GLBT Had 2016 Net Worth of $151

The company that wants to build a rail freight bypass route around Chicago had a net worth of $151 in 2016.

In a regulatory filing with the U.S. Surface Transportation Board, Great Lakes Basin Transportation reported it had $802,000 in accounts payable for its current liabilities in 2016.

GLBT’s equity included $473,573 in stockholder investment but it had a negative $71,878 in retained earnings and net income of a negative $1,203,445.

It had no net income in 2016 although it generated $401,544 in investment revenue from stock sales in 2016. But that was eaten by expenses of $312,828 for consultants and $66,360 for legal work.

The proposed 261-mile bypass, which would begin in Northwest Indiana and extend into southern Wisconsin, is currently being considered by the STB. It would cost $2.8 billion to construct.

GLBT contends that the bypass would increase rail capacity in Chicago and allow 110 trains per day to avoid the congested city’s existing rail network.

Frank Patton, the GLBT chairman, controls just over 87 percent of the company. He founded and managed Portfolio Dynamics, a software company.

Vice Chairman James T. Wilson has a 5 percent share of the company. He worked for 18 years for the Atchison, Topeka & Santa Fe, and has 20 years of experience as a railroad industry consultant.

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