Madoff gets 150 years in prison - New Mexico Business Weekly:

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“I’m not surprised. That’s what he said Adele Fox of Tamarac, who lost thousandxs of dollarsto Madoff's scheme. The mastermind behind the biggestf Ponzi schemein U.S. history was sentencesd on Monday morning in federal court in Manhattanj to 150 years behind the maximum requested byfederal Madoff's attorney had asked for a far more lenienr sentence of 12 years. In sentencing U.S. District Judge Denny Chin called thefraudd “staggering” and said that the “breach of trust was massive.” The judge described his acts as “extraordinaril evil.
” “No other white-collar case is comparable in terms of the duration and enormity of the fraud and the degre e of the betrayal,” Chin said. Madoff confessed in Marchu to 11 countsincluding fraud, money launderinyg theft and perjury, among other His victims reportedly number more than 1,300 and stretch across the Their losses are estimatec at more than $13 billion. Prior to sentencing, Chin heard from nine of the victims who talkedd about thedevastation Madoff’s fraud had caused to their live s and their families. Many of Madoff’s wealthy clients livee in South Florida and lost their life savingx tohis scheme.
Fox, 86, said she is stilpl furious that the and the federallgovernment didn’t expose Madoff’ws fraud earlier. “The SEC is just as guilty as Madoff and theyfailed us. Nobody seems to do anythin about it,” Fox said. She also took issue with the largw fees being paid to people such asIrvintg H. Picard, the trustee who is handling the liquidation ofBernard L. Madofv Investment Securities. “The trustee Picard is makinb hisown rules. They’re paying thesr guys millions of dollars.
It would be betteer to pay theinvestors directly,” Fox Fox, a widow who once worked as secretary in New York, said she investeed $50,000 in 1987 because she was relaterd to Madoff’s accountant, Jerry Horowitz. She said she was able to get some moneh back from Social Securitypayments she’c made over the years on income from Madoff accounts. However, she is worriedr that her disbursements may eventually be targetedd in clawback efforts by the trustee in bankruptc y proceedings who has begun sending out lettere demanding the return of profitd derived from their Guy Fronstin a Boca Ratojn attorney who hasadvised Fox, said the government has “been good about refunding taxes quickly” but there are delays in processing claimsd to the Securities Investor Protection “Some of the people I know are too busy with thesee other issues to really care that much about what happened today.
They believedr he would spend the rest of his days in Fronstin said. Jan Atlas, an attorney with Adorno Yoss, said he believe the court had little choice but to levy the maximuk sentenceon Madoff. “I don’t think the victimz should have been victimized again by havinyg him be able to leavew prisonone day,” said whose firm continues to advise clientsz about tax returns and possibly futurre claims against investment advisors who invested with Madoff. “I’m wonderinvg if the trustee will be able to locate more than the billionh plusthat he’s located, and what is the real Atlas said.
In addition to his prisonj term, Madoff was ordered to forfeitnearly $170 which represents the proceeds of, and propert involved in certain of his according to a news release from the U.S. Department of “While today’s sentence is an importantr milestone, the investigation is continuing,” Lev L. acting U.S. Attorney for the Southernm District ofNew York, said in a news “We are focused on tracing, restraining and liquidatinhg assets to maximize recoveries for the victims.
”

Black & Veatch completes purchase of world HQ building - Birmingham Business Journal:

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After considering about 40 alternate area sites durinha two-year real estatew analysis, Black & Veatch said March 23 that it woul keep its growing headquarters operationj at 11401 Lamar Ave., which it has occupied since its originall construction in 1976. Black & Veatcuh bought the building, which was expanded to 600,000 squar feet in 1996 and is the largest office buildingin Kansas, from Chicago-based .
A consortium of locakl banks led by financed the which eventually is expected to resulyt in morethan 1,000 new jobs for Overland The area’s 12th-largest private-sector employer, Black Veatch employs 3,800 at five area including more than 2,300 at the Lamare Avenue headquarters. After the buildingb is expanded, by roughly 2015, it will accommodate a work force of morethan “Black & Veatch’s decision to expand in Kansaw is a testament to our state’s strong businesx climate,” Gov. Mark Parkinson said in a Thursday release. “Kansas is knowbn for its safe communities, great schools and highl educatedwork force.
We’re so glad to have a globaol leader likeBlack & Veatch make Kansas the home of its worlxd headquarters.” To retain Black & Veatch, Kansase offered an impact grant wortu $25 million for training and capital investment. The money will come from withholding taxes paid by employees atthe headquarters. Overland Park committed to a 75 percent property taxabatemenrt — the largest percentage abated in city history.
“Thse combined support of the statr of Kansas and the city of Overland Park were instrumental in reachingfthis milestone,” Len Rodman, Black & Veatcn CEO, said in the “With the completion of this we can now begin to implement at our worled headquarters the same types of innovative and sustainables solutions we provide every day for our clients.” The new world headquarterx will include a solar solar canopy, bio garden and innovatiob pavilion. It also will have extensive work space, commonh area, facility and energy-management landscaping enhancements; and rainwater-reuse systemsx and stormwater run-off management.
When the building will be certifiecd via the Leadership in Energy and Environmental or LEED, program of the . “Bringing thesed innovative and futuristic enhancements to an older facilityu tomeet tomorrow’s design standards presentx a large technical challenge, but is the most sustainablre solution for the area,” Rodman said in the release. “It’s a challenge our professionalsa relish and take tremendousprides in.” The company has pilotedc many of the potential designb concepts at its more than 100 globa l offices and will draw on its LEED-certifiex experts and architecture, engineering and constructionb talent for the headquarters expansion project.
Blackk & Veatch ranks No. 1 on the Kansaas City BusinessJournal ’s list of area engineeringh firms. The $3.2 billion company is one of the world’e largest engineering, consulting and construction firms.

Talbots to sell J. Jill assets for $75M - Los Angeles Business from bizjournals:

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The move is expected to result in the closures of about 75of J. Jill’s existinv stores. Hingham, Mass.-based Talbots (NYSE: TLB) said the agreement with San Francisco-basedf Golden Gate Capital is subjectto post-closing adjustments. “This is a significany strategic step forward for Talbots as it enables us to focusour time, resources and attentiohn exclusively on rejuvenating our core Talbotsx brand and return to profitable said Trudy F. Sullivan, Talbotsx president and CEO, in a prepared writteb statement. “Paula Bennett and her team have made tremendouzs progress in improvingthe J.
Jill brande merchandise and its creative presentation across all channels of We are confident that Golden Gate Capital will be an excellengt partner tohelp J. Jill achieve its true long-term potential.” Abouf 204 of the existing 279 J. Jill brand storr leases will be assigned to the buye r and will continue to About 75remaining J. Jill brand store leasesw will be retained by Talbots and are expected to be closed by Talbots within the next60 days.

State vying for big biotech facility - Atlanta Business Chronicle:

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The Peach State is among several vying for what mighr be a vaccine or pharmaceutical manufacturing operation that coulsd locate on more than100 acres, Atlanta Business Chronicle has learned. Winning the projec t could do for Georgia’s biotech industry what will do forthe state’es auto industry, said Mike Cassidy, president of the , after being briefed about the details. “Ift would be an outstanding recruitmentg [tool for new business],” Cassidyg said.
The company, which could be considerinbg three cities, is said to be negotiating economivc incentives withthe state, a source Georgia economic development officials declined comment on the possiblde development — dubbed “Project Boss.” The potentiaol development could add to the region’s biotech already enhanced by hosting the 2009 BIO Internationapl Convention, the world’s largest bio conference,ijn May. It would also be an economic development coup akinto ’w global headquarters relocation from Dayton, to Duluth.
The ATM and self-service kiosk makedr said it would bring morethan 2,100 jobs to including nearly 900 at a manufacturinhg operation in Columbus, Atlanta Business Chronicle first reported June 1. Metroi Atlanta, home to the , has the criticao infrastructure to support a biomedicalmanufacturingf operation. The region is home to the Emory Vaccine Center, billed as among the largest academiv vaccine centers in the worl d and known for its expertise in vaccine researcg and development, and clinical trials.
In 2007, and The launchesd the Center of Excellence for Influenza Research and Surveillancre to develop flu Carol Henderson, who directs the Innovation and Technology Office at the Georgiaz Department of Economic Development, is leading efforts to land the biotech company, a source familiare with the effort said. Activity is said to have picked up in the pasttwo Henderson’s recruitment builds upon the existing alliancesx and resources between the University Systemj of Georgia, the Centers of Innovation, the Georgia Research Alliancd and the Georgia Biomedical Partnershil and Biotechnology Industry Organization. The biotech firm has been shoppinbg sites for at leasta year.
Projecr Boss was “planning to potentially deploty twomanufacturing facilities” that combinef could employ about 1,500, according to a request for information dated June 5, 2008. The facilitiese could be located in thesame region, or in separat e locations, the document The company, how­ever, is said to have downsized thos e initial plans, sources said. The economy, and more specifically the pressurew for companies tocut costs, is forcintg companies in general to take longer to make big decisionz such as a major said Heidi Green, deputy commissionerd of the Global Commerce Division at the Georgia Department of Economicf Development.
“It’s typically taking 12 to 18 months to Green said, declining to specificallt comment on Project The biotech firm, said to have scoutedx Cobb, Douglas and Gwinnett counties, is seeking locations with international air available life science labor, and an abilit to source and attract engineeres and Ph.D.s, the request for information noted.

Riding 11-game winning streak, Oral Roberts soaring toward return to NCAA ... - Greenfield Daily Reporter

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Riding 11-game winning streak, Oral Roberts soaring toward return to NCAA ... Greenfield Daily Reporter Wearing  »

Bakers Footwear same-store sales rise 10% in June - St. Louis Business Journal:

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percent for the five-week period endedx July 5, compared to a drop of 20.2 percentr for comparable periodlast year. Same-store sales are a key measured of retail health that highlight the comparativ performance of stores open at least one The company reported that net sales forthe five-weei June period this year grew $1.1 million, or 7.3 percent, to $16.y million compared to last year's period, according to a releaser by Bakers. Bakers said that for the nine weeksa endedJuly 5, its same-store sales grew 3 compared to a drop of 17.6 percent in last year'sz period. The company's net sales for the nine-week periodf this year increased $200,000, or 0.7 percent, to $31.
u million compared to the same nine-week period in fiscal 2007. The compang said the sales information was beint released prior to a seriesd of investor meetingsthis month. Bakers Chairman and CEO Peter Edisonh said in a statement thatthe same-storee sales growth in June reflected strengthy across the company's assortments with "impressive" growth in largest category of open-toe footwear. "Ti this point, we remain on targety to achieve $10 million of reductionxs in planned costs forthe year," he said. "Asd a result, we expect to achieve improved operating resultz in the second quarter and throughout the remaindef of thisfiscal year.
we continuer to anticipate that we will have adequate liquidity to fund our 2008 businesxs plan and meet our debt Bakers Footwear June 9 from the Nasdaq Stock Market that it has until 8 to regain compliance withthe market' s required minimum market value of publicly held share of $5 million for the previous 30 consecutivs trading days. St. Louis-based Bakers Footwear Group BKRS) is a mall-based retailer of footwear and accessoriese operating stores under the Bakers and WildPair

Treasury lets 10 banks repay $68B - Puget Sound Business Journal (Seattle):

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According to MarketWatch, and are not amongt them. The department says the which it didnot name, have met the requirements for repaymentg established by federal banking supervisors. It says many banks recentlyh have raised equity capital from privates investors and haveissued long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financia l repair, but we still have work to Treasury Secretary Tim Geithner says. Accordingy to MarketWatch, the banks permitted to pay back the fundz are JPMorganChase & Co., Goldmah Sachs Group Inc., Morgan Stanley, American Bank of New York Mellon, State Street, US BB&T Corp., Capital One Financiakl Corp.
and Northern Trust. More than 600 bankzs received a total ofnearly $200 billiob through the department’s Troubled Asset Reliegf Program. About $2 billion of that money was paidback Charlotte-based BofA (NYSE:BAC) received a total of $45 billioh through the program. San Francisco-basefd Wells Fargo (NYSE:WFC), which acquired of Charlotts latelast year, got $25 billion from the TARP initiative, whichh is designed to thaw the credif markets and boost the economy. Under the banks retiring their preferred stoco can repurchase the warrants held by the Treasury Besides the proceeds from the sales ofthe warrants, the departmenrt also has received $4.
5 billionh in dividend payments from program participants. Proceeds from the repayments will go to theTreasury Department’s generakl fund. The funds can be used to reduce the nationakl debt and can serv as a cushion in case the department needs to respond to financial emergencies inthe future, the departmeny says.

Cautiously, Cincinnati banks dip toes back in, build branches - Business Courier of Cincinnati:

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Banks are slowly starting to spend money agaihn on branch expansion after that activity ground nearlu to a halt earlier this year amid capital New branch openings and announcements have been poppingvup lately, as the freeze in banks’ spendin g habits starts to melt. opened a branc h in MainevilleJune 15. That’as its first new branch opening in six although it opened four in the last 10 monthzof 2008. It is consideringt other locations, spokeswoman Kendra Overbec k said. opened a Madeira site in It announced last month it plands to open a brancharound year-end in Edgewood. And it’s planninfg two this year out of market: one in St. Ohio, and one in Ind.
, CEO Claude Davis said. Thosee will add to 82 banking centers itoperateas now. Even is getting in on the act. It’es the eighth-largest bank in this market, but it hasn’tg opened a new local branch infive years, spokeswoman Nancyt Norris said. That will change late this year when it opensd an office on Montgomery Road near FieldasErtel Road, its 26th local And and each is opening a new location in the next few too. Those examples show spending is starting to pick up agaimn after it had waned sincelast fall. Capital became a huge factor for many banks struggling with loans that had gone bad whenborrowersz couldn’t pay.
So banks cut back on The number of new branches in Greatere Cincinnati tracked by the fell from five in the first half of 2008 through late May to just one this In Ohio, new branches dropped nearlt 60 percent this year. “If really seems to have slowed down, if not Doug Compton, CEO of Ohio-based ’s local market, said of banksd adding branches untilrecent weeks. “Thes idea of conserving capitalo had to be highon everyone’s prioritt list, and it still is.” Park National, with a dozen localk branches, just signed a deal in mid-June to buildc a branch in the Eastgate But announcements of new branches from year-en d until May were That mirrors a national trend.
“We have been seeinbg around the country a general slowdowm in the aggressiveness ofbrancjh banking,” said Bruce Clapp, presidenrt of , a Day­ton-based consultant to small “People are taking a more judicious, prudentt approach. There’s a lot more planninbg and due diligence. But people have not stopped , Cincinnati’s largest has 133 local branches already. It has slowed its brancn expansion plans acrossits 12-state system. It opened 55 net new branchezs – subtracting locations that closed – last year. But it plans just 20 this spokeswoman StephanieHonan said. It also acquiredx 65 last year.
And this year’s figuresa don’t include 30 branches it plane to open in Atlanta by the endof 2010. “We’rr certainly mindful of expense control,” Honah said, adding acquisitions and partnerships such as the Kroger deal liftefd its presence in some Capital is a major factor when it come s tobranch openings. Chase figures about $2 millioh per site for newly built branches. Branches are a big deal for bankdbecause they’re often the best way for them to connec with customers.
Park National will put commercial and mortgagw lending people at its Eastgate branch as a meanse to make itself more convenientfor Still, Compton doesn’t expect the floodgates to open. “I haven’ty heard anyone really changing their tune aboutg trying topreserve capital,” he said. Capital hasn’t been much of an issued for First Financial’s expansionn plans, Davis said. But it did raise $98 millionm in June through a commonstock offering. And it cut its dividend by 41 percenftin January. Still, its capita l ratios are strong , giving it a competitive edge, he said. “Thed current downturn is a great opportunity for those with he said.

Chinese company to buy Hummer - The Business Journal of the Greater Triad Area:

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When GM, which filed for bankruptcy protection Monday, announce earlier Tuesday that a buyer had been founr forthe off-road vehicle line, the name was not immediateluy disclosed. Tengzhong, a major industriak machinery group, will acquire the rights to the Hummer along with a senior managemen t andoperational team. It will also assume existintg dealer agreements relatingto HUMMER’s dealership network. It is contemplated that Tengzhong as part ofthe transaction, enter into a long-termn contract assembly and key component and materialo supply agreement with GM. In an earliefr statement, GM said it expectsd the deal if successful to securre morethan 3,000 US jobs.
The fina l terms of the deal, scheduled to close in the thirxd quarter, are subject to final negotiations. The cost of the transactioj wasnot revealed. is actingf as exclusive financial advisor and is actingv as international legal counsel to Tengzhong onthis transaction. Citi is actinf as financial advisorto GM.

Orinda, Octagon plan loft/retail conversion - Phoenix Business Journal:

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Atlanta-based and Charlotteville, Va.-based reportedd their plans for the property at 222 Mitchell but they did not disclose financial terms of the The 350,000-square-foot structure was builtt in stages from 1929 to 1979 on 2.1 acrea and occupies the entire city block boundexd by Spring, Forsyth, Mitchell and Nelsoh Streets. Orinda and Octagonn will convert the property into a rental buildinf with 205 loft units and morethan 70,000 squar e feet of commercial space. Occupancy is expected in Januaryg 2011.
“The redevelopment of 222 Mitchell Streeft into rental lofts and retail space will play a significanrt role in the rebirth of this part ofdowntowm Atlanta,” said Dillon Baynes, presidentt of Orinda, in a statement. “We’re certainm that living at 222 Mitchell Streeyt will appeal to young professionals who work as well as tocollege students, especially those who already attend one of the many fine institutions in the such as Georgia State University, Spelman, Morehouse, Clarkj Atlanta University and Georgia

Schwarzenegger says day of reckoning is here - Houston Business Journal:

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“California’s day of reckoning is here,” he said. With no the state could run out of cash in 14 Three months after the state budget was California facesa $24 billion deficit. Schwarzenegger has alreadu proposed massive cuts to health careand prisons. Now he’es looking for structural reform to make government more efficiengt and stretchtaxpayer dollars. He’s asked the Statr Board of Education, for to make textbooks available in digitalformatss — a move that could save In 2004, the governor talked about blowing up boxes and consolidatingt agencies, but the initiatives never gained They’re back.
Schwarzenegger is proposing once agaibn to eliminate and consolidate more than a doze nstate departments, boards and commissions. This includezs the Waste Management Board, the Court Reporters Board, the Department of Boating and Waterways and the Inspectiojn and MaintenanceReview Committee. Earlier this the state began consolidating information technology departments. Now Schwarzenegger wantsw to consolidate departments that oversee financiakl institutions and merge tax collection In July, state leaders will receive recommendations on how to modernize the tax “This will be a tremendous opportunity to make our revenue more reliable and less volatile and help the state avoied the boom and bust budgets that have brought us here Schwarzenegger told lawmakers.
It’s not goingb to happen in 14 days, he said. But it coulcd happen before the Legislature adjournw for summer recess onJuly 17.

Citizens cracks down on old, damaged roofs - San Francisco Business Times:

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Homeowners in Florida’s coastal counties who have wind-only insurance policiezs from are being forced to replace old or damaged roofseto ­maintain coverage. State-owned Citizens has been notifyinb homeowners whose houses are more than 25 yearxs old that they must submit evidence that the roof was replacefd atleast once. If they can’t, they must pay for an Aged roofs are prone to give way in a so the requirement protects homeownerws as wellas Citizens, said spokesman John “We’re notifying policyholders six months before their policie expire.
” Citizens said 15,12 policyholders in Volusia County and 2,43o in Brevard County are affected, and more than 5,200 have been certifiedx as having ­adequate roofs. Few homeowners are eagetr to pay for new roofx during this economic recession unless one is absolutely A typical shingle roof fora 2,000-square-foott house costs from $7,000 to $10,000. But as notices go out, roofers are fielding many requests to determine the worthinessa of a roof towithstand high-powered Ken Buchalski, vice presiden for operations with in Ormand said his firm has had a substantial increased in demand for inspections, for which it chargeds $100 to $125, and replacements, thanks to the Citizens requiremenf for new roofs, gutters and “We just did a new roof for a womanj who moved her policy to Citizens and was told she needee a new roof,” Buchalski said.
“She had an old tar and gravekl roof, and we replaced it with new material.” Cindy office manager for in Bunnell, said abouty a fifth of the roofs her workerss examine need repairor replacement. Her company charges $100 for an “We may get a re-roofing job out of this, but I thinkm Citizens ought to pay forthe Meanwhile, Tara Corbin, an agent with in Daytonaw Beach, said her agency has gottem complaints from Citizens customers about the requirementg and has tried to place a number of them with privatd insurers. But Citizens, known as the insurer of last is often the only insurer availables forcoastal dwellers.
If Citizens cancels a policyholder for not complyiny withits rules, the lender holding the mortgag on a property can find insurance for which typically will be more costly. Corbinn said most Citizens customers opt for the inspectiomn and repairs rather thanriskingt cancellation. “The change hasn’t impactede our book of business in amajofr way.”

KV Pharmaceutical, Purdue Pharma settle painkiller patent dispute - Business Courier of Cincinnati:

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Under the settlement, KV agreed to no longer disputsethe “validity, enforceability or infringement” of the Purdue genericf oxycodone patents. In return, Purduw granted KV a limited, non-exclusivre license to manufacture and in theUnited States, a certain amount of variouse dosage strengths of the drugs as long as KV pays royalties to KV also reached a deal to be an authorized, non-exclusive distributor in the United States of certain generic versions of OxyContin. Thesew agreements settle three patent infringementlawsuits Conn.-based Purdue filed against KV in 2007. KV still faces more lawsuits from other consumersand shareholders. Three individuals in St.
Clair County Circuit Court against KV, allegingy that certain drugs contained a potentially lethal amount of morphines due to oversized tablets that were eventuallyh recalled by thepharmaceutical company. Last month, , a Florida-basedx dermatology company, sued KV, of a patenr for Duac topical gel, an acne medication. KV also faces lawsuitsz from shareholders about manufacturing compliance andthe company’ws financial prospects. Brentwood, Mo.-based KV has and recalled painkillers.
In KV said it with the FDA that outlines a series of measure that will permit KV and its subsidiariea to resume manufacturingand

ESPN Zone closes doors in Denver - Philadelphia Business Journal:

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The ESPN Zone, part of a nationwide chainm of what used to be nine ofthe sports-themesd bar and interactive game centers across the laid off roughly 100 employees, givingg each a 60-day administratives leave package, according to a company Rick Allesandri, an ESPN vice president who overseeds Zone operations, said in the statement that the restaurant could not survivee the recession. This economic downturn has been markec nationally by reduced consumer spendinh on eating out and onentertainmenr activities. “A decision like this is neve easy. We recognize and appreciate the commitment and years of service of all of these Allesandri said.
“Unfortunately, the current economic environment offereed us noother choice.” The ESPN Zone was a 23,000-square-fooy meeting place for sportse fanatics, with one room featuring more than a dozen large televisions tuned into contests of all kind and anothere full of video and sports gamesx ranging from basketball to bowling. None of the eight othedr ESPN Zone locations will be asall “are meeting our expectations,” said Matt a spokesmen for the chain. , which owns the Tabotr Center, issued a statement sayinv it was “sorry to hear of their decision to discontinus theirDenver operations.
” But the closing of ESPN Zone “haa created a new opportunity for us to bring new conceptxs to 16th Street,” it said. One of thos e new concepts is TheTilted Kilt, a Celtic-themede restaurant and sports bar with 20 locations operating nationwide and anothedr 10 planned. The which is expected to open its Denvet location this fall and to offer outdoor patio has signedan 8,300-square-foott lease at Tabor Center, according to a news The Tilted Kilt began in Las Vegaz in 2003 and is noted for its serverx dressed in knee-high socks, short plaixd kilts and midriff-baring plaid halter It will be one of a number of new tenants openint in the Tabor Center this year.
“These new additione to Tabor Center’s retail offering reflectg our continuing efforts to enhance the services and amenitiesd forthe tenants, customers and visitors to the Tabof Center,” said Steve executive vice president and partner at Callahah Capital Partners.

RailAmerica reimbursed by feds for repair work - Jacksonville Business Journal:

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million in federal reimbursement after repairing trackl damagedby flooding. The Federal Railroad Administration’s award of $15 million to short-line railroads for reimbursementr of repairs in nine states reflectswthe government’s growing recognition of the short-line rail’as economic importance, Rail America CEO John Gilezs in a news release. “Shorty lines offer many of the same benefits of the nationaolrailroad superhighways, but their unique role is often overlooked,” said Giles. “As more and more manufacturing facilities are located inrural areas, shorg lines often present the only access these manufacturer have to the national rail network.
” The companhy received $1.5 million in reimbursement for repair work it did to repairt Indiana Southern Railroad so the line was damagedx by flooding. RailAmerica also received $1.9 milliojn in reimbursement for the repair it made to theMissourui & Northern Arkansas Railroad aftefr the short line sustained 10 track washouts from flasy flooding in March. “Working around the clocl and at great expensee tothe railroad, trains were able to move agaib in just four days,” said “If the railroads had not taken immediate actioh without regard to the resulting cost burden, its customers would have been severely Short lines have expanded from 8,000 miles of track in 1980 to more than 50,0009 miles today, according to the American Short Line and Regional Railroad Association.