William M. Gibbons

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William M. Gibbons (1919 – 1990-10-31) was a lawyer for 28 years, and would become the receiver and trustee of the Chicago, Rock Island and Pacific Railroad during the Rock Islands third and final bankruptcy.[1][2][3][4][5] He was chosen receiver and trustee March 17, 1975, the day the Rock Island entered receivership for the bankruptcy, and he and the Kansas City Terminal Railway would be the power to oversee, and liquidate the entire railroad. His last day as the receiver and trustee was June 1, 1984, after all of the Rock Island's locomotives, cars, tracks and trackage rights were sold, dismantled and sold, or abandoned under an Interstate Commerce Commission directed service order. Gibbons was able to raise $500 million in the liquidation, paying off all the railroad's creditors with interest.[6]

At the time, the Rock Island Railroad liquidation was the largest railroad company liquidation in United States history.[7]

Rock Island[edit]

On March 17, 1975, Gibbons was selected as receiver and trustee of the Rock Island railroad, the day it entered receivership. In 1980, when the Rock Island was ordered to be liquidated, Gibbons began the process of selling or abandoning the railroad. Gibbons was released from the Rock Island on June 1, 1984, after all Rock Island's rolling stock, and railroad lines were sold, scrapped, or abandoned.

See also[edit]

References[edit]

  1. ^ "William M. GIBBONS, Trustee of Property of the Chicago, RockIsland & Pacific Railroad Company, Appellee,v.GRAVES CONSTRUCTION CO., INC., Appellant". United States Court of Appeals, Eighth Circuit. - 727 F.2d 753. 1984-12-10. Retrieved 2008-03-14. 
  2. ^ "NATIONAL STEEL SERVICE CENTER, Appellee, v. William GIBBONS, Trustee of the Property of Chicago Rock Island and Pacific Railroad Company, Appellant-Movant". United States Court of Appeals, Eighth Circuit. 1982-12-02. Retrieved 2008-03-14. 
  3. ^ "In the Matter of CHICAGO, ROCK ISLAND & PACIFIC RAILROAD COMPANY, Debtor. Appeal of BANKERS TRUST COMPANY, Plaintiff-Appellant, v. William M. GIBBONS, Trustee-Appellee". United States Court of Appeals, Seventh Circuit. 1979-08-02. Retrieved 2008-03-14. 
  4. ^ Schafer, Mike (1996). Classic American Railroads. Saint Paul, MN: MBI. p. 76. ISBN 9780760302392. OCLC 768619768. 
  5. ^ Baird, Douglas G. (1982). "Bankruptcy Procedure and State-Created Rights: The Lessons of Gibbons and Marathon". The Supreme Court Review 1982: 25–47. 
  6. ^ Lee, Thomas R. (1992). Rock Island Westward. vol 1. T. Lee Publications. 
  7. ^ "A Brief Historical Overview of the Chicago, Rock Island, and Pacific Railroad: Postscript". Rock Island Technical Society. 1996. Retrieved 2008-03-14.  Archive copy at the Wayback Machine
Preceded by
John W. Ingram
Receiver and Trustee of Chicago, Rock Island and Pacific Railroad
1975 – 1984
company dissolved