William M. Gibbons

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. [cite web| url=http://cases.justia.com/us-court-of-appeals/F2/727/753/| title=William M. GIBBONS, Trustee of Property of the Chicago, RockIsland & Pacific Railroad Company, Appellee,v.GRAVES CONSTRUCTION CO., INC., Appellant| publisher=United States Court of Appeals, Eighth Circuit. - 727 F.2d 753| date=1984-12-10| accessdate=2008-03-14| ] [cite web| url=http://bulk.resource.org/courts.gov/c/F2/693/693.F2d.817.80-1452.80-1410.html| title=NATIONAL STEEL SERVICE CENTER, Appellee, v. William GIBBONS, Trustee of the Property of Chicago Rock Island and Pacific Railroad Company, Appellant-Movant| publisher=United States Court of Appeals, Eighth Circuit| date=1982-12-02| accessdate=2008-03-14| ] [cite web| url=http://bulk.resource.org/courts.gov/c/F2/604/604.F2d.1002.76-2137.html| title=In the Matter of CHICAGO, ROCK ISLAND & PACIFIC RAILROAD COMPANY, Debtor. Appeal of BANKERS TRUST COMPANY, Plaintiff-Appellant, v. William M. GIBBONS, Trustee-Appellee| publisher=United States Court of Appeals,Seventh Circuit| date=1979-08-02| accessdate=2008-03-14| ] [cite book| title=Classic American Railroads| author=Schafer, Mike| publisher=MBI Publishing| year=1996| location=St. Paul, MN| isbn=0-7603-0239-1| pages=p 76| ] [cite journal| journal=The Supreme Court Review| title=Bankruptcy Procedure and State-Created Rights: The Lessons of Gibbons and Marathon| author=Baird, Douglas G.| year=1982| volume=1982| pages=pp 25–47 ] 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. [cite book| author=Lee, Thomas R.| title=Rock Island Westward| volume=vol 1| year=1992| publisher=T. Lee Publications| ]

At the time, the Rock Island Railroad liquidation was the largest railroad company liquidation in United States history. [cite web| url=http://faculty.simpson.edu/RITS/www/histories/RIHistory.html| title=A Brief Historical Overview of the Chicago, Rock Island, and Pacific Railroad: Postscript| publisher=Rock Island Technical Society| year=1996| accessdate=2008-03-14| ]

Rock Island

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.

ee also

*Chicago, Rock Island and Pacific Railroad

References