into an agreement with Norfolk Southern Railway (NS) to run trains to St. Louis. NS was attempting to win approval of a plan to purchase Conrail from the U.S. government and proposed allowing Guilford to lease Conrail lines to St. Louis in order to restore competition that would be lost in the merger. The plan would have allowed Guilford to use the Conrail mainline from Toledo to Ridgeway, Ohio, and from Crestline, Ohio, to St. Louis. Guilford would also purchase of Conrail track and 1,300 freight cars from Norfolk Southern for $53M. NS did not prevail in its attempt to purchase Conrail in 1985, and the Guilford plan was dropped. In 1987, Guilford also placed a bid to buy Southern Pacific. The paper industry provides the largest source of business, with chemicals, clay and pulp inbound, and finished paper outbound. But the railroad has been losing ground to other forms of transportation - particularly trucking. A 2008 report issued by the American Society of Civil Engineers rated Maine at 48th of the 50 states in volume of freight traffic that moves by rail. Delaware & Hudson bankruptcy Guilford completed its acquisition of Delaware & Hudson Railway in 1984, purchasing the assets from Norfolk and Western Railway holding company Dereco. When planned western expansion failed to come to fruition, and with few prospects for growing freight traffic, Guilford cast Delaware & Hudson into bankruptcy and abandoned its operation in 1988. By Interstate Commerce Commission emergency order, New York, Susquehanna and Western Railway provided directed service under subsidy until the line was sold to Canadian Pacific in 1991. Pan Am Railways (2006-2022) In 1998, Guilford bought the name, colors, and logo of Pan American World Airways. In March 2006, Guilford Transportation Industries changed its name to Pan Am Railways (PAR). Then in March 2009, PAR was ordered to pay the largest corporate criminal fine in Massachusetts history — $500,000 — due to the company's negligence to report a spill of hundreds of gallons of diesel fuel in violation of state and federal environmental laws and regulations. As of 2011, PAR employed 750 people and had a $40-million payroll. The company continued to operate with subsidiary entities bearing the names of former railroads which over time formed the company. The company's assets were housed separately in these various subsidiaries for various reasons. For example, the Boston and Maine Corporation owned the railroad property