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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

where we get a research paper on Nano chemistry....?
Maira Reply
what are the products of Nano chemistry?
Maira Reply
There are lots of products of nano chemistry... Like nano coatings.....carbon fiber.. And lots of others..
learn
Even nanotechnology is pretty much all about chemistry... Its the chemistry on quantum or atomic level
learn
Google
da
no nanotechnology is also a part of physics and maths it requires angle formulas and some pressure regarding concepts
Bhagvanji
Preparation and Applications of Nanomaterial for Drug Delivery
Hafiz Reply
revolt
da
Application of nanotechnology in medicine
what is variations in raman spectra for nanomaterials
Jyoti Reply
I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
Damian
yes that's correct
Professor
I think
Professor
Nasa has use it in the 60's, copper as water purification in the moon travel.
Alexandre
nanocopper obvius
Alexandre
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
Rafiq
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
Damian
How we are making nano material?
LITNING Reply
what is a peer
LITNING Reply
What is meant by 'nano scale'?
LITNING Reply
What is STMs full form?
LITNING
scanning tunneling microscope
Sahil
how nano science is used for hydrophobicity
Santosh
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
Rafiq
what is differents between GO and RGO?
Mahi
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
Rafiq
if virus is killing to make ARTIFICIAL DNA OF GRAPHENE FOR KILLED THE VIRUS .THIS IS OUR ASSUMPTION
Anam
analytical skills graphene is prepared to kill any type viruses .
Anam
Any one who tell me about Preparation and application of Nanomaterial for drug Delivery
Hafiz
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
Bob
The nanotechnology is as new science, to scale nanometric
brayan
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Damian
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
Renato
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
?
Kyle
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
Adin
why?
Adin
what school?
Kyle
biomolecules are e building blocks of every organics and inorganic materials.
Joe
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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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