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| Re: Bus Strike Anniversary - March 1, 1962 (303155) | |||
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Re: Bus Strike Anniversary - March 1, 1962 |
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Posted by BusMgr on Sun Mar 1 20:49:58 2015, in response to Bus Strike Anniversary - March 1, 1962, posted by Andy on Sun Mar 1 19:12:46 2015. The resulting litigation lasted almost a decade thereafter. The main issue in that condemnation litigation was whether or not the bus companies were entitled to compensation for their intangible assets. That is, the value of the business that they had built up, and their systems of operation, management, training, etc. The City claimed that no one would want to buy Fifth Avenue's antiquated and obsolete systems, and therefore they had no value. The lower courts largely agreed with the City (for example, the trial court held that there was no value to Fifth Avenue's investment in its operations planning system since it really requires no thought or effort to figure out that buses should go up and down Manhattan's avenues and main crosstowns). But the Court of Appeals ultimately held the City could not pick-and-choose; if the City were to condemn the bus companies, then the City would also have to pay for the intangible property as well. In other words, the value of the bus companies was not merely the sum of the value of the buses, garages, and real property, but had going-concern value as well. |
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