My impression of FIG is not that they are evil per se. It's just that they are an "investment group" that is interested primarily in higher-than-market quarterly returns. Partly but not entirely because of their railroad ownership, they aren't generating the expected returns, so something has to be done.

Opinion: they thought Rail America and FEC were going to just keep climbing in value (when the stock market was on a roll) so they bought them, figuring that any short-term issues could be dealt with by liquidating the poorly performing parts of the company. Look at Chrysler - same situation after they were taken private by an "investment group." FIG bought near the peak of the market, so they paid more than they should have in the long run (though it was fair market value at the time and the former Rail America and FEC managers and stockholders probably went away fairly happy). Then of course the stock market and economy tanked (which didn't help their other investments either), and the cost of running the RRs hasn't dropped any (probably risen). They need money, now, and RR liquidation looks better and better. Unfortunately, though they undoubtedly have a few real RR managers in the RR units, they weren't fully up to speed on the bureaucracy associated with liquidating RRs so they blew it a couple of times. As a large investment company, I expect that by now they've hired enough lawyers to make sure the rest of the process goes according to plan.

By the way, just because FIG owns railroads doesn't mean the RRs have a call on other assets of the company. I'm sure they have it structured so the RRs have their own little piece of the pot and no more.