GLBT Founder Owns Most of the Company

It turns out that the founder of a company seeking to build a railroad bypass around Chicago owns most of the company.

A recent filing with the U.S. Surface Transportation Board disclosed that Frank Patton, the founder and chairman of Great Lakes Basin Transportation, owns 87.2 percent of the company.

Shareholder Jim Wilson owns 5 percent of the company with 22 other shareholders having smaller ownership shares.

GLBT had sought to shield its ownership structure from public view, but the STB rejected that earlier this year and ordered it to show who owns the company.

The proposed rail bypass would extend from northwest Indiana to southern Wisconsin.

The STB is not expected to approve or reject GLBT’s application for authority to build the line until later this year.

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