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97-407: Opry Mills is a single-level mall that contained over 178 stores, including Lionel Trains , GameStop , LEGO Store , Bass Pro Shops Outdoor World , Polo Ralph Lauren Factory Store , Forever 21 , Gap Factory Store , H&M , IMAX , Madame Tussauds , Nike Factory Store , Movado Company Store , Off Broadway Shoe Warehouse, Old Navy Outlet Store , Regal Cinemas , and Sun and Ski Sports . There

194-473: A 10-year anniversary for Lionel's first CEO and president, Joshua Lionel Cowen. It became a hit with collectors. In 2003, Lionel made RailSounds sets for the first time under NYC and Santa Fe Railroads. In 2006, TMCC was phased out when Lionel unveiled their new "Legacy" system. On May 27, 2004, Union Pacific Railroad sued Athearn (another manufacturer of model railroad equipment) and Lionel for trademark infringement. The railroad claimed both companies put

291-562: A Statement of Affairs document, also known as a Bankruptcy Form, with AFSA, which includes important information about their assets and liabilities. A bankruptcy cannot be discharged until this document has been lodged. Ordinarily, a bankruptcy lasts three years from the filing of the Statement of Affairs with AFSA. A Bankruptcy Trustee (in most cases, the Official Trustee at AFSA) is appointed to deal with all matters regarding

388-500: A bankrupt may be able to raise enough funds to make an Offer of Composition to creditors, which would have the effect of paying the creditors some of the money they are owed. If the creditors accept the offer, the bankruptcy can be annulled after the funds are received. After the bankruptcy is annulled or the bankrupt has been automatically discharged, the bankrupt's credit report status is shown as "discharged bankrupt" for some years. The maximum number of years this information can be held

485-639: A deal with General Mills to lease the Lionel name for ten years starting in 1970. This deal included the purchase of a portion of the Lionel tooling and as part of the agreement, production & sale of the 1969 train product line would be handled by the Lionel Corporation. The balance of the tooling was purchased on December 31, 1969. The lease was renegotiated in 1974. Due to General Mills' cost-cutting measures, production of Lionel-branded toy and model trains returned to profitability, but sometimes at

582-439: A debtor attempts to later assert ownership of such an "unscheduled asset" after being discharged of all debt in the bankruptcy. The trustee may then seize the asset and liquidate it for the benefit of the (formerly discharged) creditors. Whether or not a concealment of such an asset should also be considered for prosecution as fraud or perjury would then be at the discretion of the judge or U.S. Trustee. In some countries, such as

679-410: A debtor making monthly payments for a maximum of five years, with the funds distributed to their creditors. Even though most proposals call for payments of less than the full amount of the debt owing, in most cases, the creditors accept the deal—because if they do not, the next alternative may be personal bankruptcy, in which the creditors get even less money. The creditors have 45 days to accept or reject

776-613: A debtor with debts to a maximum of $ 250,000 (not including the mortgage on their principal residence). If debts are greater than $ 250,000, the proposal must be filed under Division 1 of Part III of the Bankruptcy and Insolvency Act . An Administrator is required in the Consumer Proposal, and a Trustee in the Division I Proposal (these are virtually the same although the terms are not interchangeable). A Proposal Administrator

873-455: A fair and orderly manner by all licensed Trustees in Canada. Trustees in bankruptcy, 1041 individuals licensed to administer insolvencies, bankruptcy and proposal estates are governed by the Bankruptcy and Insolvency Act of Canada. Bankruptcy is filed when a person or a company becomes insolvent and cannot pay their debts as they become due and if they have at least $ 1,000 in debt. In 2011,

970-504: A jury in Detroit, Michigan, found Lionel liable and awarded MTH US$ 40,775,745. Lionel announced it would appeal, and two weeks later filed for bankruptcy, citing the judgment as the main reason. On November 1, 2004, a federal judge upheld the jury's decision. On December 14, 2006, the judgment was overturned on appeal, citing legal mistakes in the jury trial, and a new trial was ordered. In 2001, Lionel closed its last manufacturing plant in

1067-632: A new era of high-tech audio realism. Some of the engines to get this new sound system were the A6 switcher, Reading T1, and the New York Central Mohawk. In 1995, Lionel introduced the Trainmaster Command Control (TMCC) system along with the fully digital Railsounds 2.5. Engines that got this control and sound system were mostly Hudsons, like the 1995 Lionel No. 490 C&O Hudson, the 1995 Boston and Albany 618 Hudson, and

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1164-985: A partial discharge of the student loan. Student loan borrowers may benefit from restructuring their payments through a Chapter 13 bankruptcy repayment plan, but few qualify for discharge of part or all of their student loan debt. Bankruptcy fraud is a white-collar crime most typically involving concealment of assets by a debtor to avoid liquidation in bankruptcy proceedings. It may include filing of false information, multiple filings in different jurisdictions, bribery, and other acts. While difficult to generalize across jurisdictions, common criminal acts under bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements. Falsifications on bankruptcy forms often constitute perjury . Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In

1261-465: A person bankrupt by compulsory procedure. Basically, these obligations are derived from the legal acts of the court, transactions, the obligation of the debtor to pay taxes, duties, and other fees defined by law. At the same time, when being declared bankrupt with a voluntary bankruptcy application, the applicant bears the obligation to prove the fact that the value of his assets is less than his assets by one million AMD or more. In Australia, bankruptcy

1358-433: A reduction of 8.6% over 2010. Some of the duties of the trustee in bankruptcy are to: Creditors become involved by attending creditors' meetings. The trustee calls the first meeting of creditors for the following purposes: In Canada, a person can file a consumer proposal as an alternative to bankruptcy. A consumer proposal is a negotiated settlement between a debtor and their creditors. A typical proposal would involve

1455-400: Is a court procedure required by the debtor which has been in business for more than two years and requires approval by a judge. The Extrajudicial Restructuring ( Recuperação Extrajudicial ) is a private negotiation that involves creditors and debtors and, as with court-ordered restructuring, also must be approved by courts. Bankruptcy, also referred to as insolvency in Canada, is governed by

1552-464: Is a payment period of three years; however, the court reserves the right to increase or decrease the period depending upon the circumstances of the case. If the debtor has no proven financial ability to pay the creditors, he may be granted an immediate discharge. Since 1996, Israeli personal bankruptcy law has shifted to a relatively debtor-friendly regime, not unlike the American model. In May 2016,

1649-561: Is a status which applies to individuals and is governed by the federal Bankruptcy Act 1966 . Companies do not go bankrupt but rather go into liquidation or administration , which is governed by the federal Corporations Act 2001 . If a person commits an act of bankruptcy, then a creditor can apply to the Federal Circuit Court or the Federal Court for a sequestration order . Acts of bankruptcy are defined in

1746-559: Is above a certain threshold. If the bankrupt fails to pay, the trustee can ask the Official Receiver to issue a notice to garnishee the bankrupt's wages. If that is not possible, the Trustee may seek to extend the bankruptcy for a further three or five years. Bankruptcies can be annulled, and the bankrupt released from bankruptcy, prior to the expiration of the normal three-year period if all debts are paid out in full. Sometimes

1843-515: Is almost always a licensed trustee in bankruptcy, although the Superintendent of Bankruptcy may appoint other people to serve as administrators. In 2006, there were 98,450 personal insolvency filings in Canada: 79,218 bankruptcies and 19,232 consumer proposals. In Canada, bankruptcy always means liquidation. There is no way for a company to emerge from bankruptcy after restructuring, as

1940-401: Is also a large food court that contains Popeyes , Subway , Panda Express , Chili's , T.G.I. Friday's , Burger King , Villa Fresh Italian Kitchen, Johnny Rockets , The Cheesecake Factory , Rainforest Cafe , Dave & Buster's , Saltgrass Steakhouse , Aquarium Restaurant , Bavarian Bierhaus, Chuy's Mexican Food and Romano's Macaroni Grill restaurants are located inside and outside

2037-531: Is also documented in East Asia . According to al-Maqrizi , the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times. A failure of a nation to meet bond repayments has been seen on many occasions. In a similar way, Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, "Although

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2134-696: Is headquartered in Concord, North Carolina . Its roots lie in the 1969 purchase of the Lionel product line from the Lionel Corporation by cereal conglomerate General Mills and subsequent purchase in 1986 by businessman Richard P. Kughn forming Lionel Trains, Inc. in 1986. The Martin Davis Investment Group (Wellspring) bought Lionel Trains, Inc. in 1995 and renamed it Lionel, LLC. According to its reorganization papers filed as part of its bankruptcy plan on May 21, 2007, about 95% of

2231-557: Is subject to the retention limits under the Privacy Act. How long such information is on a credit report may be shorter, depending on the issuing company, but the report must cease to record that information based on the criteria in the Privacy Act. In Brazil , the Bankruptcy Law (11.101/05) governs court-ordered or out-of-court receivership and bankruptcy and only applies to public companies (publicly traded companies) with

2328-466: Is that they operate on two-rail track as opposed to Lionel's three-rail trackage system. After a period of time of absence in the market, Gilbert American Flyer S gauge trains were no longer considered a direct competitor to Lionel's 1:48 proportion O gauge trains. To this day, Lionel markets American Flyer S gauge in limited quantities for the operator and collector markets. The year 1982 brought General Mills' poorly received move of train production from

2425-447: Is the GS series of steam locomotives. In 2010, Lionel decided to remove RailSounds from train sets, using basic TrainSounds instead. In 2013, Lionel introduced "LionChief" Remote control trains to introduce wireless remote control to their starter sets. These sets feature enhanced sounds and long distance wireless control. In 2013, Lionel RailSounds sets were discontinued when Lionel unveiled

2522-522: Is the case in the United States with a Chapter 11 bankruptcy filing. Canada does, however, have laws that allow for businesses to restructure and emerge later with a smaller debt load and a more positive financial future. While not technically a form of bankruptcy, businesses with $ 5M or more in debt may make use of the Companies' Creditors Arrangement Act to halt all debt recovery efforts against

2619-510: Is the most commonly used term for the 1970–1985 era. In 1979, General Mills resurrected the American Flyer brand and product line, which Lionel Corporation had originally purchased in 1967 from its bankrupt competitor (The A. C. Gilbert Company of New Haven, Connecticut ). American Flyer products by Gilbert made after World War II are scaled roughly to a 1:64 proportion and are known as S gauge; their most distinctive feature, however,

2716-400: Is to liquidate company assets and pay its creditors. The second one is Court-ordered Restructuring ( Recuperação Judicial ). The goal is to overcome the business crisis situation of the debtor in order to allow the continuation of the producer, the employment of workers and the interests of creditors, leading, thus, to preserving company, its corporate function and develop economic activity. It

2813-571: The Bankruptcy and Insolvency Act and is applicable to businesses and individuals. For example, Target Canada , the Canadian subsidiary of the Target Corporation , the second-largest discount retailer in the United States filed for bankruptcy on January 15, 2015, and closed all of its stores by April 12. The office of the Superintendent of Bankruptcy , a federal agency , is responsible for ensuring that bankruptcies are administered in

2910-543: The Easy-Bake Oven . It was the first time an electric toy had ever been inducted. That same year, Lionel made a bigger push to sell its train sets outside of hobby shops, selling them in stores such as FAO Schwarz , Macy's , and Target . By November 2006, the company had turned a US$ 760,000 profit on sales of US$ 55 million. In 2009, Lionel launched a series of the most highly detailed model trains they have ever made called Visionline. The latest addition to Visionline

3007-804: The Parliament of India passed the Insolvency and Bankruptcy Code (IBC), updating outdated corporate insolvency laws. The IBC streamlined the process, reducing delays from a decade to 180 days, and replaced the Board for Industrial and Financial Reconstruction (BIFR) with a market-driven approach. Dutch bankruptcy law is governed by the Dutch Bankruptcy Code ( Faillissementswet ). The code covers three separate legal proceedings. Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" dated 26 October 2002 (as amended) (the "Bankruptcy Act"), replacing

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3104-700: The United Kingdom , bankruptcy is limited to individuals; other forms of insolvency proceedings (such as liquidation and administration ) are applied to companies. In the United States , bankruptcy is applied more broadly to formal insolvency proceedings. In some countries, such as in Finland, bankruptcy is limited only to companies and individuals who are insolvent are condemned to de facto indentured servitude or minimum social benefits until their debts are paid in full, with accrued interest except when

3201-512: The 1996 Lionel Commodore Vanderbilt. Others soon followed like the articulated engines in 1999 and 2000. In 1991, the most popular toy train, the Santa Fe F3 was reintroduced with RailSounds. In 1992 Richard Kughn and musician Neil Young , an avid model railroader, created Liontech, chartered to develop exclusive new model train control and sound systems. Liontech's RailSounds II debuted in 1994. In 1994, TMCC ( Trainmaster Command Control ),

3298-495: The Associated Press reported that Lionel settled with MTH for US$ 12 million. The 2004 Christmas movie Polar Express , based on the children's book of the same name , provided Lionel with its first hit in years. Lionel produced a train set based on the movie, and stronger-than-anticipated demand caused highly publicized shortages. Various news stories told of a reporter's quest to locate a set, and some dealers marked

3395-471: The Big Boy, manufactured in early 1998, 1999, and 2000, respectively. Since 1998, Lionel has made more than 10 different types of articulated steam engines. Lionel made a gold and platinum plated 700E hudson to celebrate their centennial in 2000. It featured Trainmaster command control, Railsounds, and Electrocouplers. In 1999, The Texas Special was fitted with RailSounds and critics pointed out that it had

3492-515: The Davis estate's funding totaled $ 59 million for the reorganization plan; they would also loan Lionel an additional $ 10 million in second-lien debt. As a result, Calabrese expected the company to be out of bankruptcy "within a week". Following the reorganization plan, Young was no longer a minority shareholder in the Lionel company; however, Calabrese insisted that the company wanted him to remain involved, claiming that he would have an "ongoing role in

3589-628: The EU, with the UK coming closest to the US system (Reifner et al., 2003; Gerhardt, 2009; Frade, 2010). The Other Member States do not provide the option of a debt discharge. Spain, for example, passed a bankruptcy law ( ley concurs ) in 2003 which provides for debt settlement plans that can result in a reduction of the debt (maximally half of the amount) or an extension of the payment period of maximally five years (Gerhardt, 2009), but it does not foresee debt discharge. In

3686-549: The Enforcement and Collection Authority. Insolvency proceedings above NIS 150,000 individual debtors file the documents will be conducted before the official receiver (the Insolvency Commissioner) and, if a creditor want to file against a debtor, he needs to open process, before the magistrate's court that hears in the district. Company bankruptcy will be conducted before District Court. Simultaneously, with

3783-584: The HO scale market for the first time since 1990 by introducing the Polar Express in HO. In 2020, a large expansion to Lionel's HO scale lineup happened when they released a 2-8-2 Mikado and many other stock products. In 2021, Lionel moved their main manufacturing plant from China to Vietnam. On November 15, 2004, Lionel, LLC filed for Chapter 11 bankruptcy protection, citing the US$ 40 million-plus judgment in

3880-520: The LionChief system. In 2014, Lionel revealed LionChief Plus as a new standard for their train sets. In April 2014, Jerry Calabrese stepped down as president and CEO and was replaced by Howard Hitchcock, former senior vice president and general manager. In August of that year, Lionel moved their service center to their headquarters in Charlotte, North Carolina. In July 2016, Lionel re-entered into

3977-457: The MTH lawsuit as the primary factor. In the filing, it listed $ 55 million in debt and $ 42 million in assets. The largest secured creditor was PNC Financial Services Corp., owed $ 31 million. The MTH judgment was not included in the $ 55 million figure. On July 26, 2006, Lionel's bankruptcy judge ordered that Lionel submit a plan for emerging from bankruptcy within 75 days of the appeals court's verdict on

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4074-502: The MTH lawsuit. On December 14, 2006, a federal appeals court determined that the company was entitled to a new trial, and that their reorganized plan should be filed by March 1, 2007. Subsequently, on March 27, 2008 Judge Burton R. Lifland, of the U.S. Bankruptcy Court in New York, approved Lionel LLC's Chapter 11 reorganization plan, clearing the way for the company to exit bankruptcy. According to Lionel chief executive Jerry Calabrese,

4171-702: The NASCAR Authentics line from Spin Master which consists of 1:64 diecast models of NASCAR race cars that are found inside major stores like Target , Walmart , Meijer , and Toys “R” Us . The original Lionel Corporation was founded in 1900 by Joshua Lionel Cowen and Harry C. Grant in New York City . Cowen designed his first train, the No. 5 electric locomotive, not as a toy, but as an eye-catching display for toy stores. Lionel Corporation sold

4268-703: The O scale equipment is a combination of new designs and reissues. In 1996 and 1997, the Lionel Century Club was unveiled to the public. It featured the 726 Berkshire, the GG-1, the 773 Hudson, the NYC F3, and the Pennsy O-27 scale turbine. All retained their postwar look with the latest technology at the time. In 1998, Century Club II was announced and released with one of the engines being a NYC 4-8-4 Niagara with cab number No. 6024. Also in 1997 and 1998,

4365-544: The Postwar Celebration Series began. This series featured postwar trains, accessories, transformers, and cars retaining postwar looks with the latest technologies. The series lasted from 1997–2011. In 1999 and 2000, there was big demand for high-end articulated steam engines. In 1999, Lionel, LLC manufactured the first three articulated steam engines. Those three are the N&;W A Class, The Allegheny, and

4462-518: The Superintendent of Bankruptcy reported that trustees in Canada filed 127,774 insolvent estates. Consumer estates were the vast majority, with 122 999 estates. The consumer portion of the 2011 volume is divided into 77,993 bankruptcies and 45,006 consumer proposals. This represented a reduction of 8.9% from 2010. Commercial estates filed by Canadian trustees in 2011 4,775 estates, 3,643 bankruptcies and 1,132 Division 1 proposals. This represents

4559-486: The Trustee's request to provide details of income, the trustee may have grounds to lodge an Objection to Discharge, which has the effect of extending the bankruptcy for a further three or five years depending on the type of Objection. The realisation of funds usually comes from two main sources: the bankrupt's assets and the bankrupt's wages. There are certain assets that are protected, referred to as protected assets . These include household furniture and appliances, tools of

4656-443: The U.S., bankruptcy fraud statutes are particularly focused on the mental state of particular actions. Bankruptcy fraud is a federal crime in the United States. Bankruptcy fraud should be distinguished from strategic bankruptcy , which is not a criminal act since it creates a real (not a fake) bankruptcy state. However, it may still work against the filer. All assets must be disclosed in bankruptcy schedules whether or not

4753-455: The US, it is very difficult to discharge federal or federally guaranteed student loan debt by filing bankruptcy. Unlike most other debts, those student loans may be discharged only if the person seeking discharge establishes specific grounds for discharge under the Brunner test, under which the court evaluates three factors: Even if a debtor proves all three elements, a court may permit only

4850-586: The United States to Mexico. Some Lionel fans were angry simply because the trains had been made in the United States for more than 80 years, while others criticized the quality of the Mexican-produced trains. Lionel production returned to the United States by 1984. During this time, corporate offices were retained at the company's Mount Clemens (later, Chesterfield), Michigan, location. When General Mills spun off its Kenner-Parker division in 1985, Lionel became part of Kenner-Parker. The Lionel product line

4947-496: The United States, outsourcing production to Korea and China. While this move proved unpopular with some longtime fans, the backlash was minor in comparison to the failed move of production to Mexico in the 1980s. The company also licensed the Lionel name to numerous third parties, who have marketed various Lionel-branded products since 1995. In early 2002, Lionel decided to put out fantastic models in black boxes that read "Joshua Lionel Cowen Series". The JLC Series ran from 2002–2012 as

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5044-554: The ability to turn RailSounds on or off. Richard Kughn sold Lionel in 1995 to the Martin Davis Investment Group (Wellspring), which owned Lionel, LLC from 1995 to 2000 before giving the CEO rights to Richard Maddox. Lionel changed hands again in 1995, when Kughn sold controlling interest in the company to an investment group that included Neil Young and the holding company Wellspring Capital Management , which

5141-494: The administration of the bankrupt estate. The Trustee's job includes notifying creditors of the estate and dealing with creditor inquiries; ensuring that the bankrupt complies with their obligations under the Bankruptcy Act; investigating the bankrupt's financial affairs; realising funds to which the estate is entitled under the Bankruptcy Act and distributing dividends to creditors if sufficient funds become available. For

5238-588: The best diesel horn Lionel ever produced. The set came with a powered A-unit, a non-powered B-unit, a non-powered A-unit, two coach cars, a dome car, and an observation car. The train came in a Lionel Postwar Celebration Series box and was a TMCC engine. In April 2000, competitor and former partner MTH Electric Trains filed a trade secret misappropriation lawsuit against Lionel, LLC, saying that one of Lionel's subcontractors had acquired plans for an MTH locomotive design and used them to design locomotives for Lionel. The suit eventually went to trial, and on June 7, 2004,

5335-399: The brainchild of Neil Young, was introduced. Abbreviated as TMCC, it is a technology similar to Digital Command Control which permits, among other things, the operation of Lionel trains by remote control . This allowed collectors to walk around their layout while still being in control of their trains. It introduced new features like whistle, bell, chugging, diesel roar, electro-couplers, and

5432-458: The company while they formulate a plan to restructure. The People's Republic of China legalized bankruptcy in 1986, and a revised law that was more expansive and complete was enacted in 2007. Bankruptcy in Ireland applies only to natural persons . Other insolvency processes including liquidation and examinership are used to deal with corporate insolvency. Irish bankruptcy law has been

5529-526: The company", but that this role would be "up to [Neil]". The pair organized a meeting on March 28, 2008. As of 2012, Young remains an active consultant in the company's Legacy and other high-end products. On May 1, 2008, Lionel was fully out of bankruptcy. Lionel trains are often sought by collectors, but the value of each piece can vary greatly. In general, older pieces tend to be more sought after due to age, rarity and nostalgia. The collector value of "modern era" Lionel trains has been limited by comparison to

5626-576: The company's sales come from O gauge trains. The plan estimated that about US$ 70 million worth of O gauge trains are sold each year, and that Lionel accounts for about 60% of that market, making it the largest manufacturer of O gauge trains. In late 2010, Lionel, LLC entered a joint venture with NASCAR Team Properties to produce NASCAR diecast vehicles that are both 1:24 and 1:64 scale . In 2013, Lionel would acquire full ownership and rename it to Lionel Racing. Lionel has also produced NHRA and ARCA diecast. In 2016, Lionel Racing took over distribution of

5723-464: The company. In order to proliferate Trainmaster Command Control as a standard, Lionel licensed it to several of its competitors, including K-Line . Lionel, LLC continued to manufacture and market trains and accessories in O scale under the Lionel brand and S gauge under the American Flyer brand. While most of the American Flyer products are re-issues using old Gilbert tooling from the 1950s,

5820-614: The consumer proposal. Once the proposal is accepted by both the creditors and the Court, the debtor makes the payments to the Proposal Administrator each month (or as otherwise stipulated in their proposal), and the general creditors are prevented from taking any further legal or collection action. If the proposal is rejected, the debtor is returned to his prior insolvent state and may have no alternative but to declare personal bankruptcy. A consumer proposal can only be made by

5917-452: The court by the creditor or with an application to recognize his own bankruptcy. Legal and natural persons, including individual entrepreneurs, who have an indisputable payment obligation exceeding 60 days and amounting to more than one million AMD can be declared bankrupt. All creditors, including the state and municipalities, to whom the person has an obligation that meets the above-mentioned minimum criteria can submit an application to declare

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6014-581: The court decides to show rare clemency by accepting a debtors application for debt restructuring , in which case an individual may have the amount of remaining debt reduced or be released from the debt. In Argentina the national Act "24.522 de Concursos y Quiebras" regulates the Bankruptcy and the Reorganization of the individuals and companies, public entities are not included. A person may be declared bankrupt with an application submitted to

6111-401: The debtor believes the asset has a net value . This is because once a bankruptcy petition is filed, it is for the creditors, not the debtor, to decide whether a particular asset has value. The future ramifications of omitting assets from schedules can be quite serious for the offending debtor. In the United States, a closed bankruptcy may be reopened by motion of a creditor or the U.S. trustee if

6208-483: The debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions. An exception to this rule was Athens , which by the laws of Solon forbade enslavement for debt; as a consequence, most Athenian slaves were foreigners (Greek or otherwise). The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency . Bankruptcy

6305-418: The development of international capital markets was quite limited prior to 1800, we nevertheless catalog the various defaults of France , Portugal , Prussia , Spain , and the early Italian city-states. At the edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well." The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on

6402-499: The duration of their bankruptcy, all bankrupts have certain restrictions placed upon them. For example, a bankrupt must obtain the permission of their trustee to travel overseas. Failure to do so may result in the bankrupt being stopped at the airport by the Australian Federal Police. Additionally, a bankrupt is required to provide their trustee with details of income and assets. If the bankrupt does not comply with

6499-505: The elimination of insolvent entities, but on the remodeling of the financial and organizational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of the business. For private households, it is important to assess the underlying problems and to minimize the risk of financial distress to recur. It has been stressed that debt advice, a supervised rehabilitation period, financial education and social help to find sources of income and to improve

6596-440: The exception of financial institutions, credit cooperatives, consortia, supplementary scheme entities, companies administering health care plans, equity companies and a few other legal entities. It does not apply to state-run companies. Current law covers three legal proceedings. The first one is bankruptcy itself ("Falência"). Bankruptcy is a court-ordered liquidation procedure for an insolvent business. The final goal of bankruptcy

6693-453: The existence of such a ritual is doubted. In Ancient Greece , bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " debt slavery " until the creditor recouped losses through their physical labour . Many city-states in ancient Greece limited debt slavery to a period of five years; debt slaves had protection of life and limb, which regular slaves did not have. However, servants of

6790-495: The expense of quality. Detail was often sacrificed, and most of the remaining metal parts were replaced with molded plastic. A number of MPC's changes to the product line endure to the present day, the most noticeable being the use of needlepoint axles and trucks made of Delrin , two changes made to reduce friction and allow longer trains. Also starting in 1973, MPC experimented with a line of cars it called "Standard O," which were scaled to 1:48 (most postwar Lionel and MPC production

6887-602: The food court. The General Jackson showboat , which operates on the Cumberland River , is docked just outside Opry Mills. The current site of Opry Mills was originally Opryland Themepark , a popular theme park which operated from 1972 to 1997. In November 1997, Gaylord Entertainment announced their partnership with the Mills Corporation to construct the Opry Mills shopping mall on the site of

6984-491: The issue of the order for the commencement of insolvency proceedings, the Insolvency Commissioner shall appoint a trustee for the debtor and an audit will be carried out, in which the debtor's economic capability and his conduct will be examined (lasting approximately 12 months). At the end of this audit a payment plan is established, at the end of which the debtor will receive a discharge. The default scenario

7081-529: The legislation, and include the failure to comply with a bankruptcy notice. A bankruptcy notice can be issued where, among other cases, a person fails to pay a judgment debt of at least $ 5,000. A person can also seek to have themselves declared bankrupt for any amount of debt by lodging a debtor's petition with the "Official Receiver", which is the Australian Financial Security Authority (AFSA). All bankrupts must lodge

7178-422: The mall at all, due to the company's decision to stop renovations to the mall during litigation. Simon Malls denied that it had plans to close the mall temporarily. On April 12, 2011, mall officials announced that a financing deal had been reached to resume reconstruction of Opry Mills, and the mall reopened on March 29, 2012, after two years of repairs, with some of the anchor retailers opening sooner. The property

7275-408: The management of household expenditures must be equally provided during this period of rehabilitation (Refiner et al. , 2003; Gerhardt, 2009; Frade, 2010). In most EU member States, debt discharge is conditioned by a partial payment obligation and by a number of requirements concerning the debtor's behavior. In the United States (US), discharge is conditioned to a lesser extent. The spectrum is broad in

7372-442: The names and logos of UP, as well as the names and logos of various fallen flag railroads UP had acquired over the years, on their model railroad products without a license. While Athearn quickly settled and acquired a license, Lionel initially resisted, arguing that it and its predecessor companies had been using the logos for more than 50 years, and had been encouraged or even paid to do so. On September 13, 2006, Lionel and UP settled

7469-484: The only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency . The word bankruptcy is derived from Italian banca rotta , literally meaning ' broken bank ' . The term is often described as having originated in Renaissance Italy , where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment. However,

7566-584: The past, the higher-end, limited run products tend to retain the highest collectible value for the future. These products include the Legacy equipped steam and diesel locomotives which are accurate and highly detailed scale models. Lionel introduced the Vision Line of locomotives and cars in 2009, with the goal of providing the most innovative and detailed O gauge models available. Ready-to-run sets and cars are also offered at lower price points. These sets are in

7663-566: The plan called for the company to pay all its creditors in full with interest, whilst the company itself would also obtain up to US$ 40 million in loans to fund its exit from Chapter 11, pay off its creditors and fund its working capital needs in the future. In regard to the MTH lawsuit, recent filings revealed Lionel agreed to pay MTH $ 12 million in cash to settle the lawsuit and a separate suit involving patented smoke-puffing technology. Lionel's Chapter 11 plan also called for private equity firm Guggenheim Partners to contribute $ 37.1 million to

7760-403: The previous law in 1998, to better address the above problems and a broader failure of the action. Russian insolvency law is intended for a wide range of borrowers: individuals and companies of all sizes, with the exception of state-owned enterprises, government agencies, political parties and religious organizations. There are also special rules for insurance companies, professional participants of

7857-481: The prices up above the suggested retail price of US$ 229. Sets turned up on eBay with buy-now prices of $ 449 as Lionel ordered an additional production run but said it would not be able to deliver the additional sets until March of the following year. The set remains a popular seller in the product line in 2012. In 2006, the Lionel electric train was inducted into the National Toy Hall of Fame , along with

7954-399: The reorganized Lionel company, which consequently would now own 48.6 percent of the new Lionel. Similarly, the plan also called for the estate of the deceased Martin S. Davis (former chairman of Gulf+Western Industries/Paramount Communications Inc. ) to provide $ 21.9 million to Lionel, and the Davis estate would now have a 28.6 percent share in the reorganized company. Guggenheim Partners's and

8051-401: The scales that Lionel has been associated with for over 100 years total. Pre-standard gauge: 1900–1906 Bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order , often initiated by the debtor . Bankrupt is not

8148-487: The securities market, agricultural organizations and other special laws for financial institutions and companies in the natural monopolies in the energy industry. Federal Law No. 40-FZ "On Insolvency (Bankruptcy)" dated 25 February 1999 (as amended) (the "Insolvency Law of Credit Institutions") contains special provisions in relation to the opening of insolvency proceedings in relation to the credit company. Insolvency Provisions Act, credit organizations used in conjunction with

8245-484: The settlement quickly fell apart, leading to K-Line declaring bankruptcy and selling its assets to Sanda Kan, a Chinese subcontractor who did manufacturing for both K-Line and Lionel. In January 2006, Sanda Kan licensed the K-Line name and intellectual property to Lionel. On March 27, 2008, a bankruptcy judge approved Lionel's reorganization plan, including a settlement with MTH. Although the specifics were to remain sealed,

8342-512: The subject of significant comment, from both government sources and the media, as being in need of reform. Part 7 of the Civil Law (Miscellaneous Provisions) Act 2011 has started this process and the government has committed to further reform. Bankruptcy in Israel is governed by the Insolvency and Rehabilitation Law, 2018. Insolvency proceedings below NIS 150,000 will be administered entirely by

8439-404: The suit for US$ 640,000 plus a royalty on future sales. In September 2004, the company dismissed its CEO, Bill Bracy, and replaced him with Jerry Calabrese , a former Marvel Entertainment and NASCAR executive. Along with Bracy, another 17 high-level employees were also dismissed. In July 2005, Lionel sued competitor K-Line for theft of trade secrets. The two companies settled out of court but

8536-580: The theme park. Opryland closed in December of that year. The mall opened on May 12, 2000. After struggling with bankruptcy for many years, the Mills Corporation was purchased by Simon Property Group in 2007, taking over operations of Opry Mills. Opry Mills temporarily closed in May 2010 after the water from the 2010 Tennessee floods reached as high as 10 feet inside the mall. The entire property

8633-470: The tooling for its then-current product line and licensed the Lionel name to General Mills in 1969, who then operated Lionel as a division of its subsidiary Model Products Corporation , or MPC, beginning in 1970. General Mills did not buy the company, however. The Lionel Corporation became a holding company and invested in a number of ventures, including what would eventually become an East Coast chain of toy stores known as "Lionel Leisure World". Lionel struck

8730-442: The trade and vehicles up to a certain value. All other assets of value can be sold. If a house, including the main residence, or car is above a certain value, a third party can buy the interest from the estate in order for the bankrupt to utilise the asset. If this is not done, the interest vests in the estate and the trustee is able to take possession of the asset and sell it. The bankrupt must pay income contributions if their income

8827-426: The tradition of, and many are reproductions of, the entry-level sets of the classic Lionel era. In March 2012, Lionel released the first American Flyer exclusive catalog, featuring many all-new models with advanced electronic features and increased scale compatibility. Lionel also produces lines for children, including battery-powered G scale trains and "Little Lines" sets for children as young as four. This shows all

8924-594: The trains produced by Lionel Corporation prior to 1969. As another generation grows nostalgic for this era, values may increase. As with any collectible, condition and rarity are important in assessing value. In addition, reissues and reproductions by Lionel and others have somewhat decreased the collector value and made it more difficult to authenticate vintage Lionel and American Flyer equipment. There are numerous collectors guides to help buyers make informed decisions on authenticity and value. Currently, Lionel markets its products to several levels of skills and budget. As in

9021-435: Was remediated . In September 2010, restoration work was halted while litigation over insurance claims played out in court, and many of the mall's retailers sought locations elsewhere in the area, either permanently or until the mall was restored and reopened. The initial reopening date was set for August 2011, but that self-imposed deadline was not met due to the litigation. There was speculation that Simon Malls might not reopen

9118-539: Was given a facelift during the remediation, and featured a new logo upon its reopening. The mall owners had been awarded $ 200 million in insurance coverage from the flood, but in 2018 the Tennessee Supreme Court let stand a lower court's ruling that stripped $ 150 million of that coverage, as the mall had been built in a known flood zone. Lionel Trains Lionel, LLC is an American designer and importer of toy trains and model railroads that

9215-403: Was headed by former Paramount Communications (formerly Gulf+Western ) chairman Martin Davis (he had left the board of Viacom , which bought Paramount the previous year). The new company became known as Lionel, LLC. The company continued marketing reproductions of its vintage equipment, and the trend towards producing new equipment that was ever-more-detailed continued. Young now had a 20% stake in

9312-473: Was sold again in 1986, this time to toy-train collector and real estate developer Richard P. Kughn of Detroit, Michigan, who formed Lionel Trains, Inc. (LTI). In 1986, Detroit-based real estate developer (and railroad enthusiast) Richard Kughn bought the brand and established Lionel Trains, Inc. In 1989, Lionel, LLC made the switch from the MPC Sound of Steam to the new and improved Railsounds 1.0, heralding

9409-411: Was undersize for O scale ). The experiment's failure is generally blamed on MPC's lack of a 1:48 locomotive and caboose to go with the cars; when it was repeated in the 1980s with locomotives of appropriate size, it proved more successful. An internal reorganization after 1973 caused Lionel to become part of General Mills' Fundimensions group. Although Lionel's tenure with MPC was relatively short, "MPC"

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