Like Pan Am, sold off all the profitable bits and then promptly went broke.
Here in Qld the Govt did that to Qld Rail. Arguably a less than stellar move.
The passenger services have since been described as rail fail, with the much delayed NGR rollout, the poorly handled driver training program and various other things suggesting QR is still hampered by Translink, and saddled with a management team that don't seem interested in actually running a train service.
Aurizon have closed workshops, cut train crew and staff and only seem interested in hauling rocks (coal), having sold off seeds (grain) and abandoned intermodal (container) services.
And we still have zero Commonwealth funding for Cross River rail.
Neither branch of politics is immune from blame. Each wing of the oligopoly seems bent on ruining PT in their own unique way.