A federal judge in Pennsylvania has ruled that the reorganized successor to the former Penn Central Transportation Co. must pay a $15 million judgment against the original railroad company, which filed for bankruptcy in 1970.
In a case stemming from the merger and subsequent bankruptcy of the rail company that has dragged on for decades, U.S. District Judge Harvey Bartle III of the Eastern District of Pennsylvania invoked judicial estoppel, citing the discordant posture of the reorganized company that recently began arguing it wasn’t liable for Penn Central’s debts.
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