QUESTIONS TO CONSIDER ABOUT

A POTENTIAL SALE OF THE PANHANDLE

August 12, 2004

SHOULD ORDC SELL THE LINE AT ALL?

* What does State gain by a sale?

* What does the State gain by the status quo?

* What does State lose by a sale?

* How do the shippers view a sale?

* How do local officials and concerned public view a sale?

* How do Ohio railroads view a sale?

IF A SALE IS BENEFICIAL, WHAT SHOULD ORDC SELL?

* 100% of the line?

* 100% of the line with covenants for things such as first right of refusal to repurchase, competitive access for new business development, passenger rights, select property rights, etc.?

* 50% undivided half interest?

* 50% undivided half interest with select covenants (see above)?

* Track and fixtures only and retain land with select covenants (see above)?

* Long term lease with select covenants (see above)?

IF A SALE IS BENEFICIAL, SHOULD IT BE SOLD THROUGH COMPETITIVE BID?

* What would happen if Ohio Central was not high bidder?

* What would happen if winning bidder bid too much?

* What would impact of uncertainty of bid situation have on shippers?

* How much more would State reap via a bid than a sole source sale?

SHOULD LINE BE SOLD TO OHIO CENTRAL ON SOLE SOURCE BASIS?

* Can ORDC legally sole source the sale of the line?

* What would be the justification for sole sourcing the line to the Ohio Central?

* How do the shippers view a sale to the Ohio Central?

* How do local officials and concerned public view a sale to the Ohio Central?

* How do Ohio railroads view a sale to the Ohio Central?

lj34/PanhandleSaleQuestions