A takeover is not likely in my opinion.  Pan Am Railways, like Springfield Terminal, Boston and Maine and Guilford, are all privately held right now.  They are not publicly traded.  Tim Mellon and a few other private investors control the stock.   It doesn’t seem likely that they will show up on the stock exchange.  There have been absolutely no signs that Mr. Mellon has any intentions of selling. Some knowledgeable investors do say that there is a trend now that involves corporate raiders taking over some of the railroads such as CSX.  It’s being called “merger mania”.  When you look at the bigger picture, Pan Am Railways does have some excellent routes.  There is always the possibility that at some point NS will consider Pan Am as a real target, and maybe the numbers will make sense to Mellon…then, but not now.