The Definitive History of the Tuscola & Saginaw Bay Railway Inc. 1977-2006

Federated Railways, Inc. purchased the Tuscola & Saginaw Bay Railway Company in May 2006, after which TSBY was renamed the Great Lakes Central Railroad (GLC). The publicly available information my researched reviled, primarily consists of key details on the acquisition:

• Purchasing Entity: Federated Railways, Inc., a subsidiary of Federated Financial Corp. of America.

• Outcome: The acquired company was renamed to the Great Lakes Central Railroad (GLC).

• Business Details: Federated Railways president and CEO, Mike Bagwell, also assumed the role of president and CEO for the newly acquired TSBY. At the time of the purchase, it was reported TSBY operated a 405-mile network, primarily moving freight, and was involved in discussions with State of Michigan about potential year-round passenger-rail service.

• Strategic Goal: According to a prepared statement in an online news article published by Progressive Railroading quotes Mike Bagwell, the President and CEO of Federated Railways, saying the goal was to “continue to provide quality customer transportation services” and that the partnership would support “long-term success of local rail service in Michigan”.

• Regulatory Filings: The acquisition involved standard regulatory procedures and name changes with bodies like the Surface Transportation Board (STB), as noted in subsequent federal register documents related to the railroad’s operational history. 

• Specific financial terms of the sale, such as the purchase price, were not publicly disclosed in the general news coverage and announcements available.