William M. Gibbons
William M. Gibbons (October 26, 1919 – October 31, 1990) was a lawyer for 28 years, and would become the receiver and trustee of the Chicago, Rock Island and Pacific Railroad during Rock Island's third and final bankruptcy.[1][2][3][4][5]
Gibbons was a lieutenant in the United States Navy during World War II. He was a graduate of Loyola University Chicago and Loyola University Chicago School of Law.[6]
Gibbons worked for the law firm of Lord, Bissell & Brook of Chicago.[7]
Gibbons was chosen receiver and trustee for Rock Island on March 17, 1975, the day Rock Island entered bankruptcy receivership. He and the Kansas City Terminal Railway held the power to oversee and liquidate the 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.[8]
At the time, the Rock Island Railroad liquidation was the largest railroad company liquidation in United States history.[9]
Gibbons died October 31, 1990, in Gold River, California, at the age of 71. He was survived by his second wife, Jean; four daughters, 11 grandchildren, and a brother.[6]
See also
[edit]References
[edit]- ^ "William M. GIBBONS, Trustee of Property of the Chicago, Rock Island & 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.
- ^ "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.
- ^ "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.
- ^ Schafer, Mike (1996). Classic American Railroads. Saint Paul, MN: MBI. p. 76. ISBN 978-0-7603-0239-2. OCLC 768619768.
- ^ Baird, Douglas G. (1982). "Bankruptcy Procedure and State-Created Rights: The Lessons of Gibbons and Marathon". The Supreme Court Review. 1982: 25–47. doi:10.1086/scr.1982.3109552. S2CID 142207199.
- ^ a b "William M. Gibbons". Chicago Tribune. November 1, 1990. Retrieved June 18, 2016.
- ^ "TONARELLI v. GIBBONS". Leagle. February 15, 1984. Retrieved June 18, 2016.
- ^ Lee, Thomas R. (1992). Rock Island Westward. Vol. 1. T. Lee Publications.
- ^ "A Brief Historical Overview of the Chicago, Rock Island, and Pacific Railroad: Postscript". Rock Island Technical Society. 1996. Archived from the original on February 4, 2009. Retrieved 2008-03-14.
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- 20th-century American railroad executives
- Chicago, Rock Island and Pacific Railroad
- 1919 births
- 1990 deaths
- Lawyers from Chicago
- Loyola University Chicago School of Law alumni
- Loyola University Chicago alumni
- 20th-century American naval officers
- United States Navy personnel of World War II
- 20th-century American lawyers
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