On August 28, 1980, American Financial Enterprises, Inc., acquired the remaining assets of the New York, New Haven and Hartford Railroad Company when the plan for reorganization was approved by the court and the company was reorganized. This brought to an end the 108-year corporate history of the storied railroad, and the end to the 19-year saga of its second bankruptcy reorganization. American Financial Enterprises would become the largest single stockholder of Penn Central Company shares by the mid-1990s, controlling 32% of the stock of the company.