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A final settlement was reached on January 10, 2001. When a buyer did not come forward, Buena Vista Toy Company, a Disney Internet subsidiary who was also a major Toysmart creditor, agreed to buy the data base for $50,000 with the understanding that it would be immediately destroyed. The data base was then deleted and affidavits were provided to this effect.

Toysmart chronology

Chronology of Toysmart Case
Time line
1997 David Lord, former college football player, come to work for Holt Education Outlet in Waltham, Mass.
December 1998 Lord and Stan Fung (Zero Stage Capital) buy Holt Education Outlet and rename it "Toysmart." (Lorek) Toysmart focuses on providing customers with access to 75,000 toys through online catalogue. (Nashelsky).
August 1999 Toysmart turns down a 25 million offer from an investment firm. Accepts Disney offer of 20 million in cash and 25 million in advertising,
September 1999 Toysmart post privacy policy which promises not to release information collected on customers to third parties. At about this time, Toysmart receives permission from TRUSTe to display its seal certifying thatToysmart has adopted TRUSTe procedures for protecting privacy and maintaining information security.
Christmas 1999 After disappointing Christmas toy sales, Disney withdraws its support from Toysmart.
April 2000 COPPA goes into effect. (Childhood Online Privacy Protection Act) Prohibits soliciting information from children under 13 without parental consent.
June 2000 (approximately) Toysmart erases 1500 to 2000 customer profiles from data base to comply with COPPA (information collected after law went into effect)
May 22, 2000 Toysmart announces that it is closing its operations and selling its assets. Its initial intention is to reorganize and start over.
June 9, 2000 Toysmart creditors file an involuntary bankruptcy petition rejecting Toysmart proposal to reorganize. They petition the U.S. Trustee to form a Creditors Committee to oversee the liquidation of Toysmart assets.
June 23, 2000 Toysmart consents to involuntary bankruptcy petition. Files Chapter 11 bankruptcy. It rejects reorganization and works with lawyers and the Recovery Group to liquidate its assets.
June 2000 Recovery Group analyzes Toysmart assets and identifies its customer information data base as one of its most valuable assets (a "crown jewel")
June 9, 2000 Disney subsidiary, acting as Toysmart creditor, places ads in Wall Street Journal and Boston Globe offer Toysmart customer data base for sale.
After June 9, 2000 TRUSTe discovers Toysmart ad. Informs FTC (Federal Trade Commission) that selling of customer data base to third parties violates TRUSTe guidelines and violates Toysmart's promises to customers(13,2)
July 10, 2000 FTC files complaint against Toysmart "seeking injunctive and declaratory relief to prevent the sale of confidential, personal customer information." District attorneys of 41 states also participate in complaint against Toysmart.
July 27, 2000 Hearing by U.S. Bankruptcy Court on Toysmart case. Includes Toysmart proposal to sell customer data base.
Late July 2000 FTC and Toysmart reach settlement. Toysmart can only sell customer information to a third part who shares Toysmart values and agrees to carry out same privacy policy as Toysmart.
Late July 2000 Federal bankruptcy court rejects FTC and Toysmart settlement. Suggests waiting to see if a buyer comes forth.
January 10, 2001 Walt Disney Internet subsidiary (Buena Vista Toy Company?) pays Toysmart $50,000 for its data base. Toysmart then destroys the data base and provides confirming affidavit.(18,2)

Questions & Answers

How we are making nano material?
what is a peer
What is meant by 'nano scale'?
What is STMs full form?
scanning tunneling microscope
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
The nanotechnology is as new science, to scale nanometric
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
what school?
biomolecules are e building blocks of every organics and inorganic materials.
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
sciencedirect big data base
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
characteristics of micro business
for teaching engĺish at school how nano technology help us
How can I make nanorobot?
Do somebody tell me a best nano engineering book for beginners?
s. Reply
there is no specific books for beginners but there is book called principle of nanotechnology
how can I make nanorobot?
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
what is the actual application of fullerenes nowadays?
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
what is the Synthesis, properties,and applications of carbon nano chemistry
Abhijith Reply
Mostly, they use nano carbon for electronics and for materials to be strengthened.
is Bucky paper clear?
carbon nanotubes has various application in fuel cells membrane, current research on cancer drug,and in electronics MEMS and NEMS etc
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Source:  OpenStax, Corporate governance. OpenStax CNX. Aug 20, 2007 Download for free at http://legacy.cnx.org/content/col10396/1.10
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