Railroad Development Corporation (RDC), an international railroad holding company engaged RLBA to value the common stock of the Iowa Interstate Railroad, Ltd. (IAIS) which it did not own, as well as the railroad operating assets owned by the Heartland Rail Corporation, a holding company which owned the rail carrier. RLBA determined the going-concern value based on its assessment of the carrier’s traffic volume and revenue prospects, future routine and program track and structures maintenance, projected train and engine operations and costs and historical and projected financial performance. After reviewing all relevant data supplied by the carrier in response to a comprehensive data request, one of RLBA’s track engineers physically inspected a sampling of all carrier-owned trackage and determined track structure condition, routine maintenance and capital requirements necessary to maintain the railroad in a steady-state condition. The valuation was prepared in the context of a process through which, RDC, a minority shareholder of IAIS was exercising an option which existed under the terms of an Amended Option Agreement to buy-out all other IAIS shareholders. RLBA’s valuation became evidence in a baseball style arbitration proceeding when the parties could not come close enough to agreeing on a transaction price. Late in 2002, RLBA’s President was deposed at length concerning the findings of the firm. A third party (neutral) arbitrator, ruled in favor of RLBA’s lower going-concern valuation, thereby savings RDC millions of dollars in acquisition costs.