The issues are complex, and reasonable folks can disagree. From folks I've talked to who where there, the NYC was is far better condition than the Pennsy when they merged (physically, commercially, financially). And some folks speculate that had Perlman and his "Green Team" been given the opportunity to have more influence over running the PC, the outcome might have been at least a bit better. And there is little doubt that the DRGW was in far better financial condition when Al left than when he got there.
The Wreck of the Penn Central is not exactly the most objective or definite history of what happened. But again, reasonable folks can disagree.
My only reason for mentioning all this (and to connect it with the ng.) is when the authoritative, exhaustive and definitive history of the narrow gauge is written, including the ng. as a business, Perlman (and all the other managers) deserve to get objective treatment.