WASHINGTON — A group led by Railroad Development Corp. Chairman Henry Posner III is acquiring 50% ownership in New Jersey’s Morristown & Erie Railway, according to a filing with the Surface Transportation Board. The continuance of control exemption notice filed on Aug. 10 says that Posner will acquire 27.75% of the stock in the M&E. The current ownership group of the M&E has sought new investors to allow one of the three incumbents to divest themselves entirely of the railroad, according to the filing. Under a stockholders’ agreement, the railroad will be managed by eight directors, four representing the current ownership group and four representing the new investors. RDC’s companies include the Iowa Interstate Railroad, as well as operatioins in Germany, France and Belgium, Peru, and the United Kingdom.