45 U.S.C. § 905 : US Code - Section 905: Employee or employee-shipper ownership plan

Search 45 U.S.C. § 905 : US Code - Section 905: Employee or employee-shipper ownership plan

(a) Submission of plan to Commission; approval; findings
(1) No later than December 1, 1979, an association composed of
representatives of national railway labor organizations, employee
coalitions, and shippers (or any combination of the foregoing) may
submit to the Commission a single plan for converting all or a
substantial part of the Milwaukee Railroad into an employee or
employee-shipper owned company and a method for implementing such
plan. The plan shall include a comprehensive evaluation of the
prospects for the financial self-sustainability of the Milwaukee
Railroad.
(2) The Commission shall, within 30 days after the date of
submission of a plan under paragraph (1) of this subsection,
approve the proposed plan if it finds that such plan is feasible.
The finding of the Commission with respect to the feasibility of
the plan shall be made pursuant to section 554 of title 5.
(3) The Commission shall make a finding that the plan submitted
under this section is feasible if it determines that -
(A) adequate public and private financing is available to the
proponents of such plan;
(B) such plan is fair and equitable to the estate of the
Milwaukee Railroad;
(C) implementation of such plan will occur by April 1, 1980;
(D) the railroad proposed to be operated under the plan can be
operated on a self-sustaining basis; and
(E) the plan contains an assessment of all operating practices,
and includes agreements by labor and management to make
implementing changes designed to achieve labor productivity
increases (which may include changes in work rules to increase
productivity) consistent with safe operations and adequate
service.
For purposes of the determinations under this paragraph, adequate
financing shall include all sources of private funds, the probable
value and priority of valid claims against the estate, and Federal,
State, or local funds available under programs (in existence as of
January 1, 1980) which are or will be available to the proponent
and which the proponent is likely to obtain.
(b) Submission of findings to bankruptcy court
If the Commission finds that the plan submitted under this
section is feasible, it shall submit its finding to the bankruptcy
court. Within 10 days after the date of such submission, the
bankruptcy court shall, after a hearing, determine whether such
plan is fair and equitable to the estate of the Milwaukee Railroad.
The Commission's determination with respect to that issue shall be
rebutted only by clear and convincing evidence.
(c) Implementation of plan
If the Commission finds that the plan is feasible and the
bankruptcy court determines that the plan is fair and equitable to
the estate of the Milwaukee Railroad, the proponents of such plan
shall implement the plan no later than April 1, 1980.
(d) Judicial review
Except as provided in this section, the findings of the
Commission with respect to the plan shall not be subject to review.
(e) Furnishing of reports and other information for preparation of
plan
(1) The trustee of the Milwaukee Railroad shall promptly provide
to the person engaged in developing the employee or employee and
shipper ownership plan under this section -
(A) its most recent reports on the physical condition of the
railroad; and
(B) traffic, revenue, marketing, and other data necessary to
determine the amount of the acquisition cost of the railroad or
portion of the railroad that would be required to continue rail
transportation over the railroad line.
(2) Information provided pursuant to this subsection shall be
used only for purposes of preparing a plan and shall not be
disclosed to any competitor or, unless necessary in connection with
the preparation of the plan, to any customer of the Milwaukee
Railroad.