The constant changes in ownership, railroads creating subsidiaries to own some of their ROWs, spinning them off, selling them to other railroads, acquiring spun-off subsidiaries and independent short lines, merging, stripping assets and selling off the remainder, etc. dates back to the earliest days of the railroads, such as the times of Vanderbilt and the 19th century robber barons. A lot of it was motivated by acquiring federal, state and local subsidies which had restrictions on who could get the money, and a lot of out-right criminal fraud. (Look at what Jay Gould and Jim Fisk did to Cornelius Vanderbilt and then what Gould and Russell Sage did to Cyrus Fields. Not to mention the Ames brothers and Credit Mobilier.)
Actually, I think it predates railroads and goes back to canal boats and the Chesapeake & Ohio and Erie canals.
Actually, I think it predates railroads and goes back to canal boats and the Chesapeake & Ohio and Erie canals.