Bessemer & Lake Erie Railroad v. Commonwealth

Opinion By

Judge Craig,

The Bessemer and Lake Erie Railroad Company (B&LE) and the Commonwealth have cross-filed exceptions to our opinion and orders of March 5, 1981, reported at 57 Pa. Commonwealth Ct. 340, 427 A.2d 699 (1981), in this capital stock valuation case under the Act of June 1, 1889, P.L. 420, and its repealer and successor statute, the Act of March 4, 1971, P.L. 88. We will first address B&LE’s exceptions and then those of the Commonwealth.

B&LE’s exceptions are twofold in substance.1

First, B&LE submits that our methodology failed to discount its stated book equity. As we noted in…