services (including pre-trial testimony) relative to condemnation of a 26-mile right of way for expansion of commuter rail service by New Jersey Transit.

Aiquille-Santa Cruz Interconnection Project (1999)
Pre-feasibility study for a Trans-Andean railway in Bolivia. The study will become the basis of a build-operate-transfer project creating a complete, single-mode corridor between the Atlantic port of Santos, in Brazil, and the Pacific port of Antofagasta, in Chile.

Puerto Busch Project (1999)
Pre-feasibility study for a river port and connecting railway in Bolivia comprising a 140-kilometer link between the existing national railway system at Motacucito and a barge terminal to be constructed at Puerto Busch on the Paraguay River. The project will provide Bolivia with unobstructed, sovereign access to the Paraguay River at a deepwater port location.

Companhia Fluminense de Trenes Urbanos (“Flumitrens”) (1998)
Due diligence study for prospective investment by private equity fund in a commuter rail concession in metropolitan Rio de Janeiro, Brazil, including the review of forecasts regarding the level of future ridership and the technical feasibility of transporting the forecasted number of riders, assuming certain operating and technical parameters. Relevant microeconomic and macroeconomic indicators for the Rio de Janeiro metropolitan area (including economic development policy, and expected population, employment and income growth) were analyzed to determine the validity of the sponsors’ estimates of ridership and ridership growth assumptions.

Ferrovia Centro-Atlantica / Ferrovia Sul Atlantica (“FCA / FSA”) (1998)
Due diligence study for prospective investment by private equity fund in two recently privatized Brazilian railways, including an analysis of the current financial, physical and regulatory condition of FSA and FCA.

Empresa Nacional de Ferrocarriles del Estado (“ENFE”) (1995)
Strategic advisory services to the Bolivian Government relative to the capitalization of ENFE (the Bolivian State Railway). The Government successfully auctioned a 50% interest in two new railway companies created from ENFE, each of which was “capitalized” through the infusion of new capital and then granted an exclusive concession to operate a designated section of the national railroad for a period of 30 years. 

Gateway Western Railway Company (1995)
Determination of the fair market value of the equity and the assets in connection with a financial reorganization, subsequent to which the Company was acquired by Kansas City Southern Railway.

Jefferson Warrior Railroad (1994)
Determination of the fair market value of an industrial railway in Birmingham, Alabama; the conclusion of value was successfully defended in litigation.

Brazilian Federal Railway (1992-1995)
Valuation for prospective privatization of the Brazilian Federal Railway and advisory services regarding privatization options and the development of a privatization strategy. Responsible for the international aspect of the selling effort that resulted in the successful auction of six regional railway concessions.

Minnesota Commercial Railway Company (1991)
Valuation of the business enterprise and expert witness testimony in defense of dissenting shareholder action. The Company continues to operate as an independent switching and short line railroad in the Minneapolis-St. Paul (Minnesota) metropolitan area.

Delaware and Hudson Railway Company (1990-1991)
Valuation of the railroad properties and financial advisory services for the trustee in bankruptcy, followed by sale to the Canadian Pacific Railway. Solvency (credit) analysis in connection with fraudulent conveyance litigation.

Chicago and North Western Transportation Company (1989)
Determination of the fair market value of the business enterprise in conjunction with a leveraged acquisition by Blackstone Group.

Chicago, Central and Pacific Railroad (1989)
Determination of the fair market value of the preferred stock in connection with a recapitalization, followed by a successful reorganization by its principal lenders, including General Electric Capital Corporation.

Transportation Properties of United States Steel (1988)
Determination of fair market value of the six U.S. Steel railroads (the Duluth, Missabe and Iron Range Railroad; the Elgin, Joliet and Eastern Railroad; the Lake Terminal Railroad; the Bessemer and Lake Erie Railroad; the Union Railroad; and the Birmingham Southern Railroad) in conjunction with a leveraged acquisition by Blackstone Group.

Burlington Northern Railroad (1988)
Consulting services regarding the feasibility of the independent valuation of railroad intangible assets for ad valorem taxation purposes.

Atlantic and North Carolina Railroad (1987)
Determination of value under three premises of value: (1) as an integral part of Southern Railway System; (2) as an independent enterprise; and (3) on a cost-of-replacement basis. Determination of the fair basis for an exchange of shares in a merger with the North Carolina Railroad. 

Union Tank Car Company (1987)
ACF Industries (1987)
General American Transportation Company (1987)
Appraisal of the companies’ equipment fleets for ad valorem taxation purposes.

North Carolina Railroad (1986)
Determination of value under three premises of value: (1) as an integral part of Southern Railway System; (2) as an independent enterprise; and (3) on a cost-of-replacement basis. Determination of the fair basis for an exchange of shares in a merger with the Atlantic and North Carolina Railroad.