Rail Management Corporation (RMC), based in Panama City Beach, Florida

Panama City Beach, Florida

Panama City Beach is a city in Bay County, Florida, United States, on the Gulf of Mexico coast. The city is often referred to under the umbrella term of "Panama City", despite being a distinct municipality from the older and larger inland Panama City to the east, making Panama City and Panama City...

, was a holding company

Holding company

A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...

 of short line railroads in the southeastern United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

.

History

On May 26, 2005, Genesee and Wyoming (G&W) announced that it has agreed to purchase RMC's railroad operations. G&W will pay $

United States dollar

The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....

243 million in cash and assume $1.7 million in company debt to gain control of 14 short line railroads from RMC across the southeastern United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

, as of June 1, 2005. The owners of RMC would then use cash derived from the sale to purchase several radio stations, including WILN, WKMX

WKMX

WKMX is a radio station broadcasting a Top 40 format. Licensed to Enterprise, Alabama, USA, the station serves the Dothan, Alabama, metropolitan area...

, KDAY

KDAY

KDAY in Redondo Beach and KDEY in Ontario are a pair of synchrocasting radio stations based in South Los Angeles that airs an Classic hip-hop format aimed at African Americans in the 18-49 range. The station is owned by Magic Broadcasting, LLC and broadcasts at 93.5 MHz on the FM dial...

, and WYYX

WYYX

WYYX is a commercial radio station located in Panama City Beach, Florida that has its transmitter licensed for Bonifay, Florida, broadcasting to the Panama City, Florida area on 97.7 FM. WYYX airs a modern rock music format. It is known as "Panama City's Rock Station."The station currently...

 among others.

Holdings

RMC holds controlling interests in the following railroads:

• AN Railway
  AN Railway
  The AN Railway is one of several shortline railroad companies owned by the Genesee & Wyoming parent company. It operates between Port Saint Joe, Florida and a connection with CSX's Pensacola & Atlantic and Tallahassee Subdivisions at Chattahoochee, Florida, with a short spur to Apalachicola, Florida...
  
  
• Atlantic and Western Railway
  Atlantic and Western Railway
  The Atlantic and Western Railway is a Class III short-line railroad operating about of track in Lee County, North Carolina. Atlantic and Western is part of Genesee & Wyoming Inc. and formerly part of Rail Management and Consulting...
  
  
• Bay Line Railroad
  Bay Line Railroad
  The Bay Line Railroad is one of several short line railroad companies owned by Genesee & Wyoming Inc. It operates between Panama City, Florida, and Dothan, Alabama, including a branch from Grimes to Abbeville, Alabama, reached via trackage rights on CSX's Dothan Subdivision between Dothan and Grimes...
  
  
• Copper Basin Railway
• East Tennessee Railway
  East Tennessee Railway
  The East Tennessee Railway is a short line railroad linking Elizabethton, Tennessee to CSX Transportation and the Norfolk Southern Railway in Johnson City, Tennessee, away. Since 1996, the railroad has been owned by Genesee and Wyoming, an international operator of short line railroads, as part...
  
  
• Galveston Railroad
  Galveston Railroad
  The Galveston Railroad is a Class III terminal switching railroad headquartered in Galveston, Texas. It primarily serves the transportation of cargo to and from the Port of Galveston....
  
  
• Georgia Central Railway
  Georgia Central Railway
  The Georgia Central Railway operates about of track from Macon, Georgia through Dublin, Georgia and Vidalia, Georgia to Savannah, Georgia. It also operates about of trackage between Savannah and Riceboro, Georgia, switching Interstate Paper LLC. It connects with CSX Transportation and the...
  
  
• KWT Railway
• Little Rock and Western Railway
  Little Rock and Western Railway
  The Little Rock and Western Railway is a Class III short-line railroad headquartered in Perry, Arkansas, and owned by Genesee & Wyoming Inc.....
  
  
• Meridian and Bigbee Railroad
• Tomahawk Railway
• Valdosta Railway
  Valdosta Railway
  The Valdosta Railway is a shortline railroad in the U.S. state of Georgia, connecting Clyattville to CSX Transportation and the Norfolk Southern Railway at Valdosta. The company began operations in 1992 as a subsidiary of the Rail Management and Consulting Corporation, and was acquired by Genesee...
  
  
• Western Kentucky Railway
  Western Kentucky Railway
  The Western Kentucky Railway is a shortline railroad in Kentucky, connecting coal mines with CSX Transportation at Providence. The lines were part of the Illinois Central Gulf Railroad until March 1982, when Costain Coal, Inc. bought the trackage and set up the Tradewater Railway to operate it...
  
  
• Wilmington Terminal Railroad
  Wilmington Terminal Railroad
  The Wilmington Terminal Railroad is a shortline railroad serving the Port of Wilmington . It began operations in 1986 over trackage owned by the North Carolina Ports Railway Commission, whose other lines were simultaneously leased to the Carolina Rail Services Company...