In May 1967, Lionel Corporation announced it had purchased the American Flyer name and tooling even though it was teetering on the brink of financial failure itself. A May 29, 1967, story in "The Wall Street Journal" made light of the deal, stating, "Two of the best-known railroads in the nation are merging and the Interstate Commerce Commission couldn't care less". Former Lionel treasurer Robert A. Stein said Lionel did not initiate the deal; both companies had farmed out their accounts receivable departments to Walter Heller & Co., who initiated the transaction. While various accounts published over the years valued the deal at $150,000, Stein's recollection was that Lionel simply liquidated $300,000-$400,000 worth of American Flyer inventory for Heller in exchange for the tooling, which, by some accounts, sat unused and neglected in a parking lot for some period of time. Lionel Corporation never manufactured American Flyer trains.