The Corman estate is thought to be one of the largest ever filed in Central Kentucky. His Nicholasville-based companies employ more than 1,150 people in more than 20 states. Corman founded and oversaw one of only two major companies offering 24-hour emergency derailment cleanup. He is probably best known to the public for operating the Old Kentucky Dinner Train out of Bardstown and running a Chinese-built 2-10-2 on various excursions.
The inventory filed last month lists $22.3 million in a Central Bank certificate of deposit. It also lists 710,522 shares (estimated value: $1.5 million) of Acetylon Pharmaceuticals Inc., a Boston company that is developing drugs and therapies to cure the form of cancer Corman fought for several years.
Corman’s will specifies that companies with “R.J. Corman” in their legal or trade names are to pass on to the Richard J. Corman Living Trust, an entity created to see that the companies continue. “It is my primary intention by this will to provide for the continuation of those companies … to be operated as a family business for as long as possible,” Corman wrote in the will.
The will directs the executors to retain the railroad group’s board of directors “for as long as any of those members may be willing to serve.” The will further directs that “as an expression of gratitude to those members of said board who continue to serve following my death, I direct that the compensation of said directors in effect at the time of my death be doubled immediately thereafter.” The will and other probate documents do not specify the amount of that compensation.
While Corman wanted to keep the details of his estate and will secret, on Sept. 4 Jessamine County District Court Judge Janet Booth denied a motion to seal the records.
