> The term "Fallen Flags" describes those railroads whose corporate names have been dissolved through merger, bankruptcy, or liquidation. At one time the United States boasted nearly 140 Class I's.
https://www.american-rails.com/fallen-flags.html
OK great, but what's a "Class I"?
> In the United States, railroads are designated as Class I, Class II, or Class III, according to size criteria first established by the Interstate Commerce Commission (ICC) in 1911, and now governed by the Surface Transportation Board (STB). The STB's current definition of a Class I railroad was set in 1992, that being any carrier earning annual revenue greater than $250 million. This has since been adjusted for inflation and most recently set to $504,803,294 in 2019.
https://www.rr-fallenflags.org/amtk/amtk.htm
Amtrak still exists, though, maybe since it's a different logo?