Conrail Public Sale Act of 1986

[AI summary unavailable — showing source text] Conrail Public Sale Act of 1986 - Title I: Amendments to the Regional Rail Reorganization Act of 1973 and the Northeast Rail Service Act of 1981 - Amends the Regional Rail Reorganization Act of 1973 to terminate the authority of the United States Railway Association (the Association) to purchase certain Conrail stock. Releases any Conrail director from liability for implementing in good faith the sale of the Federal interest in Conrail common stock to the Conrail Acquisition Corporation, Inc. (Purchaser). Directs the Secretary of Transportation to execute and deliver Purchase Agreements on behalf of the United States no later than ten days following the date of enactment of this Act. Prescribes guidelines for: (1) the sale of Conrail; (2) the cancellation of Conrail debt and preferred stock; (3) public interest covenants; (4) accounting determinations; (5) the Purchaser and transactions involving Conrail; and (6) capital stock. Makes Conrail responsible for funding all labor protection benefits after the closing date, and absolves the United States from any liability for such benefits after that date. Amends the Northeast Rail Service Act of 1981 to confer jurisdiction upon a speci…