Wiped Out By Verdict, Train Maker Begs For Time

Law360, New York (July 13, 2006, 12:00 AM EDT) -- Model-train maker Lionel L.L.C. has asked the U.S. Bankruptcy Court in Manhattan to grant a third extension of its deadline to file a Chapter 11 plan, while an appeals court decides whether or not to uphold the $38.6 million verdict in the trade-secrets case that drove Lionel into bankruptcy.

If the court doesn’t grant Lionel’s motion, Lionel’s exclusive right to file a reorganization plan will expire on July 31, after which the toy-train maker might have to contend with rival restructuring plans while it tries to...
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