|
Posted by
W.B.
on Fri Nov 8 02:38:53 2019
November 8, 1951 - The Book of Corporate Mergers, Acquisitions and Consolidations
New York City
New York City Omnibus Corporation
Madison Avenue Coach Company, Inc.
Eighth Avenue Coach Corporation
The New York State Public Service Commission approves what is reported as the merger of New York City Omnibus Corporation with its two subsidiaries, Madison Avenue Coach Company, Inc. (heretofore operator of the 1 and 2 - Fourth and Madison Avenues lines) and Eighth Avenue Coach Corporation (which had operated the 10 - Eighth Avenue-Central Park West and 11 - Ninth and Amsterdam Avenues lines). The combined entity, with total assets of $28,000,000, will retain the New York City Omnibus name, with all 960 buses scattered amongst the four depots operated by the company now bearing 'NEW YORK CITY OMNIBUS CORPORATION' on their sides and the four routes in question placed under NYCO's aegis. (For accounting purposes, this unification is made effective as of November 1, to be consummated after a certificate of merger is filed with the Secretary of State.) This consolidation (which is basically for corporate streamlining purposes; 1939 and 1947 route maps issued by the company had 1, 2, 10 and 11 as NYCO routes alongside the others they operated; plus any stockholder issues that led to these other nomenclatures in the first place, having been resolved by this point) creates the largest urban bus company in New York State, and one of the largest in the nation.
(Sources: "Bus Merger in City Approved by P.S.C.," The New York Times, November 9, 1951; "P.S.C. Permits N.Y. Omnibus to Absorb 2 Units," New York Herald Tribune, November 9, 1951; "3 N.Y. Bus Companies Will Merge," Daily News [New York], November 9, 1951.)
|
