What can Fortress gut from CORP?

1.) Reduction in operating expenses by cutting operations;
2.) Scrap value from any removed materials;
3.) Value of reallocated assets, e.g. surplus locomotives or other equipment that can be redistributed to other operations or sold;
4.) Property that may be realized from liquidation;

CORP was not exactly in brilliant shape prior to Fortress' takeover of RA, but it was hardly worthless. Even if it were defunct it would be worth millions just in materials alone.

When you multiply these sorts of policies systemwide across RA, they make a measurable dent in the bottom line. That can make the company appear to have a better operating ratio on paper, critical to establishing a perception of value when FIG goes to unload it.

Unfortunately for FIG, the mortgage crises killed their ability to borrow money, as well as the ability of potential buyers to borrow, so now FIG is stuck with RA for some time, and will try its best to continue keeping it limping along with the lowest possible overhead, until the market picks up and they can begin shopping it around for sale.

So yes, FIG has been gutting CORP. It's a basic staple of LBO operations, the "condo flippers" of the finance world.