William M. Gibbons Explained

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]

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.[5]

Gibbons worked for the law firm of Lord, Bissell & Brook of Chicago.[6]

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.[7]

At the time, the Rock Island Railroad liquidation was the largest railroad company liquidation in United States history.[8]

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.[5]

See also

Notes and References

  1. Web site: 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. 2008-03-14.
  2. Web site: 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. 2008-03-14.
  3. Web site: 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. 2008-03-14.
  4. The Supreme Court Review. Bankruptcy Procedure and State-Created Rights: The Lessons of Gibbons and Marathon. Baird, Douglas G.. 1982. 1982. 25–47 . 10.1086/scr.1982.3109552. 142207199.
  5. News: William M. Gibbons . . November 1, 1990 . June 18, 2016.
  6. Web site: TONARELLI v. GIBBONS . . February 15, 1984 . June 18, 2016.
  7. Book: Lee, Thomas R.. Rock Island Westward. 1. 1992. T. Lee Publications .
  8. Web site: A Brief Historical Overview of the Chicago, Rock Island, and Pacific Railroad: Postscript . Rock Island Technical Society . 1996 . 2008-03-14 . unfit . https://web.archive.org/web/20090204005249/http://www.rits.org/ . February 4, 2009 .

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