William M. Gibbons (October 26, 1919 – October 31, 1990) was a lawyer for 28 years, and would become the receiver and

trustee Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility to t ...

of the

Chicago, Rock Island and Pacific Railroad The Chicago, Rock Island and Pacific Railroad (CRI&P RW, sometimes called ''Chicago, Rock Island and Pacific Railway'') was an American Class I railroad. It was also known as the Rock Island Line, or, in its final years, The Rock. At the end ...

during Rock Island's third and final

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 ...

. Gibbons was a lieutenant in the

United States Navy The United States Navy (USN) is the maritime service branch of the United States Armed Forces and one of the eight uniformed services of the United States. It is the largest and most powerful navy in the world, with the estimated tonnage ...

during

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...

. He was a graduate of

Loyola University Chicago Loyola University Chicago (Loyola or LUC) is a private Jesuit research university in Chicago, Illinois. Founded in 1870 by the Society of Jesus, Loyola is one of the largest Catholic The Catholic Church, also known as the Roman Cathol ...

and

Loyola University Chicago School of Law Loyola University Chicago School of Law is the law school of Loyola University Chicago, in Illinois. Established in 1909, by the Society of Jesus, the Roman Catholic order of the Jesuits, the School of Law is located in downtown Chicago. Loyol ...

. Gibbons worked for the law firm of Lord, Bissell & Brook of

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

. 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 The Kansas City Terminal Railway is a Class III terminal railroad that serves as a joint operation of the trunk railroads that serve the Kansas City metropolitan area, the United States' second largest rail hub after Chicago. It is operated ...

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 The Interstate Commerce Commission (ICC) was a regulatory agency in the United States created by the Interstate Commerce Act of 1887. The agency's original purpose was to regulate railroads (and later trucking) to ensure fair rates, to eliminat ...

directed service order. Gibbons was able to raise $500 million in the liquidation, paying off all the railroad's creditors with interest. At the time, the Rock Island Railroad liquidation was the largest railroad company liquidation in United States history. Gibbons died October 31, 1990, in

Gold River, California Gold River is a census-designated place (CDP) in Sacramento County, California. The population was 7,812 at the 2010 census, down from 8,023 at the 2000 census. Gold River is part of the Sacramento–Arden-Arcade– Roseville Metropolita ...

, at the age of 71. He was survived by his second wife, Jean; four daughters, 11 grandchildren, and a brother.

References

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 Military personnel from Illinois {{US-rail-bio-stub

See also

References