/PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) sent the following letter to the Surface Transportation Board ("STB") today in response to.
Canadian National Ry. – Control – Kansas City Southern
Dear Ms. Brown:
I am writing on behalf of the Canadian Pacific
1 in response to the Motion to Adopt Procedural Schedule for Renewed Motion for Approval of Voting Trust Agreement (CN-15) filed by Canadian National ( CN ) this morning.
CN s proposed three business day period for public comment on a Renewed Motion it has not yet prepared or filed is not constructive,
2 and is based on the false premise that members of the public were under an obligation to respond yesterday (
i.e., were only a few hours from the deadline to do so ) to CN s previous motion for voting trust approval. The Board should not be cowed by CN s gamesmanship and aggressive tactics.
CP’s letter, reproduced below in full, comes three days after CN proposed a voting trust using the same trustee, former KCS President and CEO Dave Starling. “STB has already decided that CP’s proposed use of a voting trust is subject to the pre-2001 merger rules, which entails different standards and processes than those governing CN proposal for review under current regulations,” CP said.
The letter is from whom many industry observers say is arguably one of the best railroad regulatory attorneys in practice today, David L. Meyer:
The Honorable Cynthia T. Brown Chief, Section of Administration, Office of Proceedings Surface Transportation Board 395 E Street S.W. Washington, DC 20423
CP: CN’s Voting Trust Rationale ‘Contrary to Law’
April 27, 2021
Washington D.C. attorney David L. Meyer.
Yet another letter. Be warned: This one, nearly 3,000 words, is from Canadian Pacific’s attorney to the Surface Transportation Board. It essentially says CN has it totally wrong by asking the STB to approve a voting trust for its proposed acquisition of Kansas City Southern under the same conditions as a CP-KCS combination.
CP’s letter, reproduced below in full, comes three days after CN proposed a voting trust using the same trustee, former KCS President and CEO Dave Starling. “STB has already decided that CP’s proposed use of a voting trust is subject to the pre-2001 merger rules, which entails different standards and processes than those governing CN proposal for review under current regulations,” CP said.