If - and that’s a pretty big if - someone buys Pan Am; I have to agree with Jon that G&W makes sense. He notes their ownership of New England Central but, they also own Providence & Worcester and St. Lawrence & Quebec in the New England region. And G&W’s owners appear to have the deep pockets necessary to pull off a Pan Am purchase.
My one nagging doubt about Pan Am’s value is the pulp and paper mills they serve. This industry is slowly dying in North America and currently represents a fair chunk of Pan Am’s business. If that goes away, I don’t know what would be waiting in the wings to replace it.
Curt