For a person interested in the history of
corporate bankruptcy, living in Northern New Jersey can be great fun, as
every day provides reminders of the great bankruptcy cases of the past,
particularly those involving the many railroads
that once converged here, all of which were in receiverships and/or section 77
proceedings at various points in time. The
sign pictured here is one I see every morning at the Newark’s Pennsylvania Station, even though
the last Penn
Central train departed several decades ago. I’m sure this has confused more than a few tourists over the past few
years!