CTT Video Interview
This is old news but I just recently got a chance to check out Episode 7 of a video series entitled "Bob’s Train Box" on the Classic Toy Trains magazine website. In Episode 7 Bob interviews MTH’s Taylor, the star of MTH’s product demo videos and MTH’s Art Director. When I read about the video on the PreWar Times blog I thought to myself "good for MTH for allowing Taylor to do a video interview, sounds like it could be interesting". Well, I finally did check it out and it was very interesting to say the least. You be the judge. Check it out here and let me know what you think by posting a comment.
Court Approves Lionel’s Bankruptcy Plan and Settlement with MTH by Erol Gurcan
In what should be one of their last court appearances, lawyers for MTH, Lionel and Sanda Kan (Lionel’s principal manufacturer of trains) appeared in a New York Bankruptcy Court on March 27th.
At the end of the hearing, Judge Burton Lifland approved Lionel’s confirmation plan for reorganization. The court also approved Lionel’s settlement with MTH.
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Bankruptcy Court Grants Lionel 7th Extension: MTH Motion to Extend TRO Granted by Erol Gurcan
There was some model train litigation involving Lionel and MTH in two different courts on 1/10/08.
Firstly,
in the New York City Bankruptcy Court, Lionel’s motion for a 7th
extension of the exclusive period in which to file its reorganization
plan, was granted by Judge Lifland. MTH’s lawyer, Alec Ostrow did not
oppose the motion. The court’s order gives Lionel the exclusive right
until March 31 file its plan with the court. Others including MTH may
file alternative plans after that up and until May 30.
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MTH Attempts To Collect $$$ From Korea Brass by Erol Gurcan
In my last legal article,
(written at the request of the Coil Couplers web site), I stated that
in MTH’s fraudulent transfer of assets lawsuit against Korea Brass aka
Hagye Trading/Model Korea Trading (MKT), the court on November 20, 2007
issued a temporary restraining order (TRO) and entered an order
directing all monies paid by Lionel to Korea Brass were to be deposited
into a court approved interest bearing escrow account. The practical
effect of this was, Lionel, which is not a party in MTH’s lawsuit
against Korea Brass, will not be able to take delivery of trains that
it paid for and which were manufactured by KB, since the money is going
into a court escrow account rather than directly to KB. Ultimately, we
hobbyists will not be able to purchase the trains which are affected in
these legal proceedings, at least for now.
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Legal Explanation of Latest Coil Couplers Posts
Over the last two days, there have been a few posts on the Coil Couplers of America website stating that MTH has cut off Lionel’s supply of locomotives, including some of the new Legacy models, from its supplier Model Korea Trading Company (aka MKT, the company named in the Coil Couplers post of the last two days) due to the court ordered stoppage of payments by Lionel.
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Current Status Of MTH, Lionel Lawsuits Settlement By Erol Gurcan
My goal is to keep this report short and sweet (a novel concept for a lawyer). Here is the current status of the MTH Lionel settlement as of this morning.
MTH’s and Lionel’s lawyers were back in bankruptcy court on October 25th. Lionel CEO Jerry Calabrese and Mrs. Martin Davis were present. MTH’s Mike Wolf was not. It was not necessary for him to be. I also attended the proceedings.
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