Farmrail System, Inc. has submitted a notice of exemption to continue controlling Land Rush Rail Corporation (LRRC) once LRRC becomes a Class III railroad. This relates to LRRC's plan to lease and operate a rail line owned by the Oklahoma Department of Transportation and Blackwell Industrial Authority. The line does not connect with Farmrail's other railroads, which exempts it from certain approval requirements. The transaction involves Class III carriers only, meaning employee labor protections typically required for larger transactions do not apply. If all information is accurate, the earliest the transaction may proceed is March 20, 2025.
Simple Explanation
Farmrail System, Inc. wants to help a new train company, called Land Rush Rail Corporation, get started by leasing some train tracks they don't already use. This way, they can run some trains on it without needing tons of paperwork, and they won’t have to worry about special rules for workers because it's a small train job.