SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
May 2, 1995
_____________
Date of Report (Date of earliest event reported)
DELAWARE OTSEGO CORPORATION
___________________________
(Exact name of Registrant as specified in its charter)
New York 0-12985 16-0913491
______________________ ____________ __________________
(State or other juris- (Commission (IRS Employer
diction of incorpora- file number) identification
tion number)
1 Railroad Avenue, Cooperstown, New York 13326
_____________________________________________________
(Address of principal executive offices) (zip code)
607-547-2555
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(Registrant's telephone number, including area code)
ITEM 5. Other Events
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On May 2, 1995, the Registrant issued a press release in the form
attached hereto as Exhibit 1.
ITEM 7.
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(c) Exhibits
1. Press Release dated May 2, 1995.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
DELAWARE OTSEGO CORPORATION
Dated: May 2, 1995 By: WALTER G. RICH
______________________________
Walter G. Rich
President &
Chief Executive Officer
EXHIBIT 1
For Immediate Release May 2, 1995
For More Information: Nathan R. Fenno, Ext. 236
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Walter G. Rich, President and Chief Executive Officer of Delaware Otsego
Corporation (NASDAQ Symbol "DOCP"), announced today that the Company has
entered into tentative agreements, together with other investors, to acquire
the Toledo, Peoria & Western Railway ("TP&W"). Pursuant to the agreements,
which are subject to several contingencies, including financing, Board of
Directors and lender approvals, the Company will acquire 40% of TP&W for cash
and stock valued at $2.25 million, including the issuance of 100,000 shares
of its common stock to one of the other investors.
TP&W is a 284 mile Class III railroad which runs from Fort Madison,
Iowa across North Central Illinois to Logansport, Indiana. Mr. Rich noted
that acquisition of an interest in TP&W provides DOC with an opportunity to
diversify its rail holdings both geographically and by commodity, as well as
to provide improved service to its intermodal customers. Gordon R. Fuller,
President of TP&W, stated that TP&W looks forward to working with Delaware
Otsego and the other investors, and that the transaction will provide TP&W
with a basis for greater stability in serving its customers and for future
growth.
Mr. Rich also reported that the Company has entered into a definitive
contract for its previously announced sale of an 8.8 mile long railroad line
located in Union County, New Jersey to the State of New Jersey for $6.4
million. Mr. Rich stated that the transaction, which is expected to close
in mid-May 1995, will result in gain of approximately $5.3 million.
Delaware Otsego Corporation is a non-rail holding company whose
principal subsidiary, The New York, Susquehanna and Western Railway
Corporation, provides rail freight service to customers in New York and New
Jersey.
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