Lionel Teams With Neil Young To Buy Out Partner

Law360, New York (February 5, 2008, 12:00 AM EST) -- Lionel LLC has asked a bankruptcy court to approve a deal to become rock star Neil Young's sole partner in a company that designs wireless control systems for model trains.

Under the terms of the deal, model train manufacturer Lionel would pay $325,000 and the Young family trust would pay an additional $325,000 to buy out Louis G. Kovach's stake in the Creative Train Co. LLC.

Currently, Young and Kovach both have a 50% stake in CTC. But if the deal is approved, then Young will...
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