RII served as the rail expert for Antim Infrastructure Partners performing due diligence on this offering of Pan Am Railways in 2020. The system included 1,800 miles of Class II track and handled 90,000 annual freight carloads. RII developed the operating costs and projected revenues for the next 20 years based in commodity forecasted growth, rate escalation and inflation factors. We advised on the legacy agreements from 5 previous railroad and ongoing joint agreements with CSX, NS and Pan Am railroads, 5 different labor contracts governing union labor and traffic diversion potential with CSX and NS. The project also involved vetting the revenue potential of prospective opportunities identified by Pan Am and advising on the difference between U.S. and European railroad operations, capital costs and revenues.