John Paul Stevens

“ But the Court did require the ICC, on remand, to consider whatever value the Michigan law claims might have in connection with its final conclusion that the merger plan was "just and reasonable." A fair reading of the entire opinion makes it clear that the holding was based more on the ICC's "complete control of the capital structure to result from a merger," id., at 195, 68 S.Ct., at 965, than on the exemption at issue in this case. Schwabacher cannot fairly be read as authorizing carriers to renounce private contracts that limit the benefits achievable through the merger. ”

“ Given the present plight of our Nation's railroads, it may be wise policy to give the ICC a power akin to, albeit greater than, that of a bankruptcy court to approve a trustee's rejection of a debtor's executory private contracts. ”

“ Of greater importance, however, is the Court's rather remarkable assumption that an exemption "from 'all other law' " should be read to encompass the restraints created by private contract. [5] Ante, at 129-130. Even if the text of the present Act could bear that reading, it is flatly inconsistent with the text of the 1920 Act, which relieved the participating carriers "from the operation of the 'antitrust laws' . ”

“ This provision unambiguously indicates that Congress intended and expected that collective-bargaining agreements would survive any ICC approved merger.
As I noted in my separate opinion in ICC v. Locomotive Engineers, 482 U.S. 270, 298, 107 S.Ct. 2360, 2376, 96 L.Ed.2d 222 (1987) , the statutory immunity provision in § 11341 is self-executing and becomes effective at the time of the ICC approval. "The breadth of the exemption is defined by the scope of the approved transaction, and no explicit announcement of exemption is required to make the statute applicable." Ibid. ”