Joseph McCarthy) who replaced most of Cowen's management. The business direction of the Lionel company changed: it added subsidiary companies unrelated to toy train sets — among them were Dale Electronics, Sterling Electric Motors, and Telerad Manufacturing. During Cohn's unsuccessful four year tenure, Lionel lost more than US$13 million. Diversification As part of the diversification, Lionel formed a relationship with the Porter Chemical Company, whose owner, Harold M. Porter, was a member of the Lionel Board of Directors. Lionel began making a variety of scientifically oriented, hands-on educational toys, designated "Lionel-Porter." The product line, cataloged from 1961 to 1968, included Chemcraft chemistry sets, Microcraft microscope sets, Biocraft biology sets, and sets teaching about mineralogy, physics, geology, mathematics, and industrial science, along with a junior line of tool sets. Decline and bankruptcy Lionel's efforts to diversify failed to compensate for the public's declining interest in its toy trains. By 1966, Lionel's revenue was $28 million, 40 percent from government contracts. Meanwhile, Lionel's closest competitor also was fading: in January 1967, the parent company of rival American Flyer, the A. C. Gilbert Company, went bankrupt. Lionel bought the American Flyer brand name and product line in May of that year in a $150,000 deal; however, Lionel lacked the money to exploit them and filed bankruptcy less than four months later, on August 7, 1967. In 1969, Lionel's sales had declined to just over $1 million per year. Lionel sold the product die tooling for its struggling train line and leased the rights to the Lionel brand name to the cereal company General Mills. The Lionel brand name continues today, owned by Lionel, LLC, yet many Lionel train enthusiasts consider 1969 the end of the "true Lionel trains", due to the original Lionel Corporation divesting itself of toy train production and the changes in design and manufacture, sometimes for the worse, under Lionel trains' new owners. As a holding company (1970–1993) After the Lionel Corporation sold the rights to manufacture trains to General Mills in 1969, the Modern Era began the following year with train products being reproduced and introduced. The Lionel Corporation itself would continue as a holding company, investing in various chains of retail stores and electronics companies while receiving royalties on toy train sales made by General Mills (later Lionel Trains, Inc.). In 1991, it sold its trademarks to Lionel Trains, Inc. for $10 million and eventually went out of