A guy close to Vena’s inner circle overheard Vena getting ready to shut down ALL traffic through PNW. It’s not “efficient” to run freight on those lines is what was heard. The BNSF also runs through the PNW and will be interesting to see if they buy the UP tracks and yard.
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The OP said it was a reliable source though! It must be true if the OP said it was from a reliable source. If Vena was a changed man, then he should made a change himself and went back into retirement. The time he spends at the UP will not be made easy for him. That man spent many years working at a desk and not on the ground. It would've been more interesting if his fun facts said he spent 20 to 30 years on the ground actually doing work, instead of becoming the very thing that ACTUAL railroaders hate!
Never happen, the PNW moves most of the raw materials for export ie: grain, lumber, soda and potash. The BNSF could not handle the bizz. And you don’t just sell off main lines with 50-60 trains every 24-36 hours. Give “Jimbo” a chance… he is a changed man is what we’re being told!!!
There is no more "cheap money" for the company to borrow to buy back stock, that's one less avenue for shenanigans. But these geniuses will probably borrow at the higher rates anyways in order to fluff their stock based compensation.
PNW meaning Pacific North West?
I kind of doubt that will happen. There would have to be a vote from the board on whether or not that is in the company's best best interest. Vena also mentioned about him wanting to grow the company, and shutting down an entire region is the exact opposite of growth. The growth idea is what he told the investors and the company. If his whole idea was to cut employees and sell off anything he can to make a buck, then his CEO stint will be much shorter than expected. Since Vena showed up, the stock price has gone down and not up. Vena shrinking the network will only exacerbate the falling stock price. Shutting down any area and selling that available real estate to your competitor who already runs in that area only helps your competitor. Doing that would make the UP look more unstable than they are now and probably warrant a sell- off of stocks from the investors. Unloading stocks will tank the stock price incredibly fast. If the UP stock hits a Wall Street sell classification, GOODBYE Vena! Vena better wake up and ditch the "efficient" BS. The UP is big corporation. It's not a personal toy that he can play with or manipulate in any way he wants.